Perth Amboy evening news., 1922-10-03
SEES RELIEF
FOR AMERICA
But Race to Prosperity is Not
Yet Won, La Mont Tells
Nations Bankers


Nations Bankers
NEW YORK, Oct. "a picture OF
! America recovering from the buff
fets and deep wounds" of 1917 to
1921, are with characteristic cour-
age binding up her bruises and slow
ly moving forward to new goals"
| was drawn today by Thomas w. Le-
| Mont, associate of J. p. Morgan. in
an address before 10000 delegates
at the convention of the American
Bankers Association.
But, we have not vet cause for
unbounded confidence" he caution
ed. I'VE must not forget that be-
fore the ace is won we still have
some high hurdles to jump"
These bars in the past of full con-
spirity were enumerated as:
1. Low prices prevailing for farm
products.
2. Labor strikes.
8. The soldiers bonus.
4. The new tariff act.
5. The foreign situation with re-
spect to PREPARATIONS, allied loans and
iilSA lidIlOlld1 uducS.
Discussing ~reparations and the in
ter-allied debt, Mr.. Lamont raised
two questions: DO our former al
lies really owe US all the debts? 2"
and Are we doing our full share
to solve the questions that are waged
upon the world?"
Zone thing is certain, if some one
on April IA, 1917 mad been able to
give Us our choice as to whether we
should give up freely and for all
time $4,000, 100000 or give up the
lives of several hundred thousands
of our sons, there would have been
no hesitation as to our choice.
Fate, however, determined that
choice. 1t determined that Great
Britain and France should give up
the lives during the first year and
that we should furnish, not our
blood. but our money; taking, how
ever. in place of it, the promise to
pay of our allies.
mo other policy could have been
followed at that time, 1 grant you,
but now that the war is behind US,
and we can take a long look back,
is it wise for us. is it just, is it gen.
erous to make some composition of
this matter?"
Labor strikes rise as one of TIL
most serious distractions to pros
perity Mr.. Lamont declared. even
though the work may now seem TO
be over. He asked his audience to
remember that in this country
there still are races Of arrogance
among employers, as there are
manlfest signs of arrogance in
labor"
President H~arding's veto of the
bonus with its threat to tax bill
lions out of the American people and
to distribute it in such a way that
probably no one would receive real
benefits temporarily leaped that hur-
die and created such a feeling of
relief" said Mr.. Lamont.
"Of the tariff" he said, 1--WE shall
be fortunate, indeed, if we do not
find that in practice it protects a lot
of industries that do not require pro-
lection, and cuts off from our far
mers and manufacturers a lot of
foreign markets that are ready to
buy u commodities.
IF there is any motto which
American producers and legislators
should learn by heart it is that oft
repeated one of the British mer-
chant, who over a century ago de-
clared he, who will not buy, neither
shall he SELL"
Preparations, said Mr.. Lamont,
have not reached a stage in public
opinion of both American and Eu-
rope secondary to i~nter-allied in
~debtedness, because, he declared, it
is generally recognized that Germany
cannot or will not eve pay any
thing like the Preparations total fixed
by the Versailles treaty."
Now, let us, as practical men, de-
termine if any of these debts (al-
lied debts to America), are in any
event un~collectable and should be
written off in order to quit foo1ing
ourselves" he suggested to the
bankers.
Belief that the crime wave was
passing so far as the c~ountry's banks
are concerned, was expressed in the
report of the protective agencies of
the American Bankers Association.
Increased activities and cooperation
on the part of public officers and
courts in bringing about prompt trials
and proper penalties for those
charged with crimes against the
banks, were responsible for the bet
ter conditions, the report asserted.
There were 406 burglaries OF at
tempted DurgldrleS OF anu
non-member banks reported in the
period between September Z, 1921,
and August 81, 1922, in thirty-six
states of the union. Total losses
from burglaries reported by the
banks were given in the report at
$249, 302.
Losses from hold-ups reported by
las member and non-member banks,
totalled s905,661, during the period
covered. Out of a total of 779 as
rests, cases under investigation, as
covered in the report, there vas 462
convictions and 1o4 cases awaiting
trial.