The New York herald., 1922-01-17
POSTWAR SERVICES
OF BANKERS PRAISED
Part They Played in Financial
Reconstruction Cited by
j. r.. Sheffield.

Praise for the integrity of men of
finance and their conduct Of business
through crucial stages of postwar busi-
ness and tribute to Henry p. Dawson in
recognition OF his war service were
features of an address last evening ~
James r. Sheffield. president of the
Union League Club, at the annual dinner
Of Group VIII. Of the New York State
Bankers Association in the Waldorf
Astoria.
Mr.. Sheffield deplored that in many
sections OF the country Wall Street is
regarded with reproach. THE financial
| district or New York." he declared is
place where bad and reckless financial
practices In corporate management are
never rewarded and never condoned."
Your faith in the country" he said.
| built great railroads across the conti-
| nent, founded Industries and reared
cities on distant planes. Your trust In
men moves millions OF gold upon moth
| ing more than honor. You kept the faith
| by furnishing the credit needed to en-
| able our people 10 finance the war and
| pay the price of victory.
Street is considered in many sections of
our country term of Feproach. Re-
| gardless of who is responsible, 1t is not
| good for America that this prejudice
| prevails. It tends TO deprive our pub
| lie service OF some of our foremost busi-
| ness men. 1t roDs the country needing
| wisdom and guidance on the great ques-
| tions Of finance and economics. of the
very leadership most useful.
Warns Against Prejudice.
mo man who loves his country would
want prejudice to injure 1t. Some way
and somehow the people must be made
| to zee that you are Americans before
you are bankers; that as stockholders
in this big American enterprise we call
government YOU intend to vote your one
share for broad policies and fit men
and are willing even to become directors
in the enterprise
Confidence in those who follow finance,
Mr.. Sheffield went on to say, will not
| be restored fully until there has been
mutual understanding of the common
interest among all and until the country
realizes that "the clink of gold across
your counters Is not so sweet or dear to
you as the national anthem"
| Mr.. Sheffield referred to Mr.. Dawson
Of the firm Of J. p. Morgan & Co.
as one who has gained not only
the confidence but the love of people
Of his own country and of other coun-
tries.
when the war demanded vast expan-
sion Of the worlds noblest charity"
he said, "the President summoned a
great New York banker to undertake
the task. He had accepted other
responsibilities that demanded his time
and his talent: but he saw the greater
duty and a higher service. The work
of the Red Cross under his masterful
inspiration and leadership reached out
to every battlefield in Europe--to starv-
ing Poland, to smitten Serbia. to stricken
Russia, to suffering and bleeding hu-
manity wherever found.
when the honor roll OF great Amer
leans in the war is finally made UP 1t
will not be complete unless 1t bears In
a conspicuous and enduring place the
name of Henry Pomroy Dawson He
was more than head OF the Red Cross
he represented tho heart Of America. =
Hope I'm Arms Farley.
Mr.. Sheffield referred briefly to the
Washington conference as an occasion,
which had given to America world lead
ership It's opening, he said. had been
more dramatic and dynamic than any
thing since the Germans crossed tho
frontiers of Belgium.
Some hopes created by the confer
ence may not be fGlfilled." he continued
Wars may and probably will come
again. But we havs inaugurated the
policy Of international conference as q
national commitment, and Mr.. Roots
proposal to establish recognized rules
Of International law, binding upon every
l In, at~ h., t< a
In principls, and II enforced In practice
Will prove greater step toward pre-
serving peace than even the scrapping
of fleets"
Mr.. Sheffield praised the achieve
msnts of business In getting back to
normal functions during the last year.
pointing out what he called the leader
ship Of America in "deflation. liquida-
ton. retrenchment, putting the Govern
ment out Of BUSINESS and putting eff
cheney and economy into Government
and compelling a people drunk with ar
tificial wealth soberly to balance their
books. not with hopes but with reali-
/ ties
Dwight w. Morrow discussed foreign
exchange with special reference to the
lessons of the immediate past when the
country bought several hundred mill
ion dollars worth of experience in South
American trade"
Seven years ago. when Europe was
precipitated into the great war" said
Mr.. Morrow. 1--WE heard a great deal
or talk In this country to the effect this
war meant that America was now to be
the leader In world trada. 1t was set
out with some particularly that the
trade OF South America was now to be
ours. One would think that trade was
some sort of Il huge pie which, despite
its size. was limited In amount and
that somehow or other 1t could be cut
up and distributed, and that what went
| TO one was taken away from another.
| What Inonstrous delusion,
Trade n nothing but exchange No
body gets anything without giving
something. To have heard our talk
rive, or four. or three. or even two years
ago one would have been led TO believe
tnat all we had to do was TO 20 down
10 South America and ret something for
nothing which heretofore the European n
nations had been getting for nothing.
Inc result has been that we have
bought several hundred million dollars
worth OF experience In South American
.raae. and we should hope and pray
tnat IL mas been good investment"
seward Prosser. president of Bank
ers Trust Company. was toastmaster
Among the guests were Edward 7 Gai.
lien, secretary OF the New Yof.l, Bankers
Association Thomas =. McAdams ot
Ricnmond, Va, president OF the Ameri.
can Bankers Association Pierre .Jav
chairman or the board of directors. Fed.
eral Reserve Bank OF New York Francis
Il. Hine. chairman Of the hoard. Tirs,
National Bank; William A. Nash. chair.
man of the board. Corn Exchange Rank
A. Barton Hppburn c,asr,,,an % az,