The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1922-11-17

size, and that Broadway was just an
other Main Street." and he begged
them not TO give way to sectional feel
ing against New York. :.
In fact, the financial district showed
its best front. But this about-facee
where country banks were concerned
was adopted for reason, since Wall
Street invariably acts with purpose
in view. It had an ak to grind, and
having in mind a countrywide CAM
paign, it needed the help of the thou
sands of bankers who had come from
every part of the Union.
A fight by independent bankers
against the branch banking system
was one of the big issues at the con-
vention, and the agitation over this
! question was one of the reasons for
I the record-breaking attendance. AL
though a large majority of the out
of-town bankers, who make up most
of the membership of the organization
are against the branch sytem, bitter
minority, aligned with the great finan-
cial intitutions of Wall Street, was
prepared to favor the branch system
and oppose the convention taking any
action against it.
Representative of some of the big
banking institutions made advances
looking toward compromise, which
would have put the convention on rec
ord as merely opposing further ex-
tension of the system, and recogniz-
ing the right of national banks to es-
tablsh branches in states which have
passed laws permitting state banks
| to have branches.
Leaders of the Independents reject
ed the compromise plan. Their stand
was supported by q mass meeting held
the day before the convention, at
which resolutions were passed and
speeches made denouncing the branch
banks as an UNI American attempt to
monopolize the money power of the
country in the hands of few central
lied interests.
One of the speakers compared the
traditional American banking system,
consisting of many independent banks,
with the Continental idea of few
banks with branches and one great in
stitution acting as the fiscal agent OF
the government, and with the Cana
dian and Scotch branch bank systems.
"The branch bank system of expan-
sion," he argued, sis Capitalization
of money power in few hands; the
American system is one of decentral-
ization of money power, but with or
ganization and mobilization of re-
serve available to all. Theirs is a
system Of Capitalization, ours is a
method of cooperation. The one is q
domination of money power by few.
the other an organization of resources
of the many, uniting all independent
banks into one cohesive whole"
This Canadian illustration was Civ.
en-:
Nothing illustrates this better thar
the retarded growth of the western
, cities and cities in the maritime prov
inces of Canada. Her natural riches
, are extensive. She has great ana
. resourceful people. And yet most Of
her cities ard towns are farming anc
fishing centers. There is a noticeable
, lack of factories and other industrial
) enterprises outside of her few bank
: ing centers. The financial resources
5 of her outlying districts, cities an'
= villages are tapped and brought to I
: central reservoir, with the result tina
. the cities of Montreal and Toronto
profit at their expense"
Country Bankers Win First Round
| The speaker then made this impor
tant statement concerning our owl
] country:
| "The control of great financial re
sources in few banks, with their as
ISOLATED insurance companies, trus
companies, securities and investment
J companies, even today means contro
= of railroads, mines. steel mills ant
other industries. Furthermore, in ;
! democracy money power always ha
and will carry with it corresponding
political power, which is reflected il
legislation, executive acts and fire.
quently even in judicial circles. AL
ready 46 per cent of the nations mon