The Waterbury Democrat., 1934-10-25


 and recovery"
 Balancing of Budget
 Balancing of the budget, the ap- proved report said, would elimi- nate fears of currency inflation." The bankers, at the same time held that stability of the monetary system is "fundamentar' if busi- ness is to improve.
 An indirect slap was taken at suggestions for creation of a cen- tral bank - one of the reports worrying bankers = when the as- sociation recorded itself as having complete faith in the present banking structure"
 Industry and trade were called on to avail themselves of credit facilities by the association.
 Max B. Nahm, chairman of the resolutions committee, read the re- port before large audience in the National theater and it was ap- proved without further discussion.
 Applause greeted Nahm's re- marks regarding the balanced bud get and again when he said banks were cooperating to provide legiti- cate credit for industry, commerce lAAa o6A
 President Rooseve1t's call to with the New Deal in the fight test today before the American After hearing the Presidents alliance of all forces intent upon the business recovery" the bankers gathered to express in the form of resolutions their frank opinion of the apparently full and banking.
 While some criticism of the ad- ministratioh's policies was ex- pected, general sentiment appeared to be that the President had defi- nitely brought to an end the sharp shooting which has marked gov ernment-banking relations since the start of the administration.
 Partners In Progress
 The Presidents statement that "it is not in the spirit of partisans, but partners, that America has progressed" set the tone of the immediate reaction which was ex- pected to extend to the practical working relations of banks with the government.
 His words that the administra- ton stood squarely back of contin- uance of the profit system anu that emergency activities would pc curtailed as fast as private busi ness could pick up the load re- ceived closest attention.
 The principle omission in the ad- dress as seen by bankers was US failure to comment on the pro. posed central bank and several other features of monetary policy,
 The friendly tone of the address was contrasted by his hearers witn critical remarks which had in the past been used in speaking or banks and bankers generally.
 Enthusiasm Created
 Chief spokesman of the pankers' President Francis M. Law Of the association. expressed enthusiasm over the address.
 "There can and should be worked out a sound program of far reaon- ing cooperation between the gov ernment, the banks and other groups mentioned by the Presi- dent" said Law. "The kind Of program that would be a real con. tribution to the cause Of recovery:
 He called attention to the atti- tude of Jackson Reynolds, presi- dent of the First National Bank of New York and representative of some of the most powerful H. nancial interests in the country. Reynolds, speaking just before the President. called on bankers 10 abandon antagonism to the govern ment. warning that continuance twill involve the gravest conse- uuences to our country. perhaps even the destruction om many in stitutions and principles we nave held dear"
 People Took His Word
 President Roosevelt pointed out that in March, 1883. he had asked the people of this country to renew their confidence Ill banks"
 "rhey took me at my word," he said. T ask the bankers of this country to renew their confidence | in the people of this country. ] hope you will take me at my word" Referring to emergency finan- cial agencies. the President said: 1T find almost general agree ment among bankers that these agencies must continue until such time as the banks and other pri- yate credit agencies are themselves able and ready to take over these lending functions; and when that time comes, I shall be only toe glad to curtail the activities oi these public agencies in proportion | to the taking up of the slack by privately owned agencies. "Just as it is to be expected tha, l the banks will resume their re- sponsibility and take up the bur- den that the government has as ] sumed through it's credit agencies