Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-21

Rom. e. stepbenson. Association. He
spoke before the
Eastern regional savings conference Of
the associations savings bank division
at the Hotel Commodore.
He denounced pplittcal opportunism
that has sought to IMPOSE various forms
of doles through agricultural and UNI
employment relief and soldier bonus
legislation upon the Federal Treasury
and also described unemployment in
surance as merely name under which
an industrial dole fund is to be set up
by industry aimed to relieve the IN
dividual in part from personal risk
that can be properly and fully met only
by measures of personal financial pru-
dence and responsibility" He added:
Banker Responsibility.
Savings banking constitutes the Ma
tons greatest financial mechanism for
cooperating with our people in our we'll
tried plan of self-reliant Americanism.
Both by your works and by your leader
ship among those who confide their
savings to your care, may you savings
bankers do your part in maintaining
unimpairOd that spirit Of sturdy Amer
lean individualism which Is the price
less spiritual heritage OF our national
character from the indomitable race OF
pioneers who founded this country in
defiance of all forms of serfdom."
Mr.. Stephenson, who described eras
in Europe when masses OF people were
subservient to feudal and industrial
overlords and governments as serfs,
retainers or pensioners, said that the
present period has all the appearance
of being one of the critical turning
points in American history. He pointed
out that life here "sprang from a
different spirit and developed in a
different atmosphere" for those who
settled this continent came in a spirit
of irreconcilable revolt and escape from
suppression of the individual into sub
servient masses" Always, he said, has
our history been thus marked by out
standing traits of individual economic
responsibility as contrasted with European
pauperisn, dependency and feudal
Serfdom.
And then suddenly this year what
let-down we see from this Spartan
individualisml" Mr.. Stephenson said.
Have conditions of life here, has the
American character so changed that
state-reliance must replace self reliance?
Was there ever heard such a clamor,
such a determined drive of opportunist
politicians to lift from local community
life, to lift from industry and business,
to lift from the individual their natural
burdens of economic responsibility and
place them on our Government"
Mr.. Stephenson mentioned these pro-
posals as rejecting an attitude of 'po-
/ litical thought turning more mad more
toward the idea that the State shall
/ unduly help the individual carry his
| economic responsibilities, that public
opinion is more receptive to this in
sidious form of paternalism, that great
masses of our people are eager to step
down from the self-respecting, self-re-
| lance and reSolute personal RESPONSE
bility of our forefathers, and, as IA
vored social groups; to let the State de-
| fend them from Universities which are
the common lot-and also the strength
| ener of the character Of men"
Unemployment Insurance.
He referred to unemployment insur-
ance as a change in the individuals re-
| lationship with his employment that
would unload, him of a certain degree
of economic responsibility, IAN enforced
levy upon the income OF invested capt.
tai making labor ward, retainer, OF
capital. It would seek, in measure, TO
transfer to capital q share OF the mdl-
yidl1aI workers economic responsibilities
and risks against which he is normally
| able and obliged to make provision out
! of his own earnings for himself unoer
our traditional American conception OF
life as contrasted with European teuoaI
dependency. 49, ., .,,os.
questions" he continued. 81 do not
forget that distress frequently is too
heavy for the individual to conquer
alone and single handed. do not IAN
tn realize that the difficulties which
have overtaken large groups OF our
people in the present times are beyond
their powers to combat without help
fitness and cooperation among them
selves and from others. But do not
believe that they warrant abandonment
of our traditional American spirit OF
self help, neighborliness and community
responsibility for its own people, or
Justify the laying of these burdens on
the doorstep of the National Treasury.
"It is also true that the social respon-
sibility rests on industry to make every
effort to provide steady, properly PAID
employment for labor. 1t 1ss likewise
true that industry has brought Ger
tain amount of accountability upon 1t
self for existing unemployment by lts
lack of foresight and plan. Industry
uneuuivocally owes it to our workers TO
aid them combat the problem OF unem-
ployment. But I doubt that the best
way for industry to contribute to the
solution of the problem OF unemploy-
ment is along the lines OF so-called
unemployment insurance. believe
there is a far sounder way to attain the
ends sought"
He said the risks of unemployment
were not susceptible to scientific actu-
arial treatment as are life and other
forms of insurance. If such a charge
were to be set up as an industrial cost