The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-23

IN llOerdl, SOuIlu OuSlIleSS uOC-
anism."
In his annual message, Mr..
Law adopted a cOnciliatory
tone designed apparently to
take the edge off of undercur-
rents of banking resentment
to various phases of the New
Deal which flared into open criti-
cism at division meetings yesterday.
It cleared the way for President
RooSevelt's speech tomorrow night
which is expected to seek new CO.
operation for recovery from the
nations bankers.
Bankers are forward looking, Mr..
Law said. They believe the admin
istration recognizes the need of in
dividual initiative and private
profit"
Eager to Make Loans
They are prepared to cooperate
with a recovery program of liberal
character, he said. They are eager
to make loans. They consistently
have given more than Zip service"
in the recovery drive.
Leo T. Crowley, chairman Of the
Federal Deposit Insurance Corpora
ton, the first member of the Roose-
welt administration to speak at the
convention, took conservative
slant. He warned against new bank
expansion and suggested that the
FDIC be strengthened by tightening
restrictions for membership to more
than mere solvency" requirements
from applicants. He advocated that
the present 5000 full deposit insur-
ance guarantee be made permanent.
President Law departed from his
prepared speech to warn against
Over-optimiSm.
Warns Against Over Optimism
There could be no greater mis-
take than for us to preach untem-
pered or undue optimism" he SAID,
land if you don't mind l want to
repeat that. There are grave prob
lens to be recognized and solved.
Bankers are far too intelligent to
assume Pollyanna attitude. Facts
and conditions must be faced"
The banking system has not been
sound enough" he added, explaining
he did not mean the present bank
ing structure should be thrown on
the scrap head.
1T is on the Superstructure that
work needs to be courageously and
done and the country
has a right to expect the bankers to
do the job" he continued.
Mr.. Crowley's speech was inter-
rupted only once by applause-when
he said he believed deposit insur-
ance should not be extended beyond
SIS 900.
At the conclusion, Mr.. Law told
the delegates he considered Mr..
Crowley's statements were thought
full, sane and constructive"
AssaiIs Business Timidity
There is hardly sane banker in
the country, who is not only willing,
but eager to make good loans.
of bank credit is
available but the demand for credit
is distressingly low" Mr. Law added.
1T remains for business men to
shake off their t1midity and uncer-
tainty and to indicate ability and
willingness to borrow"
The bankers chief declared that
business probably is better than
business sentiment.
The record proves" he said, that
business men of this country never
have been defeatists and it may be
assumed that as employment in
creases and improvement is noted
in the volume of business and in the
expansion of credit, business men
will increasingly regain confidence
and Nightmares will more and more
become a thing of the past"
Hits Emergency Measures
Returning to recovery efforts, Mr..
Law said the depression is not over.
but great progress 10 end-it mas been
made.
We may approve emergency
measures and expenditures, which
otherwise we might not counte-
nance" he declared. Approval Of
them is warranted on The basis that
many Of them are temporary in ma
ture and temporary only
Many Of these measures and ex-
penditures will be and should be
when the emergency
passes. No group Of men in all the
more earnestly desire re-
coyery than the bankers, and, as a
group, we assert unShakeable faith
that the natural forces OF the coun-
try, in themselves, will in due time
bring about a full and complete
measure Of recovery"