The Bridgeport times and evening farmer., 1922-05-19

in the great. simple truths of eco
Monies, an observance of which IS
essential to national industrial, COM
mercial and financial safety, he said.
when you see men of such out
sanding success as Thomas A Eol-
son and Henry Ford seriously adyo-
ting bringing into play in this
country the instrument which, per-
haps, has produced more chos than
the war itself in Europe, that is, the
printing press for creating money, it
is the time for the conservative bust
ness men to wake up and say NO"
asserted McAdams. eff the silver
movement, which at least proposed
concrete metallic basis for money
was rejected as unsound, infinitely
more important is it to reject plans
proposing Intangible credits as a
currency basis.
Upon the soundness Of our
money depends the safety of our
business rfe. Currency issued in
keeping, as to volume. with the ac-
tua1 needs of constructive CONNER
cal and industrial operations and
rcdeema-bility in gold, is sound
money. Currency issued, on the
other hand. simply on the basis of
the number of revolutions the high
geared wheels Of printing presses
are able to make per day can lead
to but one result - business de-
moralizat!on and financial disaster.
This not a matter of abstract
theory, but it is the matter of oft-re-
peated. concrete experience in every
country in the world that has tried
the flat money experiment. If we are
to be a far-seeing and growing peo-
pie we must be better educated in
the sound principles of economics
that govern business just as surely
world we live in. Economic under
standing means clear thinking and
sound methods. We bankers owe it
to ourselves and to the general public
is. what the ordinary routine of a
bank is. what a check ds, what
draft is, what money is how these
various elements in our national life
function. and what part their proper
use plays in prosperity and their
misuse in bringing on depression.
The American Bankers Associa-
ton is. with the cooperation of the
American institute of Banking, con-
Quoting a series of lectures in the
seventh and eighth grades in the
public schools throughout the coun-
try in ordinary fundamental banking
problems, trying to train children in
principles of sound finance, So that
their minds will never become fertile
fields for the spread OF socialistic or
unsound propaganda
But we must go father than that.
Bankers themselves have much to
learn, aand they are in a particularly
advantageous position TO learn be-
cause lney come IN contact with so
many phases and such broad aspects
of business life. They must learn
and they must share their knowledge
with our business men so that they,
too. not only will gain, but will also
employ ever increasing economic
intelligence in doing their part in so
conducting their business and in so
shaping legislation as to maintain
the safety of the country. If We aid
our business men to grasp the broad
aspects of the n tons economic life
and to see beyond the apparent eX-
pediency of the moment. to see be-
yond the temptation to make inne-
date profits at the expense of the |
future soundness of the general bust !
ness structure. We will avoid in fu- |
ture the imitation and the impru- |
dence that characterized the post !
war boom, inevitably leading to the |
collapse, the Losses and the unhappi- /
ness of the great subsequent business |
reaction.
"Of foremost Importance is it that I
our business men understand the |
proper functions of the Federal Re-
serve System and realize its value in |
creating real prosperity for the ma
ton over the long future. They must /
learn to place the blame for business /
troubles where it belongs. namely, j
Upon their own actions rather than