The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-12-04
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Bankers View Changing
America long ago discarded the
leadership Of bankers and they are
having difficulty in reassertins the
mental and moral dominance which
they once held over business. In fact.
swinging away from the extreme OF
q few years ago. many individuals
frankly express the view that bank
ers are always wrong. Their advice,
probably actuated by prejudice OF
grossly overstated, Is find out what
the banker thinks and then do Just
the opposite"
But regardless Of these extremes
Of public sentiment. the fact remains
that bankers are In . pretty good
position to know what goes on In =
community. II they approach = sub
ject with an open mind they are quite
likely to make some worthwhile OBJ
servations.
This was tho case when winthrop
w. Aldrich, president Of the Chase
National Bank Of New York City.
largest In the country, spoke Monday
to tho Commonwealth club Of San
Francisco upon the subjects Of relief
and national finances.
The first significaht thing In Mr..
Aldrich's speech Is his expression Of
. changed viewpoint on the whole
question. For example he says: Il
would like to assume that all Of Us
are In agreement with regard to Ger
tain important principles which I
will enumerate. First, that we Ill
agree that those who are unemployed
through no fault Of their own must
be furnished With adequate food,
clothing. shelter. heat and light for
themselves and their families until
they can find new employment"
This, It viii be observed. Is . far
cry from the rugged individualisn' .
which was tho traditional bankers
outlook few years back.
Mr.. Aldrich's second point was that
community responsibility and mani
agement Of poor relief are essential
to q solution Of tho problem Of
economy and his third that recovery
can come only as . result Of In
creased private initiative In business,
fundamentals with which nearly al
Americans are In agreement.
As president Of the State Char
tiles Aid association Of New York
Aldrich has had some contact with
eleemosynary work. It 3 significant
therefore, that he favors taking con-
troll Of relief expenditures out Of the
hands Of professional relief workera
and putting it in the hands Of local
boards. Before this Il done, how.
ever, he recommends that tho Local
governments make substantial con.
tribution to the relief fund % thai
they viii be spending their own
money.
Ono Of the troubles, according x
his observation, IS that relief ha.
been made too attractive to certain
kinds Of people. He feels local boards
spending local money. supplemented
BY government funds would quickly
cure whatever tendency toward suct
excuses may exist.
His review Of the probable TIM
during which relief must be exte6d,
ID Is disturbing. since he asserts tina
"What every one Of Us must recog'
niSe IS that the weight Of probabilit.
Lies on the side Of long period o
dealing With the problem Of unem
ployment, the relief Of which must
at best. impose . terrific financia
burden upon the country"
The nearest approach to the tradi
eoual bankers attitude In the Who'll
speech comes with the statement tina
ways must be found to combat ~th
tendency now existing In 90 man
parts Of the country to lie down IN,
wait for the federal government /
come to the assistance Of the local
ity."
But with this Idea no observer q
the American scene can wen disagree
and there are evidences that the ma
t.onal government Is beginning {
adopt this viewpoint. It has been ex
pressed BY many individuals othe
than bankers.
It may b contended that, sinc
most Of the government revenues u
raised from income taxes, big bank
en- are Interested II transferrine I'll
rslisf burden 70 local communities /
: matter q self-interest. This ma
O may not b true, but even II It /
there can b no denying the fact thu
utter dependence upon Washingto
dullg local initiative and has 1 ba
effect on the standards q citisenshi)
Tho nation + under no obligatio
and may not b II tho mood TO q
cspt the leadership Of big banker
but 4 should - intsrsstsd II Il
changed point O Wv q our financil
1on6nfk u ahou16 9ojoloa that IL