Show 4 4 i u DAIS DAWES' NOT IN FAVOR OF CENTRAL BANK Former Comptroller of the Currency Addresses Illinois Illinois Illi 1111 nois State BanKers S DECATUR Ill June 23 Charles Charles G G. G Dawes of Chica Chicago o former comptroller of the tho currency today addressed tho Illinois State Bankers Bankers' association i. Mr Dawes in his speech maintained that a 8 central bank could not be successfully adapted to our present independent bankin banking system although h recognizing the great pent economic advantages enjoyed by hy European countries under a central centra bank plan Mr Jr Dawes stated his ob oh- to the central bank idea ide-a as follows I No theoretical theoretical- plans can protect in ina a republic an any quasi political in institution titu tion tien of real financial power from leJ s. s lath lath-e or doma demagogic o Q attack If the bank ia to perform functions expected of it it it must mast of ot n necessity b become aiwas as ai was the case with tho the second bank oJ of tho the United States th the tho greatest single financial power in the tho country Too Sensitive to Attack I A A demagogic o iQ or legislative o lati e attack on large or business corporations other than banking r havin having outstanding only funded indebtedness and bein being boing without debt does not of n necessity ty compel im ini- ini mediate changes 8 in its business policy but an attack of ot this character on ona a ab b nJ which if it it it Is successful ril must st owe 00 in h shape of ot deposits immense immens urns payable on demand would require on un units its part changes of policy which which would inc inevitably inevitably- produce da dangerous rows ial conditions By By creating crontin contral a-contral bank having on deposit a a. large part of tho the banking reserve of the country we make the entire en en- tiro tire banking system of ot tho the country sen lien to attacks on tho the central bank for an attack on tho of ot the con eon contral tm bank would be a a blow at tho the credit of the tho banks depositing with it Mr Dawes said a a- aplan plan which has been suggested to es establish blish some c ecu ecu- n n- n n agency oncy in ha having power to control contro tho the issue of uncovered bank note currency cur eur roncy rency in th the tho United State States without creating n a central l bank vested with witha a n monopoly of power to issue bank banknotes banknotes banknotes notes and able to dominate Till tho the banks of tho country seemed to him to bo be entirely practicable if it modified |