Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-06-16
DAVID AND GOLIATH.
(Continued From Page one.)

Mr.. Williams had made a good
ttoller, and that,-as far as he was
sonalIy concerned, he would be
ling TO report the nomination
orably and have 1t confirmed, but
u he had promised some one out
of the senate that he would not
so, and was therefore restrained
n favorable action. If the gentle
h to whom he had given his prom
would release him he would make,
behalf of the committee, n favor
report
for two years, therefore, Mr.. VIII
|hs kept at his work in the face of
stng and sometimes irritating hos
". Representative Carter Glass
Secretary of the Agriculture ID. F!
iston. successfully secretaries of
treasury, despite their being Will
men, had little sympathy for the
troller. Senator Glass Ia one of
bitterest opponents. Mr.. Hous-
now identified with Wall street
the executive of one of the richest
rorations, sits aloof in superior
Hahn. Both were and are "fnan-
81 but neither is a banker except
sn academic sense. In the office Of
retary OF the treasury, the incum-
I with q little theory is a danger
official. With the retirement of
|il M. Warburg there remained no
ctical flnancier on the Federal Re-
Fc board except Mr.. Williams, be-
Sc "Pigsy" Harding as he is
wn In Alabama banking circles, is
outine small-town banker of the
-servient type: this Is to say, sub
rients to metropolitan banking.
1r. Williams belongs TO the con-
Hlctfve school. He is also plain
ken man, and it is this plain speak
that has made him the opponent
the Federal Reserve board. It is
that he was member during the
iod about which he complains now,
1t must not be overlooked that Mr..
liams had the supervision of 5000
ional banks with 20,000,000 deposi-
}. and that he was primarily con-
Ter of the currency and only sec
arily a member of the Federal
erre board. The secretary of the
hsury did not sit with the board
g often. and Mr.. Williams, with
ugh other work to keep him busy,
no time to attend meetings that
lt solely with routine matters.
the members of the Federal Re-
Fe board have been tempted TO
slider their meetings as of trans
dent import; to the other members
absence Of the controller" was
orgivable. What was his office
how! And that his disdain of the
lent office is not mythical may be
in a letter by governor Benja-
Strong, of the Federal Reserve
k of New York, to w. p. G. Hard
in which he asks why the office
he controller of the currency shall
be abolished, and i pot Ybether
bay not be made subordinate to the
eral Reserve board.
was through the instrumentality
the controller that Irregularities
lie found in certain institutions
ch the Federal Reserve board fall
to investigate and report to the
eral Reserve banks at interest.
most conspicuous example of this
Rligence was that Of the end of
Fember, 1919, the amount which the
eral Reserve bank of New York
furnishing on loans and redis-
nts and through the purchase of its
7eptance to one banking institution
New York City, was about $780,
900. This institution, by the way,
been conspicuous for its specu-
We operations, most of which have
be come home to roost. Mr.. Will
hs has said, and the official figures
prove, that many millions of dol
Of the funds of that particular
tor institution were being used and
ployed in loans TO executive Off
IS of the borrowing institution and
Pyndicate enterprises In which they
+e heavily interested. For this
rowed sum of $13O,OOO,O0O exceed
by $16.OOO,OOO the total amount Of
hs and discounts plus bills and
- eptances purchased" in the open
rket by the Federal Reserve bank
Dallas and Minneapolis.
representative Ogden l.. Mills, of
" York, seeking to learn whether
i Federal Reserve bank, provided
Der eligible for discount is present
would have the right to deny Gre
to a particular bank, elected this
Hy:
Determining Money Rate
Banks all over the country, whcth-
khey have the right or not, are de-
Ing credit to customers who present
bible paper. Whether they have
right or not, they are doing it..
Ere is nothing in the law that re-
res n mcmuer bank TO take every
that is offered to it. II is sup