Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-19
BRANCH BANK PLAN !!
MEETS OPPOSITION
Economist Raises Question
u
of State Rights in Criti-
cism of Proposal.
BY JOHN r. SINCLAIR.

BY JOHN r. SINCLAIR.
Special Dispatch to The Star.
NEW YORK, May 19.-Benjamin M.
Anderson, Chase National Bank econ
omist, In coming out strongly against
the plan to allow branch banking by
Federal statute, falls back on the old
doctrine of State rights.
DR.. Anderson contends that the Fed
sral banking act should not grant pow
ers beyond those given In the several
States to their own State banks.
The position of this New York bank
er-economist is opposed to that of Con-
troller of Currency Pole, who has asked
Congress to grant permission to men,
Der banks to establish branches within
the Federal Reserve district or trade
areas.
This difference in opinion is likely to
result in a very serious fight between
two powerful banking groups.
Says DR.. Anderson: II cannot SYM
pathize with the view that it is neces-
sary to pass unsound legislation for the
purpose Of giving supremacy to the ma
tional banking system. or that State
banks should be compelled to drop their
State charters to take out national
charters"
There is always q danger that the
States, seeing these larger powers grant
ed to banks under Federal charter may
get their backs to the wall and fight
against any change OF any kind in the
banking act.
As Congress Is the final arbiter and
% its representatives come from the
people, the State banks may win such
Q fight.
So a thorough discussion of the
problem now before the American peo-
pie. whether the law should be amended
to allow national banks to open branches
over o much wider area than is now
permitted, IL very necessary and wise.
It will not pay to ride rough-shod
ever the rights Of State banks.
b It safer to 60 to war than 90 10
work? Is the workshop more dangerous
than the trench?
Prof. Edison L. Bowers of Ohio State
University, impressed by the fact that
more people are hurt and killed day by
day in modern industries than are killed
on the field of battle, turned his atten-
ton to the subject.
His answer Is O book entitled, els 1t
Safer to Work." He contends that rs
per cent Of those killed and injured
could have been saved If proper pre-
cautions had been taken and proper
measures for relief instituted.
why must thousands Of persons be
killed and injured annually in American
industry" asks Prof. Bowers. Then
he answers In this fashion:
Because We permit our great indus
trial system to function SO inefhciently,
by gross injustices in our present work.
tngmens compensation system and by
lack of scientific treatment Of the
injury problem because of the condi-
tions surrounding the passage and adj
ministration Of accident, compensation
and vocational rehabilitation legisla-
ton"
when business interests itself SUM-
ciently in safety and compensation, both
indispensable to the social welfare,
human life, the most precious thing In
existence, may yet have real chance.
The fact that such book as this has
lust been written bespeaks q growing
interest in the subject:
In approximately three weeks the
1rst issue Of reparation bonds will be
offered to the world. The German gov
eminent viii receive about 500, 000, 900
At this issue and France the rest.
Twelve years after the Great Wars
close the reparation situation Is clear
ing I'D. Under the Young plan, Ger
many has, agreed Internationally to
pay to the allies, for 81 years, $50, 000,-
900 reichsmarks, or $751;. 000,0 600. an
uually.
Can Germany do ita
Guy Greer, author Of 1.-THE Ruhr-
Lorraine Industrial Problem" makes
this comment:
"only the system of tariff barriers,
artificially restricting international
trade everywhere, presents q real for
ynidable obstacle to Germany's recov-
cry Of o normal financial relationship
with, the rest of the world . but
under all ordinary circumstances and
conditions, Germany would be conSid-
cred one Of the best credit risks in the
world" A somewhat qualified remark,
ut besti
Is the German government back Of
Nhe coming reparation bond issue?
This question has been raised.
"So far as the unconditional annuity
% concerned. 1t Is merely part Of
CATIONS. Bonds, issued against 1t, are
essentially the same as other bonds OF
the German government, payable in
foreign curTencies, and they should be
% appraised by the potential investor. 81
answers Mr.. Greer.
The American syndicate handling ths
issue Is expected to announce all de.
tails In the next two or three weeks
perhaps sooner.
When Sir Joshua Stamp. England'i
6exy flnancier, addresses the luncheon
Of the Academy of Political Science o!
New York on June 2, do not be sur.
prised II he sets down q barrage agains
Orthodox finance and insipid economi'
smugnessl ..
A president of the London, Midlans
a Scottish Railway Co.,, q director o
tho Bank Of England and q governor o
the London School Of Economics ant
Political Science, Sir Joshua is thor
oughly conversant with hard times Il
England and with the practical work
4ngs Of world finance.
For many years he has insisted tina
the world Is on its way to bankruptcy
that new and stern steps must be takel
TO avert general world catastrophe.
It has been his contention right alon
that there should be complete annihi
lation or plotting out Of all war debts
that the world should start from scratch
again and build back its wealth through
work and world cooperation.
Yes, members Of the American Acad
envy will be there in great numbers. TO
knowing the reputation Of this British
leader, they are going prepared TO hea
IA earful.
Mr.. Thomas w. Lamont Of J. p. Nor
gan 81 Co. will preside.
copyright, 1880, by North American News
paper Alliance)
~-~r~~ ~x@-n~s ax-a