Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-10-02
WORLDS BUSINESS
BETTER, COOLIDGE
WRITES BANKERS
President Gives High Praise
to Banking System
of America

CHICAGO, Sept 80. - President
Coolidge, in a letter to the American
Bankers association today, said
there are multiplying evidences of
improving conditions throughout the
business structuresl of the world.
The presidents letter was address
ed to Walter w. Head, Of Omaha,
president of the association, and
stated that the president has "a
strong feeling that the bankers of
the country deserve generous recog-
milton of their services" The presi-
dent also wrote of appreciation of
the federal reserve system, and said
that banking once was a mystery,
but no longer is so regarded.
The presidents letter was as fol
lows:
''My dear Mr. Head: You have
been Kind enough to ask me for Il
brief message to the American B4hk
ers' association at the time of it's
forthcoming annual convention. l
am glad to comply, because of my
the country deserve a generous rec
ogniti0n of their services. There
will, [ think, be general agreement
that the attitude of the public to-
ward the bankers, and likewise that
of the bankers toward the public,
have both become more sympathetic
and appreciatiVe in recent years. We
may attribute this in no small meas
ure to the extension of interest in
economic and financial problems in
recent yeras. ii is in part a cOnSe-
quence of the increasing insistenCe
of these problems. and in part, also
a result of the establishment of the
federal reserve system. Even so
great a calamity as the war has had
some good consequences, and among
these we must include a greatly in
creased attention to matters that are
| fundamental to the life of the COM
munity. 1t is not so many years
since banking was a good deal of a
mystery, even to the majority of
business men. Nowadays, thanks to
the policy of leading banks in talk
ing the public into their confidence
and discussing their problems in SIM
pie and understandable fashion, the
mystery has largely disappeared. In
its place have come confidence and
understanding, which make for the
best interests of both, the bank and
its customers.
Praises Federal Reserve
con incident to this new attitude
is the general appreciation of the
federal reserve systems usefulness.
1t has demonstrated itself as the sta
billing and unifying factor Of our
81,
during period which, without it.
would certainly have been marked
by distress and disasters. Instead of
these, we have seen our monetary
system accepted as the worlds stand
ard. We have been able to place
every reliance in the soundness of
our banks and their ability to adapt
themselves to the most extraordinary
requirements.
Our financial establishment as
Sumed from year to year a constant
ly larger part and significance in the
realm of international business and
financing. This is an inevitable re-
suit of conditions which have placed
in our hands so great a control over
the worlds reserves of credit and
monetary capacity Welded with
the same wisdom and care in the flu
ture as heretofore, these forces will
contribute powerfully to the rehabili-
tation of money systems, of credit,
and of business Throughout the
world. They will do this, moreover,
to the advantage both of our own
country and of others.
Il feel, therefore, that in extending
my good wishes and confidence to
the great banking interests of Amer
III
and helpful purpose toward the con-
Germs of sound business everywhere.
There are multiplied evidences of
improving conditions throughout the
structures Of the world. American
leadership. faith and ready helpful
ness have contributed hagely to
bringing about this improved out
look. SO it is fitting to extend con-
gratulations to you American bank
ers upon your achievements of the
past and likewise upon the bright
prospect that opens before you"
Walter w. Head, president of the
association, quoting in turn from
John w. Davis and Calvin Coolidge,
today urged, the association to OPP
pose "all efforts to give congress the
power to override decisions of the
supreme court"
Mr.. Head told the opening general
session of the association convention
that "a return to common sense"
was what the bankers stand for re-
CARELESS of political partisanship."
Mr. Head later called to the ros-
trum Sir John Arid, of Toronto,
president of the Canadian Bankers
assOcj3 ton. who said:
Il would only wish that the trade
and commercial relations between
our two countries were as satisfac-
tory as the financial relations. That.
as YOU probably know, and as the
| Canadian people know, is not a ques-
ton for bankers but one for our
politicians; and it is dangerous for
. bankers to interfere Very much in
political affairs"
He added that while it was com
monty, and in part correctly, sup
posed that the Canadian banking
system was based on the Scottish
system. the Canadian plan "origi-
mated in the mind of Alexander Ham.
uton."
The convention adoptedthe report