Show judging a great institution on by small defects by J H Preel president dent Amo american rIcan banker bankers association cl cia tion t it would be difficult to find bank ero er understanding thoroughly the ike federal 11 reserve arys system willing to admit that V e 0 could continue A first class commercial nation without ake federal reserve e banks or mechanisms alm SIM ilar to them yot yet there is aniag bulam to the fed e r a I 1 reserve J ti cher baal based baaed la in a it measure on maine minor mistakes in administration but snore generally kene rally on a misunderstanding of their purpose purposes of what should bo be expected of auch such a estem system the banker as an much an any man la Is to blame for the present misconception he lie found federal reserve banica a ready scapegoat to blame for or no a matter what happened happen pd it it seemed desirable to refuse or call a loan it ft was easy to say ay that the fed eral oral reserve bank wished it ll although it ft should hare hive been refused because contrary to fiord banking practice most of ot all waa was the system ay stem blamed for the fact that violent inflation which hundreds of business bust nesa men and bankers hoped might bo be continued forever was finally checked chocked by putting up federal reserve interest rates there were those who blamed the system for not having put up the rate soon enough and othera others who blamed it because it put up the rate at all the penalty tor for thus blaming every business mishap on this valuable system may bo be the loss of its much needed benefits ts if it we wish to save the present bank ot of tho the united states from tho the fate of its two predecessors we must make known to america to its rank and file ille the splendid useful ness of these institutions we must admit at the outset that in their administration mistakes mistaken have been made that governors of federal reserve banks and members of the federal Ite reserve serve board are human beings and la in the administration of the affairs of any institution by human beings mist mistakes alFes will be made but these have been so j as compared with the tho outstanding usefulness of tha institutions themselves that they should be judged by tho the good which they have performed which after all has been along the line of their designed achievement rather than by mae errors which time and experience experienc ii can easily eliminate |