Evening star., 1937-04-11
NEW LIFE PHASE
HELD NEAR j. s.
FiIene Tells Credit Union Di-
rectors Nation to Get Eco
nomiC Democracy.

A call for development of financial
and economic democracy was sounded
last night by Edward A. Filene, Bos-
ton capitalist and economist, speaking
at the annual banquet of the National
Board of Directors of the Credit Union
National Association.
America is on the threshold of a
new phase of life, when cooperation
of individuals will replace the indi-
vidualism of the past, said the Million
aire merchant, noted as liberal
What is happening" he declared,
"is OF such thrilling interest that
every American who realizes its mean
ing cannot help participating in it.
For what is happening is the rule of
the people. What is happening is
democracy-and not merely political
democracy, but financial democracy
and economic ACKNOWLEDGEMENTS
in dimensions which never were and
never could be democratic before"
Credit unions will play an important
part in his new social understanding
and will help the masses of the people
to gain access to the tremendous and
increasing volume of things
which it has now become possible to
produce"
Would Keep Individualism.
He cautioned however, against an
attempt to rule out individual effort
and substitute some vague abstraction
known as the common good'" In
dlVldualS must become co-workers, he
said, adding that the first emphasis
today should be placed on an educa-
tional program to teach the people
how to reach their cooperative ideal.
The banquet, which was at the May
flower, concluded a three-day meeting
OF the national directors of the as
sociation
MIR. Filene is the father of the
credit union movement in the United
States. The first union was organized
in Boston in 1907, largely through his
efforts. Since then he has contributed
S1,000,000 in furtherance of the move
ment.
The Credit Union National As
sociatlon was formed about four years
ago and the convention here was the
third annual session.
The general plan calls for forma-
ton of a group within a particular
business enterprise for the purpose
of providing loan medium for en-
ployes. Only those employees who
buy shares of stock in their particu-
lar union are eligible for loans, which
are made at low interest rate There
are 81 such unions in Washington
and leagues unions in every State,
comprising more than 100000 men,
bers.
Shepperd Also Speaks.
Senator Shepperd of Texas, author
Of the Federal credit union act,
passed in 1884, also addressed the
meeting, praising Mr.. Filene's part
in the movement.
The establishment and success
ful operation of the principle of CO.
operative credit through the credit
union movement is but another illus
tration of the fact that the princi-
pie of brotherhood, principle en-
bodying all forms of human CO.
operation, is of universal and eternal
application" he asserted.
Representative Luce of Massachu-
sets said the United States is woe
fully slow in following the lead of
Europe in the cooperative movement.
Other speakers included Herbert
Emmerich, deputy governor of the
Farm Credit Administration; Roy F.
Bergengren, managing director of the
association, and Thomas Doig. its Or
ganiZation director. D. Roland Potter,
national director for the District, was
toaStmaSter.