Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-05-26
'pA BANKS PRAISED
. BY W.P. c. HARDING
Federal Reserve Governor Tells
of Aid State Gave Nation
in Crisis
MINERS DEMANDS RAPED

s.,,,,, n,.,,,,b IN Erepino Public Ledger
p;..sh,r.,, Nav o6.-w, T.. G. Hard
49, r,as.uo, Rescrye
Ing, governor OF the re".i".
Board, addressing the l'enns!Nnhi"
porrors, Association in convention here
\. .t.
To-Day, salu' III p"i'' .,.,.
II am happy 10 nave '",o opp
of meeting the bankers of pennsylvania.
w. S.o,, 10 closcly connected with
.our ''"'e ~. country
the financial history OIL 'ne nersraI Soc.
Pennsylvanla mas iulm,sev ihart Gala.
retaries OF the lrsuI,, l,, p,nhard Rush
tin. Alexander ) DaHrs; t.s;,!, nIn nmane
Manuel -. lnshaW;. MN, w ma.," NJ Norsdith
Walter FORWARD, ,liiu'h M. -
and the great fittso"isn va no,,;,n &,
drew W. Meilon' VINO Is hom .;smni ues snd al
a mastery way WIN pis shia.,o ua ~ "n
lnternatlonai lihaneui Lns ,iro,dy
evidence OF the success tnat nas aae"ts
attended his ADMINISTRATOR y. 'ne NJ AZ
fairs of the treasury; a nnE ni"s nnu ,e .ue tho
ductlon OF ABOUT Snov,oo''svo, ~ wy
public debt which mas peeh enye'eu l ~ slnSe ny
ms INDUCTION mo omce, anu ,". rar. @
vance IN Liberty s0 s0hus . rom an 700,
age price arounu Soo W, ,o, Mar'n T. i'i'
to approximately par To-Day
States Aid in Crisis
"1n the critical days of 1910. when
the post war revival had been succeeded
by drastic price reactions ana u srnve
commercial ana industrial Crisis. tng g
support OF tennsyNaha oahSs uaa
much to enable tne reueta' nesesae M
system 10 prevent tnaI % crls!s from e,. ue
velopihg INTO "'os' oisas'''us hohe'
panic .-u e ,ooo
Al one time during .ne lai' ot 81 ~
eral reserve ohnk Nus ne..hs. .hs III Eoi
rowing from nor ,sho,n ~ tSroo os"I Foisrol
eral neserve oanhs, anu Is;. o o.sra'
neserve s1aI SankS oo~ Ee nen '.ns .h n,,a;n;no
Sate OF t'To."uu D ~ tn Tha tne
Ssnt reIeIa, p ~ ,n,i,s af ,,,h,oh penn.
Federal Reserve banks s.rt0Ss OF %n'tn had a hsan
sfSanu .,n oaLNs ~, are somnd men" "nJ nnnsorvo :.
sole' thtonsh .ne sJu,u aI,, amT eymse ~. tha;,
tive policies pursued nui..o seneruiiS os ,aras r,s
nnans" e,,usr rosnrnss nns and Thus We're in nosi
eAcess rese,Nes a'u '"IS D,sos,,, go
non 10 uavahtr " nno .han Eve
oahks IN o.her .rn u,sreta , nlo,e 'hnr hnrrowc,
tnirds OF ,ne eh1te rrhe raiMo nVa ~ .ba no"n
oy tnese ohnks ne e, r"i"v hordir e he owor
Try 0. TINS sel'iee iuos fu % ms ,;,sosurs s s' :,
estimated ana II gives me h pae"su.e onI :, :,
Mlahe to these nIs,a,,,ada
thelr mehper panSS Si .s tn,s ~ mshnVms n,;,ied,
"ent 10 which iee' '"e' "'e e''''''
Must Keep Gold Standard
Maintenance ~ the gold standard b,
s.ro;nn notinns 10 vital ComntroIler q,
.Io Emrroncv Crissinvsr fold rho bank
S,o,.s n,isht he loft With nm enormous
go os H. y.,iow mstal strinned n
torr s.s nons,ary ., ,n. IsIve vaive ''e'"' 'pe' v
To this end MIR. Crissinser advocated
adjustment of the foreign war debt
10 this country on such basis a
would permit of their eventual pay
ment in gold. at the same time ex
pressing the view that immediate pay
,ments Of interest by the debtor nation
n was necessary to the economic welfnr
Aof the country.
T. b. McAdams, president OF "a
American Bankers Association. in hi
address declared: The coal strike
The one big obstacle IN tne pain Q
speedy return TO normalcy. E.
Inc Dill 1or excessive WAGES ~ ~
Soai mining, transpoItatpn aha ouiM
ing la9or comes IN the ust nnu.ysls'
~ saIu, Iargeiy OUT pI 'me pHeA.s :
sne wo,si"s Peop'e WIZ '"h 'e"'' u
'oIu ~. o,.. :, .ho h,.;,os. oou
,,,,;.', a nn,, a.n,an.,,, @ ,nn;n,o;, III !.
lie ~ "m & tn,.nrah.s rns;t;on 90 -
resr,t of the conditions crSa Tod hv IN
fhQn pIampnfS hIlsinnS
life ,; Nr NcAdams added "Tb
iohoror ;s worth b;s hire md M mort
and his bira "a determ;nod nv tb
sconom;c valne of his service IN th
general scheme of Industry and busi
ness
Wo,,,d pav Penalty
..,r,, w,
lhe coai miners nre trsinS 10 rs 81
increased wages ana 90 less WORK. In
- yer! serious proDiem 1or the coun
cry as whole. 1ney are hghtln
Tor me maintenance OF wages approx
mateis i0ur times wnat they were
ioi4. ihey are nshtihg lot nve
oay week. SIX hours day. Americ
cannot prosper under such uhDaiahce
cohditions' whether IN regard 10 con n
transportation or oui.dihg lapor; ID
the brute strength OF strike iaoo
may misuse It's power 10 estapilsh 10
the moment hlgher wages than ar