Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-06-16
They stand today unshaken and un.
eI, In la


liams.
1t is no mean fight that Mr.. Will
liams is waging. In fact, it is. tre-
mendous war, bloodless, but neverthe-
less serious, and with all the odds
against him.. With the exception OF
Mr.. Lawson, no other David ever ven-
tured forth to smite financial Co
Hath. And in this case the odds
against Mr.. Williams are even more
numerous, because Mr. Lawson was
sure to find popular approval in at
tacking the capital of speculation, but
Mr.. Williams is attacking more than
that. He is going after the most priv
ileged official body that is a part of
the government of the United States.
Attacks upon a president or con-
gress are regarded with equanimity,
but going after the official money
power is another story. 1t means go
ing after the best organized system in
the world.
Such a duel has itg dramatic side
1t is entitled to gra phic report 1t
carries proof that the vested interests
of the country have subjugated the
treasury department despite the Fed
cral Reserve system, through no fault
of this system but solely of its bad
management.
With this end in view, I called upon
Mr.. Williams in his offices in Rich
mond, Virginia, he having resumed af-
ter eight years of nearly thankless
public service his former pursuits in
banking. For Mr.. Williams, by the
way, is one of those rare individuals
who was appointed to office with a
substantial background of construc-
tive and related experience. For more
than 25 years he was director, vice.
president, president, or chairman of
trust companies and banks, both Nat
ional and state in the south as we'll as
in New York city. That his coll
leagues thought we'll of his ability is
proved by his having been n member
of the executive council of the Amerl-
can Bankers association.
He planned, organized and was
president of the Seaboard Air Line
system, operating approximately 5000
miles of railroad. After a separation
of three years or so he was urged to
manage it anew, following difficulties
traceable to the panic Of 1907, and
when the credit of the railroad COM
pany was fully restored, Mr.. Williams
retired again. This was several months
before he was called to Washington
by PRECEDENT Wilson and Secretary of
the Treasury McAdoo.
In order to plumb thoroughly the
exact official status of Mr.. Williams
that is, the status exceeding the
routine capacity of the office of con-
troller of the currency-it is well to
remember that President Wilson had
some radical but thoroughly formu-
lated ideas about the control Of Wall
street, and his own selection of Will
liam Gibbs McAdoo as secretary of
the treasury was due to his desire to
take away from New York its hither-
to unlimited financial power. Mr. Nc
Adoo was no friend of professional
metropolitan bankers and these were
no friends OF his. The next officer in
Importance in the treasury was select
ed with view of synchroniZing, as it
were, this feeling. until it would ma
ture into legislation.
Now, to cover much ground in a few
words, Mr.. Williams troubles with the
Federal Reserve board did not begin
until after Mr.. McAdoo had resigned
as secretary of the treasury. 1t is
perhaps true that the economic stu
alton was still one of imitation at the
end of 1918, but certain Wall street
bankers had not, despite their over
emphatic cooperation with the Lib
erty bond issues, attained the inner
mastery of the secretary's office or
that of the controller of the currency,
which, of course, as then constituted
meant the Federal Reserve board.
Governor Harding in those days was
the routine executive officer of the
board but he was not its master, as
he has since become.
The opposition to John Skelton Will
liams rs controller Of the currency
was even formidable, but it did not
exert its efforts against him until Mr..
McAdoo resigned. Had any lesser
power than President Wilson himself
stood behind him his official mead
would have fallen in less time than
it takes to tell. Upon the termination
of his second term as controller, Mr..
Williams was reappointcd by the
president and the nomination favorably
passed upon by the senate banking
and currency committee, but action
in the senate was prevented by a fill
ibu&ter in the closing hours of the ses-
sion. The denomination was sent by
the president to each succeeding ses-
sion of the senate. The Republicans
being then in control of the congress.
by Il strict party vote the senate COM
mittee refused to report favOrably
However. no unfavOrable report was