Show BANKING EVOLUTION I 1 by R S HECHT president american bankers association enking at one time was a private privat business but more recently has de into a profession a semi pub tie lie profession this change b has a s n not 0 t come suddenly but Is the result of 0 an evolutionary process banking has grown and changed with the growth and a ad change of our country the banker who has baa survived the treala and tr tribulations of 0 the past few years has himself a it K s HECHT proven man of courage and ability and we wa may well expect him to meet the problems that lie ho before him with resolution and sound judgment changes of momentous importance have occurred in our economic structures and bankers have had bad a difficult road to travel some will argue that all ot of these changes were evolutionary and inevitable while others look upon many ot of them as revolutionary and unnecessary it Is extremely difficult to trace with any degree ot of accuracy the real causes for or many of our troubles and it Is not always easy in judging these developments to distinguish properly between cause and effect unfortunately it has become the fashion to blame on our banking system til all the troubles which the depression has brought As a consequence we hear much of needed reform of banking by law no one will deny that certain detects defects have developed in our existing banking laws which need correction and that certain abuses were committed which no one wishes to defend deafen or have remain possible in the future never before were bankers more determined ter mined than they are today to bring about whatever wlate ver changes in our banking system are called tor for by the public welfare the best results can and will be ae c complis hed by normal processes and gradual adjustments of our present private banking structure suitably supervised by proper authority rather than by the passage of still more drastic laws offering panaceas in the form of more government owned or govern ment controlled financial organizations the basis of good laws law lasting laws relating to any phase of human need are formed and modelled modeller model led in the rough school 0 of practical human experience and are usually the result of sound evolutionary processes rather than of sudden impulses to change fundamental da mental principles it if we analyze the new banking picture which has developed during the past eighteen months we cannot help but arrive at the conclusion that evolutionary lutio nary changes which have taken place in banking and the economic life of the nation of which it is a part have justified much of the banking legisla legislation recently passed As we look ahead and consider the new problems which are facing us we must inevitably come to the conclusion that some further changes in our banking laws will become necessary it Is not enough that bankers merely acquiesce in banking imposed by law zeal tor for evolutionary banking reform must be more aggressive than that banking practice itself without corn com of law cat cac and should reflect the changes and lessons of the times and difficulties difficult les through which the nation has passed and even to a greater extent than law render banking more truly a good public servant by volun tary self reform in no small measure Is this accomplished by the better training of the members of the banking fraternity and by instilling constantly higher ideals in those who are ultimately responsible tor for bank management As we march on into the world of tomorrow the banker has a greater opportunity port unity tor for usefulness than ever before and I 1 hope that the service he will render to society will be so conscientious so constructive and so satisfactory as to merit general approval and assure him hla his logical high place and leadership |