Evening star., 1941-06-06
BankersUreed 10 Take
More Active Partin
Defense Housing
D. c. ConcIuve Hears
PoImer; Anti-InfIotion
Education Advised
BY EDWARD c. STONE,

|
Special Correspondent of The Star.
HOT SPRINGS, Va, June g.
C. F. Palmer, co-ordinator of de-
fense housing, urged the Nations
bankers to take a far more active
part in defense housing in an ad-
dress before the second days con-
vention of the District Bankers
| Association in session at The Home
! stead here.
Defense housing and finance call
| for action, for unlimited emergency
action, not next week, next month,
next year, but now, he said. Right
fully, leaders of finance propose to
keep capital busy at decent rates
Of hire. but the job is much bigger
than that, he declared.
That job" he said. 'is to make
sure that capital plays its part to
give it courage to see that it does
all it should do during this great
test of our democracy instead of
running away, sulking in the cor
ner. or being a downright cry-baby
as 1t was in 1888, and 1884, and has
continued to be in greater or lesser
degree ever since.
Must Be Kept Apace.
Capitalism must be kept up to
date. 1t must be worked on. 1t re-
quires the best brains. 1t requires
original thinking. PrecedentS no
longer count in world amok.
1T is gratifying to tell you" he
continued, that private industry
is doing a good job in housing con-
Struction this year, especially in
defense areas.
Private construction and private
finance have not failed IN the
Nations time of need, thanks large
Housing Administration, Home Loan
Bank Board and other organizations
/ fashioned by Uncle Sam to give
more help to old man capital"
Bankers can easily get legislation
that will widen their power to in
vest in housing and other defense
work if the desire is shown, he de-
clared.
The Government wants private
business to do all the work it can
handle without serious danger of
/ loss, Mr.. Palmer asserted. Every
improvement in banking methods
/ that allows lower-cost financing
helps expand private business and
reduce the field where Government
has to operate
Baukhage Speaks.
H. R. Baukhage, radio commen-
! tator. urged the bankers to keep
/ the tenets, faith. belief and under
standing of democracy alive. IF
the Nation, as we know it, is to be
/ preserved" he said, you bankers
have got to spend your days and
YOUR nights reselling right here in
this country the greatest commodity
that you and believe was ever pro-
duced-democracy.
/ "Reselllng of democracy is nee
eSSary because for the first time
in history combination of powers
both physical and spiritual are
trying to destroy our form of gov
ernment. In order TO meet the
dictators, We have been forced to
adopt certain methods dictated by
the emergency"
Preston Delano. controller of the
currency, urged the officers of the
Nations $4,000 banks to start a cam
paign to help educate the public
in the best methods of avoiding
threatened initiation.
The problem, he said, is to hold
down the volume of purchasing
power clamoring for consumer
goods, so that it will keep. by and
large, with the available supply OF
such goods.
Banks are the nerve centerS of
our economy, he said. adding that
officers and employees share the
responsibility of informing citizens
Of the great changes enforced by
the national emergency.
Education Advised.
"In the matter of direct action.
there is the limitation of credit to be
extended either for the production or
purchase of consumptive goods, with
! particular reference to installment
contracts he said.
"a strong control over loans is OBJ
vious but it is in the realm of fiscal
education of the public that the
banks of the country can really
make their contribution toward the
preservation of a decent world in
which to live.
The public must understand the
Importance of voluntarily withhold
ing a substantial segment of its
money income from ordinary pur-
chaseS, diverting all it can possibly
spare to savings or. better, to the
purchase of bonds which the Gov
erpment is Offering to finance its
defense program.
Sees Benefit in Check.
"The people must understand the
somewhat complex mechanism of
imitation and its control. Neither
voluntary savings or restraint.
nor even the payment of higher
+ taxes actually deprives the public
of any real benefits, but merely
assists in checking potential move
ment which could not fail to deeply
injure the entire Nation"
Upon the success of voluntary
public restraint depends the extent
of compulsory action which may be
required by the Government in the
prevention of imitation, the con-
troller declared.
The convention paid special trib-
utes to the late A. A. Hoehling of
the National Metropolitan Bank and
to the late E. Percival Wilson for
Al years connected with the Ma
tional Savings & Trust Co.
kilograms of greeting were sent
to c. F. Burton. Roger w. White
ford, H. H. Mckee and William H.
Donovan