Show BANKER ASSAILS A CENTRAL BANKS OMAHA Neb June 11 UP UP- UP Government owned and controlled central banks such as aft proposed b by Secretary of or the Treasury Morgen- Morgen thau were denounced by R. R S S. S Hecht New Orleans president of or the American Bankers' Bankers association in addressing the American Institute Institute tute of ot Banking con convention today S proposal H Hecht cht said came as a distinct shock to the banking and business interests of at this country There is he said virtually unanimous agreement among bankers that our present regional system under private ownership ownership ownership own own- is Immeasurably better for th thi nation than a government- government owned and controlled bank The very size and diversity of our nation tends to make a central central central cen cen- bank impractical Hecht said Our survey of central banks s In other countries disclosed that stock o of but four of ot them is owned b by bythe bythe the governments The central banks of ot Europe such as England France and Germany Germany Germany Ger Ger- many cover areas areaR not as large as as' some of oC the single states tates In this country A central bank here would be called upon to administer adminis adminis- ter the financial policies f of PI rn 1 area far larger Jarger and more diversIfied diversified diversi divers fied fled than all o of Europe The bankers' bankers future in America I will not be a pt promising one if it We I turn tum b back ck years and experiment experiment ment for a third time with a central central cen cen- bank If history teaches us anything it is this It Is almost certain that thata a central bank own owned d by the government government gov gov- would be conducted to serve the requirements of oC politics in the Interest of ot the party in power rather th than n the commercial needs of the nation He quoted President Andrew Jackson after aCler Jackson had abolIshed abolished abol abol- the Second bank of ot the United United United Unit Unit- ed States to the effect that had this action not been successful the government would have passed from the hands of the many into the hands of ot the few and that this organized money power from its secret conclave would have destroyed de- de de destroyed destroyed the government Hecht predicted defeat for tor radical radical radical radi radi- cal banking legislation I am not pessimistic enough to believe he said that these revolutionary revolutionary revolutionary revo revo- Ideas will prevail and that the bankers' bankers future will be reduced re reduced re- re to nothing more than high class clerical positions under the civil service regulations of ot the government I I am firmly convinced the future future fu future fu- fu ture holds greater promise than ever in the form torm of ot opportunity for rendering wide and efficient public service and In helping to mold proper legislation |