The Washington times., 1931-02-14
BANKERS
AMUSED BY
ANALYSIS
Lord MaCauIey's Review of
Conditions in England in
1880 Slump Causes Laughs

ISSO SluiIIp SuuoNo GouSlIo
An analysis of the business de.
preston which reached its climax
in England in 1880, made by
Lord Macauley and published In
the Edinburgh Review, is furnish
ing Washington bankers with d
certain amount of amusement.
Minor changes in the matter Of
dates and the substitution of pre-
vailing conditions in the analysis,
they state, would enable the
broadcaSting of the major portion
Of the article as a review Of the
1930-31 situation.
Lord Macauley said:
Natural Progress
"HistOry is full Of the signs
of this natural progress of so
ciety. We see in almost every
part of the annals of mankind
how the industry of individuals,
struggling up, against wars,
taxes, famines, conflagratiOn,
mischievOus prohibitions and
more miSchievOuS projections,
create faster than the Govern
ment can squander, and repairs
whatever invaders can destroy.
"We see the capital Of ma
tions increasing and all the arts
of life approaching nearer and
nearer to perfection in spite OF
the grOSSeSt corruption and the
widest prOfusiOn on the part
Of the rulers.
Great Distress
"The present moment IS one
of great distress. But how small
will that distress appear when
we think over the history of the
past 40 years; a war compared
with which all other wars SINK
into insignificance; taxation
such as the most heavily taxed
people of former times could
not have conceived; a DEBT
larger than all the public debts
Chat ever existed in the world
added together; the food OF
the people studiOusly rendered
dear; the currency impudently
based and imprOvidentIy re-
stored. ..o.
in the year 1880 population
of 10000, 900 better fed, clad
and lodged than the English
of our time, will cover these
islands-that machines, con-
Structed on principles yet un-
discovered, will be in every
house, that there will be no
highways but railroads; no traV'
cling but by steam-many peO-
pie would think US insane.
Confine To Duties
"Our rulers will best promote
the improvement Of the people
by cOnfining themselves to their
own legitimate dutieS-by leav-
ing capital to find its most
lucrative course, commodities
their fair price, industry and
intelligence their own rewards,
idleness and folly their own
punishments - by maintaining
peace, by defending property,
by diminishing the price of law
and by observing strict economy
in every department of govern
ment."
While admitting that the writer
went astray in certain aspects OF
his forecasting of the future and
while agreeing that certain politl
cal and social theories prevalent
q century ago have been replaced
with others now in general force
members of the banking profes
sion are interested in the SINH
larity between the criticism voiced
100 years ago and now.
The significance and import
ance with which the annual ban
quet of the Washington Chapter
of the American Institute OF
Banking is regarded by executives
of leading financial institutions
is particularly evident this year
according to officials of the locaI
organization.
Many Guests to Attend
Not only will several hundred
chief executive officers and of.
ficials of banking institutions of
the Central Atlantic States at,
tend the banquet, but many of
these are to be the guests of
many of the leading banking
houses of Washington. Many of
the bankers who plan to take
part in the two-day conference
of the bank management sec
ton of the American Bankers
Association will remain in the
National Capital to attend the
banquet at the Willard Hotel,
Saturday, February %.
Ben C. Alley. president of the
national organization Of the A.
I. B.. is to be the principal
speaker on the program but he
will share honors with Rome C.
Stephenson, president of the
American Bankers Association
who will address the junior bank
officers. Details of the enter,
tatnment program have not been