The New York herald., 1922-05-22
Man on Preparations Com
mission to Guard U. S.
Interests Favored.
BLUE SKY LAW INDORSED
Closer Bond With Canada. Re-
serve Board and War FL
nance Approved.

A declaration of principles on busi-
ness and legislative conditions by the
executive council of the American
Bankers Association, which it believes
will make for the progress prosperity
and happiness of the American peo-
ple," was made public here yester-
day. They are in part as follows:
PaternaIfsm.
We reafirm our frequently iterated
and absolutely unshakable opposition to
every form of bureaucracy, paternalism
and class recognition. and we protest
against every act and suggestion which.
bears the imprint of any one of these
fallacies.
Preparations. s
We reiterate the opinion that the
United States shoulc send an official
representative to the Reparations Com
mission. The welfare of agricultural.
Industrial and commercial interests OF
the country, and thereby Of the whole
people, demands that the United States
compete vigorously In the markets of
the world. This country, therefore. Is
inseparably concerned in the interna-
tional economic situation produced by
reparation payments. America has
vital and direct interest in the speedy
and practical settlement OF this problem.
so that the commerce and finance of Eu-
rope may be reestablished upon firm
basis. Only then will a safe foundation
for credit exist to make possible re-
sumption OF international business rela-
tionships throughout the world. With
%t.s~ 1Axx t@ Nx>A 1pt
markets for our surplus products. AS
the worlds creditor to-day in the sum OF
over SIS. 600. 600, 900 we are inextricably
concerned In the affairs Of European ma
tions. and cannot, in protection to our
own interests, sit idly by without lending
a hand to the solution of the problems
in which our own welfare is so intimate
ly involved.
Free Zones.
We urge upon Congress legislation
establishing free zones at the principal
harbors as unanimously approved by the
Senate Committee on Commerce. Ample
experience in other nations had demon :
strated the benefit this system would
confer upon our Industrial interests and
upon the export trade of the country.
whose new international position ac-
centuates the need Of this action.
Canada.
We declare our faith In the value of
closer community OF interest between
the United States and our great neigh
bor Canada. These two countries con1
stitute the greatest geographical union
OF English speaking people In the world
There is natural unity of purpose.
unity OF political ideals and unity OF
business interests that should be em-
phasized. We bespeak from American
business, American banking and the
American public the continued develop
ment Of friendly relations between the
two nations.
Agricultural.
Reconizing agriculture as basic in
dustry. and that full prosperity cannot
be restored until the farming class be-
comes prosperous. and knowing that the
farmer suffered greatly from the world
depression, we hereby pledge ourselves
to favor any economically sound meas
ure that may be devised to finance the
needs of the farmer for the promotion
Of the orderly marketing of farm prod
ucts The council reiterates its firm be-
lief that the Government should not en-
ter into competition with private busi-
ness interests and should refrain from
enacting class legislation; but, realizing
that an emergency did exist in the agri-
cultural and livestock industries which
was met by the extension Of the War
Finance Corporation, which at present
has large loans outstanding, we favor
the temporary continuance OF said War
Finance Corporation.
Federal Reserve Act.
The association. having already regis
tered its strong approval OF the Federal