Salt Lake Telegram | 1936-09-24 | Page 2 | Business Editor Says Democracy in Banking Appears on Way Out

Business Editor Says Democracy In Banking Appears on W Yi Out SAN FRANCISCO Sept 24 INS INS The The most formidable barriers harriers against a 3 complete recovery of business in the United States are the continuing continuing- budget deficits of the national gov gay government government and the growing burdens of taxation the resolutions committee of f the American Bankers Bankers' association reported at tho National Bankers' Bankers convention today sAr SAN FRANCISCO Sept 24 INS INS Warning Warning that democracy ill in n. n banking is on the way out unless the present course is changed Mer Merle e Washington editor and publisher of The he Nations Nation's Business today declared America 4 merl a furnishes the tragic spectacle of free men forging their own wn chains Speak Speaking nl before tho Uio American Bankers Bankers' association convention Thorpe horpe warned Liberty freedom of action are arc being whIttled away by subtle and seductive promises of benefits to to come ome Such lI liberties erUes we know from history can only be regained by bylong byong long ong and arduous effort by Ice flee ce often of blood and we know that mt many tim times c once lost they have never been regained Thorpe said that when hard bard times I come ome one solution always always' appears Lets Let's change the banking system ly tem a Communist Axle e I II Capital allocation he said Isone Isone is one ne of tho the many mouth-filling mouth aMb- aMb sired by the depression It t sounds like a discovery something new ew but it Isn't That I political o should allocate capital in other her words should allot the savings sayIngs sav- sav ings of or the people people people-la Is the tho axle of the commUnistic wheel L Karl Marx had ten h points in his platform of ot como tom com com o 4 Tho The first was 1 Centralization of credit in the han lands hands of the state by means of ot a national bank with state capital and exclusive U an monopoly Lenin said Thorpe had the same Idea dea Thorpe said aid that dictation of ot tho the volume and kind of credit as advocated by some lame elements at pres prea ent would mean that a n bureau or board oard in Washington would have havethe the he power ower to decide whether theman the theman theman man in the street might buy bur alt an automobile on tho the instalment plan the he price the style or if it ho he might buy one at all aU It means his deposits deposits de dc- de- de posits in the bank are no longer under his hi control through his bankers bank bank- on ers on but may may be allocated for some socIal purpose in another section or hide indeed ed a foreign loreign land Jand It is alla part of ot a larger policy polley which Professor Protessor Tugwell describes de- de de describes scribes said Thorpe He added that Professor Tugwell alarms him with his talk of ot discipline died pline must subordinate must consent to function unction along lines defined de fined ined Lenin likewise had much to say o of ot f strictest discipline and so ao do S Stalin talin Mussolini and Hitler said T Thorpe horpe They also overwork the w word ord must I may be old fash i but I dislike the word I ITom Tom K Smith president of ot the B Boatmen's National bank St. St Louis w will ill be installed as u president for forbe forthe the t be he coming year at the close of today's to- to toay's d days day's avs session dO He was elected eJected yesterday with O Orval W. W Adams executive vice p resident president Utah State National bank Salt S alt La first vice president a and nd PhU Phillip lp A. A A Benson Brooklyn BrookIn n s second vice president Clarence Francis president of G General Food corporation Nework New NewYork NewYork Y Yf Yo York ork and Leland Cutler president o of f the board of trustees of Stanford Stanord Stanord Stan- Stan f ord ford university were scheduled to a address the delegates Report of the important all-important resolutions reso- reso l committee already one day overdue verdue o was awaited by the dele deJe- g gates ates