NEED FOR ASSURANCE

Scathing criticism of the Administration was the keynote of the opening session of the American Bankers' Association. Opposing the current monetary policies, denouncing the recent farm mortgage bill, condemning the program of borrowing the way out of debt, the Bankers invited the President to answer their criticisms and to outline the policy which he intends to pursue during the winter months.

There are two unemployment problems in the country, those of money and men. Though little attention has been paid to the first problem, the history of modern business depressions proves conclusively that the unemployment of men will continue to vex the leaders until the idle funds begin to find their way into the channels of business enterprise. In every depression it has been the reopening of capital markets and the investment of funds by private individuals which have ushered in the new era of business recovery and prosperity. But until the bankers and men of means can be satisfied that the government intends to abandon its current policy of experimentation and monetary manipulation, until financiers can be assured that the Administration contemplates ending its program of strict control of corporations and competition with the public utilities, it is impossible to expect any substantial investment of funds in corporative industry.

By a few simple, direct statements of policy the President can dispel the doubts and fears which paralyze business and prevent recovery. By promising to balance the budget in the near future, by assuring industry that the government will not tolerate attempts at domination by labor, by pledging non-partisan distribution of federal funds, and the maintenance of national credit, he can aid in breaking the present dam which is keeping billions of dollars from normal investment. Retracting his oft-repeated thrusts at the banking profession he can bring about that salutary cooperation between government and finance which has been one of the fundamental causes of British recovery.