The Waterbury Democrat., 1934-10-23
BANKERS READY
 TO COOPERATE ' WITH PRESIDENT
President Law of National Bankers Makes Position
 Clear to Public
BY MACK JOHNSON United Press Stan Correspondent)

United Press Stan COrrespOnuent) Washington. Oct 23--U.P. )- iThe nations bankers are prepared Ito cooperate with President Roosevelt in a permanent recovery l'program based upon liberal, sound business doctrine and ra- tional humanitarianism", Francis M. Law, president of the American Bankers Association said to-day. Speaking before the American Bankers Association convention, Law, in his annual message, said that bankers efforts the last year had been aimed at constructive principles instead of political criti- cism of the new deal.
 Bankers, in common with other thoughtful and forward looking business men, agree that sound, liberal business doctrine and ra- ;tionai humanitarianism should go hand in hand in any program of real and permanent recover" Law said. t ta3},
 He said business felt the admin istration has recognized the vital need of individual initiative and fair profit" .
 "There is hardly a sane banker in the country. who is not only will ling but eager to make good loans. Superabundance of bank credit is available but the demand for credit isss distressingly low" Law added. a"% .
 Law declared that business prob ably Is better than business senti- ment. He, emphasized the necessity of recapturing the nations foreign trade to- aid recovery. Barriers in tho way of regaining this trade must be removed, he insisted. He praised the governments re- cent activity in promoting trade agreements, saying the first efforts appeared quite successful" AL ready foreign trade has shown some improvement with the not able exception of cotton. whicE shows a substantial decrease. He said.
 "Restoration of. America's world trade and the return of private in- itiative into active operation will end the depression"
 He denied that banks had failed to lend freely thereby halting re- covery as alleged by critics.
 Law said bankers, generally. in- dorsed the recent address by Don- aid R. Richberg, director of Ma tional Emergency Council, that the federal budget must be "balanced at the earliest possible moment" and remarks by President Roose- welt endorsing the driving power of individual initiative and the in- centive of fair profit"
 Law asserted that banks have given more than Hip service" in their faith in the nations future.
 ''There is no better investment in the world than securities of the United States government" he de- clared. "The record shows that government securities held by banks have increased over $7,000,- 900 since December 1929. During this period, the national debt has increased some $10,O00.000.O00 and 1t will be seen that 70 per cent of this increase was provided by the banks"
 Returning to recovery efforts, Law said the depression Is not over but great progress to end it haS been mauc.
 "We may approve emergency measure and expenditures, which otherwise we might not counte- nance," Law declared. Approval of them is warranted on the basis that many of them are temporary in nature, and temporary only. "Many of these measures and expenditures will be and should be eliminated when the emergency passed. No group of men in all the country more earnestly desire re- coyery than the bankers. and, as a group, we assert unshakeable faith that the natural forces of the country, in themselves, will in due time bring about full and com plete measure of recovery"
 He said association committees during the past year worked out programs on banking matters and cooperation with the administra- tion., He said their reports were constructive and not aimed to de. feat basic principles of federal banking legislation.