The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-10-25
RECOVERY
AID BUT insist ON
BUDGET BALANCING
Resolutions Come as Reply to
Presidents Request for
Loosening Credit
RECOGNIZE RELIEF NEEDS
Law Assures President Ma
tons Banks Have Full
Confidence Of People
RECOGNIZE RELIEF NEEDS

NOTlItue0C6 OF FeOpt0
Washington, Oct 25.-(P)-Amer-
lean bankers replied Thursday to
President Roosevelt's request for
loosening Of private credit by unaim-
ously adopting resolutions promising
to cooperate with the government but
demanding balanced budget.
While there came informal express
sions of mingled criticism and salts
faction with the presidential injunc-
ton Wednesday night that they DEM
onstrate their confidence in the
American people. the American Bank
ers association adopted proposals that
cooperation be pledged the govern
ment and declaring a balanced budget
to national welfare.
There was no discussion on the reso-
lutions.
See Business Gains
The cooperative resolution said re-
ports indicated encouraging signs
that business now is beginning to
seek a greater volume Of bank credit.
which has been and is available for
its USE"
ut is to be hoped that to q steadily in
creasing degree industry and trade
will avail themselves OF the compre-
hensive banking facilities which both
government ana bankers are recon-
mending that they utilize" it added.
The resolution said the balanced
budget was essential to the national
welfare. It added that it recognized
that emergency expenditures were at
times called for in the interests of
human welfare.
Understanding statesmen" the
resolution said, meet such emergen-
cies as they arise, but at the same
time make it clear that expenses can
not be allowed to exceed income in
definitely"
Some high officials Of the associa-
ton said the bankers had hoped the
president would comment on the
budget in his speech wednesday
night.
The resolution said this sound prin-
ciple was recognized by the president
of the United States In the compre-
hensive message which he sent to
congress on the fourth Of last January
outlining the future financial policy
OF the administration and setting q
time schedule for expenditures to be
made in the interest of relief and re-
covery.
Expenditures Only Temporary
"While the OUTLAWS called for were
greater than those included in any
other peace time budget in our history.
the president wisely took occasion to
call attention to the fact that these
should not be continued
as q matter Of permanent policy.
I'VE earnestly urge our members to
support this sound policy that we
should return to definitely balanced
budget. We believe that both govern
ment and business should and can col
laborate to hasten the time Of such
return. Assurance that the budget
is to be balanced will give rise to an
expansion Of industry and trade"
The cross-section view of the asso-
citation concerning the presidents
speech was described by its retiring
president, Francis Marion Law, as
pointing the way for further under
standing and cooperative effort"
Law expressed this view in q pre-
pared statement. He promised the
bankers would do their full duty"
I'VE desire Law said, Ito assure
the president that the banks have
full confidence in the people. The
bankers liked the clear statement OF
the president that labor Of mind and
hand were entitled to fair profits for
this labor.
Welcome Presidents Views
I'VE have felt that emergency
credit would be succeeded by private
credit when the emergency was
passed. and we welcomed the presi-
dents frank avowal that this was
true and that traditional private
credit would again resume its full
function in fostering American prog
ress.
THE banks always have been in
alliance with industry, labor, business
and agriculture, and the presidents
call for closer alliance will meet our
full response"
Bearing an olive branch, President
jackson E. Reynolds Of the First Ma
tional Bank of New York, introduced
President Roosevelt Wednesday night.
Seeking to clear away ''misunder-
he made three suggestions:
/. The destitute must be cared for.
either with private or public funds.
2. TO expect the budget to be bal
anced at too early a date" may be
an s'error" and any attempt to fix q
date in advance might turn out TO be
ridiculous"
3. For the president to state that
the dollar must remain for all time ut
its present point Of VERY defins-
might unite all .n1la-
tionary demands Into one irresistible
David Lawrence Speaks
David Lawrence, speaking to the
association Thursday, said the forces
Of the left are trying to consolidate
political and economic power and set
up political despotism" in Wash
ington.
Declaring his criticism was directed
far beyond any man or any group OF
men who happen to be in office to-
day." the editor Of the United States
News summoned his hearers to .
struggle" - q.