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Show SAVED COUNTRY FROM PANIC In dtscusslnr the period of resiljust-ment resiljust-ment through which our country has recently re-cently passed, Benjamin M. Anderson Jr., economist. Chase National bank. In an address before the Ht. Louis chamber of commerce, made clear the vital part taken by our banking system In lettlna the wind out of our Inflated buslneas structure without bursting- the bubble. Mr. Anderson pointed out that no or. dlnary boom could have none to the heights caused by war Inflstlon snd said: T'hlnas were, however, carried on by the momentum of the war, and particularly particu-larly by the new Impetus given through the entrance of the IT. B. government, ellh lis unlimited crortlt, on the buying side of the market." When the abnormal forces which had generated an maintained main-tained the boom began to slacken, the dav of reckoning had arrived. The prlnclplee developed out of experience expe-rience with prevloua business cycles proved a sound guide in governing bank policy In the period of crisis." said Mr. Anderson. . . "It Is the buslnees of banks In such a situation to lend treely to all solvent buslneee men. so thst they msy have time to adjust their affairs, and particularly may have time to ulllide slow assets to offeet their quick liabilities. With the federal reserve banka behind them, our banks were able to do this adequately for the flret time in our history. "The criticism which has been made 01 the federal reserve aulhorttlea for their wamlngn against bank expansion and for their efforts to control It late In 131s and early In 1920 by edvanclng rediscount rates, are particularly unfortunate crltl-clame. crltl-clame. The crisis wsa Inevitable and those who blame the federel euthorltles for It would do better If they would thsnk the federal reeerve eyelent for having saved the country from the unspeakable dteastera which e'uch follies as those engaged en-gaged In 11 would undoubtedly havfc brought In the ,dnye which preceded the federal reserve ayetem. |