New Britain herald., 1924-09-30
5OTH CONVENTION
 OF BANKERS OPENS
Speaker Declares Taxation Has Reached State of Oppression

Chicago, Seupt. 30.-Opening the Both annual convention of the Amer ican Bankers association at the Au- ditorium theater here today, Walter ", Head, president of the organiza- ton, uneuuivocally opposed govern ment ownership of railroads and other great basic industries, urged the bankers to combat vigorously all efforts to give congress the power to override decisions of the supreme court, and declared that the causes of the agricultural crisis were pre- dominantly economic and the rem edy lay in the application of sound economic principles rather than in the pursuit of political panaceas.
 After reviewing the associations 50 years of service to the banking profession and the nation, Mir. Head dwelt upon the burden of taxation now prevailing and stated that 1t had reached the point of oppression.
 Taxes of 1920
 "The federal taxes of 1920" he said, Aggregated more than five and one-half billion dollars, This year, after strenuous efforts to re- duce the wartime peak, the total still exceeds three billion dollars. State and local taxes have increased at an even greater rate. Taxation has become more than a problem; 1t is a threat of impending disaster. ''Nor Is the burden of government limited to taxation. We are oppress- ed by multiplicity of restrictive laws and administrative regulations. II Is estimated that there are over 2,oo0000 laws and ordinances in the records of nation. states and muni- cipalities.
 Battle of Defense
 Tn the face of this record, despite the general recognition of the over- whelnling burden of government we find ourselves constantly waging a defensive battle against plans and programs which would transfer still greater duties to government, which would hamper individual initiative still further, which will, if put into practice, crush individual ambition and destroy individual opportunity.
 ''We are beiftg urged to desert ideals of individual enterprise, to en- throne government instead of the individual as the handspring of in dustrial achievement. We face de- mands for government ownership and operation of railroads, of coal mines, of various great basic indus tries. These efforts to nationalize our industries are especially destruc- tive at the present time, when our railroads need careful guidance in order that they may avoid financial disaster, and that the transportation burden, borne by the public, may be kept at the lowest possible figure"
 Supports Constitution
 / One of our greatest needs today, MT, Head declared. is to repel the attacks now being made upon the integrity of the Constitution of the United States. We should, we must, oppose vigorously all efforts to give congress the power to override de- cisions of the supreme court-and thereby destroy the division of gov ernmental power which is the inher- ent strength of our constitutional system,
 "The American Bankers associa. ton believesathat the causes of the agricultural crisis were predomin. antly economic and that the remedy lay in the application of sound eco homie principles ratheE than in the pursuit of political panaceas Those who thought otherwise, those who undertook to devise some form O political cure-all, tried in vain tt reach an agreement even among themselves as to either cause oi remedy. Meanwhile, substantial re lief has come through the operation of natural economic law.
 Relief of Agriculture
 T would not for a moment, anc ho not, condemn all legislation whicl may be proposed for the relief 0 agriculture. Political action has it proper sphere. but its efficacy 1 limited to the removal of artiflcia obstacles which interfere with th normal functtoning of economi principles. Legislation may help | keep open the avenues througl which economic law is free to op crate, but it cannot do more. may temporarily accelerate or tenn porarily retard the ebb and flow 0 economic tides. It will alleviate but 1t cannot cure. We must b watchful that the legislative pallia tive does not, like a sleep-producin drug, leave us to be yictimized by disaster greater than that which W seek to avoid.
 "The necessity that economi problems be solved by economl remedies, rather than by politica tampering, applies 10 the entire fel of commerce, industry and fnanc,
 Next 10 the improvement in tn