The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-10-23
ROOSEVELT IS
SCORED over
PUBLIC VIEWS
Laws. Says Sound-minded
Bankers Not Unwilling
to Assist in Loans
MUCH ALREADY DONE
TOWARD RECOVERY

More than four thousand BANK
ers from the nations largest cities
to it's smallest crossroads villages
were in the capital today to partici-
pate in one of the most important
sessions in the history Of the
American Banking Association
when Francis M. Law, president
of the association delivered his adj
dress before that gathering.
Speaking before the members
of the body which convened its
session last night Mr.. Law said
that tn enation's bankers are pre-
pared to cooperate with President
Roosevelt in permanent recovery
program based upon "liberal
sound business doctrine and ra-
tional humanitarianism.'
Law said that bankers efforts
during the past year had been
aimed at constructive principles,
instead of political criticism of the
New Deal.
"All of US want to help the
OF her fellow" he declared.
THERE'S hardly a sane banker in
the country who not only is will
ing, but IS eager to make good
loans. A superabundance of bank
credit is available but the demand
for credit is distressingly low. e,
SIT remains for business men
to shake off their timidity and un-
certainty and to indicate their abb
lily and willingness to borrow"
Law said the depression is not
over, but great progress is being
made to end it.. ,,s .,o
( Leaders efithe American Bank
ers Association in convention here
today listed among the problems
confronting the bankers today.
A central banking system; : ..
Expansion of bank credit;
Federal bankruptcy legislation;
and
Restrictions imposed upon COLA
teral by national bank examiners.
Bankers struck back last night
at President Roosevelt by brand
ing his "fireside" criticism of
their activities as "uncalled for
and unfair" and demanded an end
of attacks to which they have
been subjected by federal offici-
ais and the press of the nation.
Resentment which has smould-
cred beneath the surface since Mr..
Roosevelt limited at their lack Of
cooperation with the government,
flared into the open a few mo-
ments after the members of the
American Bankers Association
met in convention here.
Robert M. Hanes, Winston
Salem, N. c., bank president, was
the first to lash out at the admin
istration and the press. Their fail
ure to distinguish between good
and bad banks, he said, has made
the position and work of all bank
ers increasingly difficult.
With this introduction Hanes
struck directly at the president for
the high praise he gave British
bankers in his last message to the
nation.
az think the presidents infer
entail comparison of the bankers
of this country and those of Eng
land in his, last fireside talk, was
totally uhcslled for and unfair"
he snapped.
eve are. accused of not CO.
operating with the governments
financial program when we are
carrying over half of the govern
ment's debt whereas the British
banks hold only IL per cent Of
their governments debt"
Later: C. j. Lord, banker of
Seattle and Olympia, Wash, took
up the cry and without mentioning
| the president by name demanded
that his hearers adopt a militant
campaign to put an end to "un-
warranted criticism and calummy
to which we have been subjected"
Lord, elected president Of the
National Bank division of the Ma
ltional Bankers Association yes
! terday, said it was essential to
the future of banking and the
| country that 'these abuses be
stoppad.";, T;a 4
Cheers and loud. applause which
greeted Hanes' remarks Contrast
ed sharply with reports that a
truce had been reached between
the bankers and the sdministra-