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Show TA.GE TWO BEAR RIVER VALLEY LEADER, THURSDAY, JUNE 6, BEAK RIVER VALLEY LEADER Entered at the Postoffice at Tre- BODtoo, Utah as Second Class Matter, Published at Tremonton, Utah, on Thursday of each week. CHANGES URGED IN BANKING BILL Subscription Rates One Year (In advance) Six Month (in advance) Three Months (in advance) --- ... -- $2.00 11.00 - 50f NATIONAL EDITORIAL m f & r- AjeLnAjVL. Business Men and Bankers Agree in Objecting to Political Control Over Banks. AMENDMENTS a, ARE SUGGESTED 193 5 Political Domination of Federal Re serve Board Declared to Be Undesirable for Depositors as Well as Their Banks. Free to Public Wi Tlx only pUe la tKa U. S. alilofi and lirertmrik matter f ovariac anjr Una of biuinew tie obtained Frae can ind Without or product Obkcatioa m tha Aaaeneaa InduMrial Library. yX'ntm (or Buainaaa AdvertiauiB Mattel you ar interested in; earn will be promptly forw aided. Business WASHINGTON, D. C. men and bankers alike who bare ap peared before committees of Con gress to present views regarding the AMERICAN IRDOSTRIAL LIBRARY Banking Act of 1935 have found com BatlaaarlniBnlliUna, CkloaaO, Illlaoia mon cause for criticism in those provisions which they agree would create the means for undesirable political con trol over the Federal Reserve System and thereby over individual banks throughout the United States. They have made the point that this undesir able condition would affect depositors as well as to your Country in banks even more than the banks themselves. This view has been stressed in criti cisms by the Chamber of Commerce of PATRONIZE YOUR the United States, and the question of LOCAL MERCHANTS partisan control over banking was the central theme of a statement presented by R. S. Hecht. President of the American Bankers Association, who ap The Chinese have an ancient pro- peared before the Senate verb: "The Gates of Money are hard tee on Banking and Currency hearings to Open." If reports from various here. Mr. Hecht declared that his or sources are to be relied upon, many ganization is actuated by a desire to be people are experiencing the truth of helpful to Congress "in enacting effec tive and workable banking legislation this adage. in the interests of all our people." He said in part: 'It it is finally decided that it is nec essary to carry this legislation through at this session, we are strongly of the i: opinion that special care should be taken to keep our credit control and banking mechanism free from any sort of political considerations. "In making this statement I do not wish to appear to question the propriety of the Government's exerting a certain amount of control over banking SEE the Sparton Refrig affect the naoperations so far as erators. 20 to 30 Lower oper tion's currency and they monetary general ating cost. No service problem re policy. Nor do we object to broad pow quired. J. G. Read & Bros., Ogden, ers of supervision over the operation of Utah; Mr. and Mrs. J. A. Pack, our banking institutions because of the c Representatives, Tremonton, Utah. responsibilities they carry. But when it comes to such matters as PUBLIC AUCTION in Tremonton, the granting of credit and the making of Investments by our banks, these are Saturday, June 8. Sell anything! questions of business policies that sure LAWNMOVERS SHARPENED on ly Bhould not be under the sole control Ideal Sharpener. Prompt Service, of a board so constituted as to be de Work guaranteed. E. S. Sercomb, pendent upon partisan or political con tf. siderations under any administration. Tremonton, Utah. clared that many of the changes pro posed by the act in existing laws "art- of a constructive nature and should have the support of bankers, if the method of appointment and the tenure of office of the members of the Federal Reserve Board, in whose hands it Is planned to concentrate greater power than ever before, could be so altered as to insure, as far as possible, the abso lute independence of the Board from partisan or political considerations." 1635 By DWIG SCHOOL DAYS fir "5 A fr"A WW . roue-.- . 'fOieODWKT, 15 VJI a ccss ? I rw Ft flfifHJ HIT A EAfcCF A rtiT ph ivY & iletdded: Misr Take. v t ll mwm mt pill vstsmrt ITS Supreme Court of Banking "Since the passage of the Federal Re serve Act over 20 years ago, opinion in Congress and among bankers has been striving towards the ideal of making the Federal Reserve Board a body of such Independence and prestige that it might be described as the Supreme Court of Finance and Banking. We believe there is greater need now than ever before for realizing this IdeaL" HGiC o a, ViHiFP I,-.- .. an" SICWI Te voO ., , , US A rune T To Your Town x pi V f it Classified f Ad Column! ic semi-publi- 5-- FOR SALE One used electric motor and one gas engine. Saa J. A. Pack y FOR SALE frame house, strickly modern, close in. A snap for someone. If interested see James Walton, Tremonton. 2 tf . Two-stor- 5-- LOST A gray range horse, weight about 1250 lbs, with shoes on front Call H. A. Hawks, Blue Ridge ranch. tf 8 CASH PAID for dead and useless cows and horses. Call Maple Creek Trout Hatchery, Brigham 493-J-- Reverse Chiirge. 2. 6-- tf Fronk Chevrolet Trade-I- n Offerings 11930 Ford Cabriolet 11928 Graham Paige 11929 11930 Coupe Chevrolet Sedan Chevrolet Sedan TRUCKS 11934 V2 Ton Truck 1 Ford Truck 1930 1 12 11929 11, Ford Truck 11933 Vi Ton Truck (long wneel base) Ton Truck (long 11932 wneei base; !, 11934 Chevrolet Master Sedan 11934 Chevrolet Master Delux Sedan (6 wheels) 11934 Chevrolet Standard Coupe 11934 Plymouth Delux Sedan 11932 Chevrolet Coupe PRICES LOWEST IN THE STATE SATISFACTION GUARANTEED The Basil of Sound Credit "The real conditions that create the necessity for the expansion or contraction of credit arise from the needs of agriculture, industry and trade themselves, wholly Independent of the ad ministrative policies of the party which happens to be lu power. We feel that the financial requirements of tha nation's business constitute a continuing economic process that ia not related to political changes. The fundamental principles of sound credit do not vary with variations in public thought. All experience teaches that the quality of credit is sound only so long as it is based purely on the requirements of sound business. It is not sound when any other considerations or motives t into its composition. The Banking Act would centralize in the Federal Reserve Board at Washington means aimed to control the supply of money in the country, which term Includes the sum total of currency in circulation and demand deposits in the banks which become current through checks. The powers which it is proposed to give the Board are intend ed to enable It to Influence the quantity of this deposit money through open market operations, the discount rate and reserve requirements. The Need for Independence "That is the reason why we are so strongly in favor of making the Fed eral Reserve Board a body of such independence and prestige that It would be definitely removed from all politi cal thought, influence and dictation. Its members should be free to study and to act in accordance with the needs and conditions of agriculture, Industry and trade. The policies of the board should have no reference to the politics or the changes In politics of the national administration. "In our studies of the bank bill, we have been strongly impressed with the fact that it would set up a situation under, which the Federal Reserve Board and its policies might be subject to control from the political administration of the country. In saying this I do not charge that it is the Intention of the present administration to bring about any unlue control over the nation's banking mechanism. The point ia that If the bill passed as now proposed, opportunity for control would be there for the use of the present or whatever future administration might be in power. "Our criticisms of the bill are not aimed, therefore, at the motives of the present administration, but they are wholly Impersonal and and are aimed entirely at ths basic principles involved." Den'rtbU Qtof ei Propoicd Careful study by his organization. Mr. Hecht said, bad resulted In a number of suggestion for constructive in the bin which h submitted q Congress. Oa pit other hand, he de-- R. S. HECHT Mr. Hecht emphasized that It is "the genuine desire of the banking fraternity to be helpful and constructive in making suggestions in connection with this pending legislation. The changes we are urging are we believe essential to the continued Independence of the Federal Reserve System." "We have made it clear that we do not object to a measure of public control in the national Interest tor proper coordination of our manifold credit operations," he said, "and we do not believe the sponsors of the legislation desire any political domination over these activities through our Federal Reserve System. "Under such circumstances we feel that our recommendations should be favorably acted upon because they would enable the reconstructed Federal Reserve Board to function freely as a nonpolitical body actuated only by the dictates of sound financial and eco nomic policies conceived in the inter est of all of our people. The adoption of our suggestions would both place operation of the Federal Reserve System wholly and distinctly apart from the fluctuations and vicissitudes of political conditions and free from undue influence by bankinj; opinion only. Such a solution would thus have a stabilizing and confidence inspiring effect on the entire business situation." Banks Rapidly Reduce Debt Although the sum of ?1,S60,000,000 has been advanced to banks and trust companies by the Reconstruction Finance Corporation since It began op erations April 30. 1935, these institutions have repaid no less than 11,340,000,000, or more than 11 This rate of repayment is reported as being considerably in excess of that made by any other type of borrower. Loans were authorized by the Recon struction Finance Corporation to 7,396 banks and trust companies in an aggre gate amount of 12,350,000,000. but of this sum J345.000.000 was withdrawn or cancelled and 1140,000,000 has not yet been taken out by the borrowers, Simplification of Bank Checks Unearned Taxes Are Unpaid Taxes. Ed Christensen, all of this city, and J. P. Christensen of Elwood, attended CITY the farewell program and dance held By Mrs. C. W. Brailsf ord in Salt Lake City, Wednesday, for Jerome Christensen, son of Mr. and Mr. and Mrs. Harold Papworth of Mrs. George A. Christensen, who will Afton, Wyo., is visiting at the home leave early in June for tie German of Mr. and Mrs. Austin L. Johnson. mission. Mrs. Papworth and Mrs. Johnson are John Sears spent the weekend in sisters. Ogden. Mr. and Mrs. Alvin Jensen and famMr. and Mrs. George Hansen, Mr. ily spent Thursday in Fielding visit- and Mrs. Carrol Hall, Mr. and Mrs. ing, with Mrs. Jensen's sister, Mrs. Henry John, attended the Memorial Mark Udy and family. dance held in Portage Thursday night. Mr. and Mrs. Eueene Simson and Mr. and Mrs. Hyrum Andersen and S Uene two sons of Salt Lake City, spent ' Bn2L,Zlt euests of Mr. and Mrs Memorial Day in this city, at the Heber Hailing on Thursday. home of his sister, Mrs. Carrie A. Bishop and Mrs. Osey Jensen, Mr. Christensen. and Mrs. Ralph Jensen, Mr. and Mrs. Mr. and Mrs. Merrell Wankier are Oluf Jensen, Mr. and Mrs. Rasmus the proud parents of a baby girl, born Christensen, Mrs. Trena Christensen, j June 3rd (BEAR RIVER I are two distinct phases to THERE problem. First, the cost of government is nearinsr the point where it will be come literally impossible for the people to pay without losing their homes, cutting down industrial production and employment, depreciating investments to below their present abysmal levels, and sustaining an almost infinite number of business fail ures To some these effects ' ,J.6.J are already evidenced Second, the burden of taxation, as it is, is made the more because of the fact that it is in- equitably distributed. In some com munities, for example, real estate owners are paying over 84 per cent of all direct tax levies in addition to their full share of indirect levies. In other states and communities, income taxes, levied on top of the federal income tax, are playing havoc with the earnings of corporations and individuals. In the words of the Manufao turer's Record, "We are slow to ac- I cept the absolute fact that property which does not earn its tax cannot continue to pay it." Any worthwhile effort to solve the problem of taxation must attack it on both fronts. Efforts to reduce government expenditures must be ac companied by efforts to distribute the cost fairly, equitably and, above all, scientifically. One of the most discouraging signs of the time is the ap- n(;wtand Increased "spec-- ; ?ence,.? tar or "class taxes, which are in equitable, and penalize one group for the benefit of another. It is no ex aggeration to say that these taxes, added as they are to general taxes which are already almost insuperable, constitute a grave and increasing threat to recovery. At present, government is going in for "reform" activities of one kind or another on an unprecedented scale. It would be an excellent idea if our officeholders looked over their own domain, and put tax reform first on the list. i : Sensational D ress Values $3.95 These Dresses Were Sent Us by One of New York's Large Manufacturers and Were Made to Sell at a Much Higher Price! oOo New York. Ia a bulletin issued by the Bank Management Commission of the American Bankers Association. plans are described for carrying on the simplification of bank checks, notes, drafts and similar instruments In re sped to size and uniformity of arrange ment of subject matter. Detailed recommendations for this end were formulated by the association about ten years ago, the bulletin says, and promulgated by the United States Department of Commerce among banks, business houses using large numbers of checks, commercial station ers and lithographers. As a result about 85 per cent adherence to the recommendations was brought about. The present bulletin, which describes the standard specifications In full, Is Issued to maintain this high level of adherence to the recommendations. National Bank Notes Changes in our money on the scale of about $300,000,000 are now going on through the retirement of national bank notes. This is reflected In lncreas ing deposits In the Treasury of lawfu' money to replace bonds held agains outstanding notes which will requlri some time for withdrawal from clrcula tion. The change la the currency will require a considerable shift of bank fundi in many cases, but It Is doubtful if so Urge a volume of currency has ever been retired and replaced In any cons-trwith so little disturbance. PREPARING FOR THE NEXT DEPRESSION The recent observance of Life Insurance Week has focused public at tention on an industry which has been of invaluable service to the nation during depression and which? promises to be of still greater service in the future. Life insurance has paid out hundreds of millions of dollars in the past five years, through matured policies, loans on policies and surrender values. A very large percentage of that money has gone to people who had little else in the way of financial re sources. It has prevented untold misery and want. It has stood between thousands of people and utter despair and breakdown of morale. Thus, It has been as splendid and as great a social as an economic influence. It Is a noteworthy fact that life insurance sales have been steadily increasing for the last year or two even during periods when business was stagnant or retrogressing. That can mean but one thing more of the family budget is today being devoted to life insurance in one or another of its forms than in the past. It is be ing purchased by the foresighted both a as an investment and a protection and as an assurance that the next de pression, if it comes, will not find them without a safe and secure fi nancial rock on which to lean. t y Read the Want Ads We have sold quite a number since they were unpacked. Come in and look them over you will at once recognize the high quality material and expert tailoring. n&HB URN ft FOR ICE & Coal. Beverages n n K,h; BESSIN6ER BROS. TREMONTON, UTAH : 3 6:- - |
