Putnam patriot., 1924-03-21
A Labor Bank

that at the polls next NoNempet.
 4 Labor Bank
 There is considerable interest in the intention of the State Federation of E Labor to start bank. The interest E is entirely sympathetic. Officials of | the federation have conferred with [ with Bank Commissioner John B. f Byrne on the matter and the eommis- sioner has advised them on the steps | to be taken to give effect to their in tentions. The law is clear in regard | to the conditions surrounding the or ganization of a bank and to the re- quirements for it's continuance. The statute is general in it's application and no part of 1t may be waived to meet special circumstances. The labor officials who are identified with the starting of the new bank have Iepu- tation for level-headedness and tusl- 1 ness judgment The new bank will give those connected with organized labor an experience with financial af- fairs which will show them that bank CTS and other financial men have their responsibilities, and worries, and that theirs is not bed of roses. The com mon interest between labor organiza- | tions and bankers which will be creat- | ed may suggest bond of sympathy that will be mutually helpful in the clearing away of misunderstanding | The term plutocraey may have diff ferent meaning for some people when they realize the difficulties which must be encountered and solved to bring a bank to success and to keep it so. It might also be said that if a practical knowledge of the management of fac tories and of other business, where people are employed in large numbers, was more diffused difficulties would be more sympathetieally appreciated. Commissioner Byrne made 1t clear to the labor men who conferred with him that under the law they will have no authority to establish branch banks and that the policy of the state was ab- solutely against the branch bank sys- tenn. In Canada the system works ad- mirably but it does not seem to be suited to the requirements of this country.
 Somebody BIundered
 Those who were responsible for the turn which brought out an expres- sion of sentiment relating Go the can didacy of William G. M'Adoo for the presidency, at the meeting of the l Democratic state central committee on Saturday. showed a lack of politi- cal tact. II was soon found that the candidacy of Mr. M'Adoo was not popular in Connecticut Not only ! is it unpopular but it is positively frow1ed on by the rank and hie of the Democracy of the state. Mr- Cummings, the national committee man from this state, is about the only l Democrat of prominence who thinks there is a possibility of this state being represented at the Democratic national convention in New fofk py M'Adoo delegation. Thomas j. Speilacy. who was the Democratic can didate for United States senator two years ago, and who is certainly man of intellectual ability and or shreWd observation, does not share the nope of his friend Mir. Cummings that the candidacy of Mir .M'Adoo will have the support of the delegates from this state. There is an opinion in Demo cratic circles in Connecticut that the leaders of the M'Adoo movement throughout the country no longer think that they will be able to secure the nomination for their favorite and their only hope is that there will be enough MAdoo supporters at the | convention to give the favorite son of California a determining say in the nomination. 1t is a notable fact that Mir. M'Adoo is the only candidate to whose nomination the Democrats are, seemingly, unalterably hostile. This may be strange to those who do not understand the temper of the De- mocracy of Connecticut. There is a belief among the Democrats of this state that his political views are too radical. There is a dominating vein of conservatism in the Democracy of this state It is traditional and it is always given impressive expression when radicalism shows itself. In a