Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-01-10
j. s. BASIS SOUND,
! MITCHELL ASSERTS
Capable of Providing Highest
Living Standard Known,
New York Banker Says.
By the Associated Press.

BY the Associated Press
NEW YORK, January 10.-Expressing
his belief that ''the economic system OF
the United States is essentially sound"
and that 1.-THE integrity of the standard
of value" should be maintained, Charles
e. Mitchell, chairman of the National
City Bank of New York, sounded today
q moderately hopeful note at the annual
meeting of the banks shareholders.
Mr.. Mitchell stressed the present dis
location of foreign currencies, due to
their remuneration of the gold standard,
and declared America should consider
the entire problem in spirit of CO.
operation.
"Of vital importance to the progress
of recovery in this country" said he,
SIS the re-establishment of staple re-
1ationship between the dollar and for
eign currencies, thus relieving our price
structure from the most destructive of
all kinds Of competition, namely, that
OF depreciating currencies of competing
nations.
Cooperation Alternative.
"Since it is neither practicable. nor
indeed thinkable, for the United States
to adopt either the course of attempt
ing to withdraw behind impenetrable
tariff walls, or that of entering upon a
competition in currency depreciation of
which the end is zero for all, there re-
mains only the alternative of co-opera-
ton with foreign nations in the effort
to remove such obstacles as may still
bar the way of their return to a gold
basis.
"Above everything else this country
should avoid any action or declaration
of policy affecting the integrity of the
standard of value which may renew
the uncertainty which existed upon that
subject one year ago and which then
had most unsettling effects. Any I'M
toward step of that character would
increase the state of world confusion
and render futile the hope of early in
ternational cooperation to the end
which all countries desire"
The chairman reported that the banks
stockholders increased about 5000 last
year to some $4,000, the largest total in
the history Of the institution.
s4ss.61s Profit Shown.
Notwithstanding the dullness of the
investment banking business, the Ma
tional City Co. showed a net operating
profit of $463,616
naA. MITCHELL pOlnCeQ OUT GIaC the
danger Of panic had been averted with
the return of currency to the banks
and gold to the United States, and
with the liquidation of large body of
short-term foreign investments which
has been an uncertain element for
years the country sis in stronger posi-
ton in consequence"
He warned that the situation of the
railroads was even more critical than
q year ago and was a subject of prime
importance to the American people.
Railroad credit" he stated, must
be maintained and this requires that
the roads shall regain a self-supporting
basis
THE economic system of the United
States Is essentially sound" said Mr.
Mitchell in conclusion, "the most eff
Gent in the world, and capable of pro-
viding higher standard of living for
the people than yet has been known
in any country. Upon this point it
is possible confidently to repeat the
opinion offered here one year ago that
until human nature is changed and peo-
pie are satisfied with what they have
there need be no fear of an end to
the possibilities for growth and ex-
pansion in production and distribution"