Salt Lake Telegram | 1921-01-12 | Page 16 | No Time for Bank Tinkering

; No Time for Bank Tinkering By Ira C. Tichenor JUDGING from .interviews published in daily newspapers and financial and trade journals throughout the country, there will be . strong opposition not only from bankers but business men generally to the plan suggested to congress for the establishment of a centralised cen-tralised bank to take the place of the twelve federal reserve banks. The discussion of such a plan has been started at various times in the history of the country, and the subject was threshed out in sn energetic manner during the lengthy consideration of the Aldrich bill creating the present federal reserve system less than a decade ego. Long ago the Idea of a central bank became a political issue, but at the present time It would seem to have become a question far removed from politics, Judging from the .fact that it Is opposed by leading financiers and . buainea men regardless f their known political leanings. The consensus of opinion Is that st this time especially, when the eon n try Is emerging from a period of depression end now Is on the road to recovery after a season of trade reaction. It would be worse than foolish to tinker with a financial system which Is admitted to be the best In existence, and which unquestionably saved the country from a crash during the trying times of the year recently ended. As declared on several occasions, there Is not the slightest doubt that had the federal reserve system, with Its cooperative and coordinating features, not taken the plsce of the old national banking plan Just previous to the outbreak of the World war, the successful financing of the government's govern-ment's war operations could not have been accomplished. It Is practically certain, too, that had the system not been In perfect operating condition during the past year the country would have experienced one of the old time panics, and which would still be prevailing. Instead of having received merely a severe shaking up and from which It Is already , rapid ly recover! n g. It Is generally admitted th.it a few minor changes might be dSirablt, i but the opinion practically Is unanimously expressed that there Is no , f MfwaltJ' for unf fdhal lefistfm, and ftheft, in UM, say ansa snowa prnhahly. I I would result most disastrously. -This Is no time for dickering with the financial status of the country," ! Is the consensus eft views now. being generally expressed. . j