THE ,.: OREGON SUNDAY JOURNAL, PORTLAND. , SUNDAY MORNING. JULY 19. 1914.
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j EUROPE AMP . THE: MEW , AMEMGAW.-- BAMHMG IMWX :
THE business and financial world
of Europe Is intensely curious
as to our new banking law, and
naturally anxious as to its prob
able effect on foreign finance, accord
ing 'to Deputy Controller Edmund p.
Fisher of New York, recently returned
to the United States from abroad.
His deductions as to European con- .
ditiona will be of great Interest, for
they are those of en American banker '
generally recognized as a financial ex
pert. He is a member f the cur-,
rency committee of tbe United States
Chamber of Commerce. He was called
as an expert before the banking and
currency committee' of , the Unitec"
States house - of representatives at
early as 10S, and has since then nota,
bly devoted his time to tbe cause ot
banking reform. ' -
The primary object of his European
Journey was discussion with the best
minds of the three great Europe&a
central ! banks of the philosophy un
derlying their various discount poli
ties and the extent to which those
principles might be applied under the
new American banking system. As
his conferences developed he found
himself bombarded with queries con
cerning the new American federal
reserve system, of which European
bankers spparently had but a hazy
notion.
'ha discussing with me the new
American system." he said, "and the
establishment of an open money mar
ket in the United States, a prominent
European banker, inclined to the
opinion that America will for a Ion
time be very hesitant to establish
banking relations with foreign coun
tries, particularly with those ot-6outh
America and the orient, which will
require a most intimate knowledge or
international credits. "
"It is generally-asserted by Euro
pean bankers that a least some bold
ness in reaching out for the world's
business is necessary to securing even
a small "part of it. and they think
American bankers lack ihat quality.
"On the other hand. It is naturally
the desire of the American bankers
that the dollar, as well as the pound
sterling, shall be recognized in the
markets of the worlds European
think this will be accomplished only
after many years of effort, and base
this belief in part upon the proverbial
timidity of the American banker and
financier.
"And it was pointed out to me that
though the Germans have what is
generally regarded as an admirable
banking system, the mark is not yet
used to any great extent in interna
tional business, although every en
Beavor has been made to elevate it
into competition with the pound.
"While it is well known, of course,
among bankers, that the premier posi
tion of the pound sterling is due ti
England's enormous surplus wealtn
available for investment in foreign
countries, yet there would seem to be
no reason why, with the strong posi
tion America now occupies in tie
world of finance, the dollar should not
soon take Its proper place in interna
tional business.
The sentiment of financial. Eng
land toward us is not without its in
terest. Kspeclally it seems fearful that
FOfhe Insidious principle of inflation
has been deftly hidden in our federal
reserve act.
"In arguing against this I showed
1 hat there Is a very definite ability to
'nflato in England, France and Ger
many, and that there could be no flexi
ble control through a discount policy
without that inherent tendency, but
that It did not follow that inflation
would Inevitably occur after the es
tablishment of such a system, and that
this would all depend upon the man
agement. 'I call attention to the fact that
the men who had been thinking most
on banking principles during the de
velopment of the new system are
quite conscious of the danger of in
flation, and that everything possible,
will be done in the United States' to
safeguard public interests through tho
establihmsent of a conservative policy.
"I heard much discussion of the
present gold export movement,- and
much lnjulry as to its causes. I
pointed out that a gold export move
ment at this time indicated a funda
mental strength here, that we imported
gold in 1907, when we were weak, and
that, as Paris and London are admit
tedly in an unsatisfactory condition,.
the last analysis makes it plain that
' they must be in part receiving help
from the United States..
Confusion of Thought Abroad
"Some fear was expressed by a few
prominent British bankers that New
York might become, . under the t new
banking Impulse, their serious com
petitor for the world's business.
"One prominent English banker in
particular had been studying the f ed
i eral reserve act. He had read it many
.' times, and, though still somewhat con-
fused as to a few of its details, be
lleved that it would prove to be ex
traordinarily efficient. "
"His study of the situation led him
to believe that New York will gradu
ally begin to finance its own inter
national business, and that American
merchants and manufacturers will no
longer be compelled to pay a commis
sion on. foreign exchange, both to New
York and London. . .
"In general, however, I found abroad
. a very great confusion of thought in
relation to our proposed system, and
I was much pleased to have the oppor
: tunlty of addressing upon the subject
- several groups of bankers at private
dinners and conferences. Such oppor-
( tunities enabled me to brush aside the
r technicalities of our new plan and
how how really simple it will be
- when It actually Is In operation.
' ' "Naturally I .waa much interested
when I found that;our New York cjty
revenue bills are growing in European
popularity. - The very fact that there
has been some generafdistrust of or-
- ', tinsry' investments has created a defi
nite demand for New York city securi
lies, .which are regarded as gilt edged.
. , "The city's exhibit at the Lyons
Foreign Financiers Slow to Understand- It but Willing to Admit Its
Merits, Says Deputy Controller Fisher, Who Has
Just Returned from Abroad.
International ' urban exposition ? was
- given a credit basis, and every attempt
waa made to show by means of it what '
a magnificent field for Investors New '
York offers. The entire financial state
ment of the city for 1913 was reduced,
in our exhibit, to the very graphic fact,
especially appealing to the - French
mind, that the Income of New York
city for that year from all sources was
more than one billion francs. One bil
lion. A large sum. -. '
"Specifically the exhibit occupied 12
galleries in the American building, and
-waa generally regarded as one of the
best in the exposition. -V As it will be
open for six months, it made me feel
that the expenditure of $20,000, which
represents its total cost, .was well
made, particularly as the material will
later be available for use in connection
with the city's exhibit at the Panama
Pacific fair.",
I asked Mr. Fisher to 'summarize
.general European, conditions as he
found them.
' "Ignoring the question of the
wealth . of the three great countries."
he replied, "It of course is manifest,
even to the casual observer, that there
is a great difference between the fi
nancial policies of France and Ger
. many and that of England.
"Speaking broadly, the fiscal policy
of France and Germany has been to
stimulate agriculture, while In Eng
land this most vital of topics has been
largely ignored.
The Financing of Wars
'This divergence of national meth
od has been emphasized, recently, by
a book of which W. R. LawsonJ an
English economist, is the author, and'
which discusses the financing of wars.
' "In this volume he clearly shows
the ability of France and Germany to
maintain themselves, entirely or prac
tically without outside aid during a
war in other words, he shows that
they are able to engage in conflict
without absolute abandonment of food
stuff production, while he points out
that England, In time of European
war, would be virtually helpless were
she deprived of the aid of the United
States.
"It may be that these facts, are .now
more generally recognised in England
than they have been in the past. Lloyd
George is trying desperately to break
up the great British landed estates,
and a nobleman of great wealth with
whom. I had a conference upon- the
matter told me he had sold an estate
of 4500 acres as a result of the George
policy.
"However it is interesting to note
that although he offered this land at
fairprices to his own tenants, agree
ing to take back large ten year pur
chase money mortgages In part pay
ment, they .proved loath to break the
old landlord and tenant relations, and
- be was eventually compelled to sell a
portion of the land to outsiders.
"It is now quietly suggested in Eng
land that a. moderate protective tax
might enable be British farmer ' to
profitably aise and sell his products
at home. This would stop the very
definite movement away from general
agriculture and toward cattle grazing.
It would especially enable the Eng
lish and' Welsh farmers to find a sure
market for their produce. At present
Welsh farmers, who hitherto have
been prosperous, are running down
because of the uncertainty of the
market.
"In France I had the pleasure of
lunching with Ambassador Herrick,
and he interested me with the state
ment 'that he is writing a book on
agricultural - credits.
"In my conversation with him I
emphasized my firm belief that it will
be wise to take up this question defi
nitely in this country only after the
new federal reserve system has had
an opportunity to become thoroughly
established. .
"In Germany the ability to colonize
is one of the principal topics of cur
rem aiscussion. The query -as -to
whether the German might not better
reach out for land elsewhere is con
tinually before the publicr but the an
swer which I gathered from rather ex
tensive talk with many is that when
the Germans leave the fatherland
they become citizens of the lands to
which they emigrate. They do not
naturally colonize,
"What may be called Internation
alism is becoming so potent and ap
parent among Germans who have
emigrated that the heads of the Ger
man government are admitting, sadly.
. that while the German whoejhas set
tled abroad may love his fatherland,
he will be loyal to the government of
his domicile,, so long as it gives him
r protection and a fair opportunity for
individual development.
"After J left France the government
changed.' The nation is still charac
terized by the French money-ln-the-old-blue-stocking
thrift which is so fa
mous; but the French have bought
too freely of certain questionable for
eign securities. This is an old habit
with them.
"I am inclined to think that In the
present government this has resulted
In a policy too antagonistic toward
foreign investments, as was recently
evidenced in the imposition of a tax of
S'per cent upon all Income arising
from such investments.
"The question of discovering new
fields for taxation Is a vital one in
every European country, and - all at
present are much overtaxed, r So far
as I can see, the only solution must lie
in the decrease of armaments, the dis
bandment -of armies, and the .develop
ment of -r. producing - rather than of
fighting men. "
"To return for a moment to Eng
land: I there had the opportunity for
a discussion of the Irish question with
a member of the house of lords. He
regards the whole Situation as almost
unsolvably ' unfortunate, ; and thinks
the only possible - way ou t may very
well be the federation of four Irish
districts, each retaining such self
. government, as may be necessary.
"This, be seemed to think, was the
eastest manner of avoiding what vlr-
tuany would Te the establishment of a the growing light revealing the ti
foreign country . upon the .far side of , tanlc mountains lying at our feet, en-
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the rish Channel, a contingency
which fills the average British heart
with horror.
"He asked me if the American gov-
tain the creation of Alaska Into a
foreign country thus, and called at
tention to the fact that such pro
cedure with regard to Ireland must be
more abhorrent to the Englishman
than that would be to us, f or.but a few
ENGLISH AS
YEARS ago a Portuguese set out
to teach his fellow-countrymen
the English language without
going through the trifling formality
of finding out how it was spoken.
The result was "English As She is
Spoke." that mirth-provoking classic,
dear to Britons and "Americans alike,
which has gone through edition after
edition, despite its author's desperate
attempt -"to buy it in when he found
out that he had made a laughing
stock of himself.
Now - comes another masterpiece of
unconscious humor,' also by a Portu
guese, which is a worthy successor to
the aforementioned classic It is a
Nbooklet whose author tries to explain
to tourists the beauties of three great
historical monuments in ; Portugal
Alcobaca, Batalha, and Thomar In
order that they , may flock there and
leave pounds sterling . and dollars in
Portuguese pockets. Unfortunately,
the said auth'or knew as much about
the English language as did he of
"English As She Is , Spoke," so It is
probable that the main result of his
production, will be shouts of laughter
from those whom he Intended to lure
to his native land.
The booklet had that effect on one
who picked it up with the intention
of learning something about Portugal.
All he learned was a great deal about
English as she is not spoken. -'
The Portuguese writer begins with
. an impressive address to all, Portu
guese as well as foreigners, .who
neglect Portugal In order to see other
lands. With patriotic' horror, he ex-
CiaimSt' , Xr - :-". ': 'v'.
Unheard of sacrilege! I dlt just the
contrary. To see our blessed country,
to admire, apreciate, study, avaluate
her is our first duty as tourists and
more so when this country has won
ders of art. a dear sky, variegated
sceneries, and a beautiful blue sea.'
Yes, my ladles , and gentlemen, go
round the world; see what it has to
show and tell me If you' have ever
seen scenes such as I am going to
" describe, to- you. "
Having ' thus prepared you, the( au
thor, taking the . reader by the hand,
plunges him head over heels Into the
following burst of molten language:
Climb up with me to a high stand
point. For Instance, to Marao moun
tain which ' borders on the historical
Douro and Minho districts and stand
ing ; In" : the chapel of our Lord of
Serra, observe the sunrise on a- clear
July day; a ! magnificent panorama
to the east which unveal 1 itself with
Edmand D. Fisher.
miles of
water divide Ireland from
England.
John Bull Much Worried
i
"To the outsider looking on It would
seem as if the crowding problems
which beset Great Britain have very
much disturbed the British mind.
'Whether the possibility Is real or
T
SHE IS SPOKE" HAS RIVAL
Guidebook to Attract
Tourists to Portugal
IsaComedVOI ErrOrS.
chanting rivers, shaded fields, wonder
ful valleys, flowering gardens,, pretty
towns and the sea the great
green sea throwing Itself upon the
scintillating sands far In the distant
horizon, v .
To the east, whle the sun is setting
in the west, we are surprised at the
sight of the succeeding mountains
which seem to rise one above tbe other
like mighty giants.' To the south the
deep blue Douro meanders through the
ondulating hills,' ' sweetly, slowly,
charmingly, through 1 valleys whence
come the fine nectar of grapes.
Now run down to the noble heart of
old Portugal fed by three arteries the
Mondego, the Vouga. and the Zezere,
, follow their deep ravines until we come
to the plains which they made, where
one stretches and yawns lazily en
twining round the white Colmbra, the
other- winding its course through a -most
lovely Holland of 10,000 nectars,
the. Indomitable Zezere rushing furi
ously and madly swinging round rock
and stone to die In the abundant
Tagus.
After these passionate paragraphs,
the writer reaches the central theme
of his booklet, the "monumental
trilogy" of Alcobaca, Batalha. and ...
Thomar. First he sighs sadly at . the
want of proper railroads "connecting
there." The wondrous places should
be made "visitable by national and
foreigners." He. the writer, has done
his best to remedy this lamentable
state of affairs, but In vein: . 7
' It Is a hfrd campaign, I said, and
very hard It is, it has been even fatigu
ing, because In Portugal an economio
and patriotic idea can only hold at tbe .
cost 'of so much energy that one Is
. tired out and gets his hair white!
Undaunted, however, he rushes baek
into the thick of his "campaign," and
proceeds to describe the three great
Portuguese monuments, "this excel
ling and monumental trilogy,", as he
duba them. "'. ' ' '' J ' ... '--
First comes the church of Alcobaca,
"worthy , of a- ; detailed study on ac-
count of ita architectural worth." Ba
talha Is found deserving of much more
extended mention. 'The Portuguese
scribe waxes eloquent about it In these
remarkable words: -
Batalha Is also the result of a f e
vent vow of the Illustrious prince of
Copyright by Amerlnaa Press Asaodatioa-
imaginary, the matter of a German
war has become a great British prob
lem, and when to this are added the
suffrage problem, the Irish problem
and the agricultural production, . or
land problem, John Bull finds himself
confronted with too much food for
thought.
"It Is interesting to note, while we
"Boa Memorla" on the eve of the im
mortal feat of arms at Al jubarrota.
Eve of faith and glory, of valour
and heroism, of oppression and lib
erty, of life and death in - which a
handful of Portuguese prepare to seal
of on lvaro Paea and the burning
words of one Joao das Regras.
Night of uncertainty and of anxiety!
In this night above the sleeping
tents hangs the bold and brave spirit
of one D. Nuno who at the tremendous
hour, and likewise his king, with bent
knees, prays from heaven to deliver
"the land by none subdued."
And waa not!
Half an hour was enough. Yes only
so much did this epic fight Jost re
sulting in the-surprising victory on
the most glorious day of l&August,
1385.
A monument grand as is the pa'
triotlc aoul which originated so much
generous blood of so many heroes, let
us admire It as the sublime encarna
tlon of this . heroio embrace which
joined the people and the king in set
tling his country In the great work of
the independence of Portuguese land
Ilka the radiant artlstlo budding of
the XIV century.
Extricating himself finally from
this labyrinth, the author rushes val
iantly onward to the monastery of
Thomar, the third of the "excellent
and monumental trilogy." It was '
built, we learn' with difficulty, to
commemorate the great deeds of the
Portuguese navigators of hundreds of
years ago. , -
The walls of Thomar, he Informs us.
are covered with carvings remi
niscent . of those glorious times
"strong rope work of, our well-fitted
barges, a variety of sea weeds, watch
dogs and rat-killing cats of our nu
merous fleet, a musculous soldier
holding an oat (oak?) by the roots
perhaps to use this mighty giant for
making his ship." . Elsewhere on the
same walls are carved " the elevating
frown" of the arrogant figure on the
prow of our brave ships and the full
sails "of "those elegant boats that took
us to the wonderful and enchanting
India." " ,
'After thus doing Justice to Portu
" gal's great trilogy the writer con
cludes with this patriotic outburst: ,
Having this architectural trio .In a
most defected railway conditions. Is It
B0our aui' 10 30111 mem wun rail
thereby obtaining economic profits for,
our country? More so as the tourist
comfortable and quick travel-
-ln to these times which Is character-
. ised by mad speeds.
are mentioning this war problem, that
the thinking men of Germany x have
a very strong admiration for the
English; that they freely admit war
to be the last thing they can. con
template with complaeency, and that
the talk of war which from .time to
time springs up Is largely profes
sional. ,
The1 German merchants relations
with England-have been intimate and
generally satisfactory, as a matter of
fact, and both sides have beun to
realize that international economics
are so Interwoven that war would
mean almost destruction, even to tbe
aggressive nation.
"Returning to European finance,
'.with the hope of drawing from it
something - which " may benefit our
theory or practice, we find that while
mis country at present nas no basis
of economio control, England . and
Germany have such control In the
ability of the managers of their cen
tral banks to raise and lower discount
rates.
"This banking power has a broader
economic significance than moat -of
us realize. An advance In the dis
count rate Inevitably will draw capt
tal from foreign countries and tend to
offset gold exports, while stimulating
importation and generally tending to
discourage the financing of foreign
enterprises and to minimise local
loans.
"It also tends to stimulate the pay
ment of foreign accounts, prompts
borrowing abroad where money may
be cheaper, discourages speculation In
securities - and commodities, , stim
ulates exportation of goods for money
and -retards importation. Crystallized,
It tends to reduce security and com
modity. "All these things being true, it Is
quite evident that the federal re
serve board at the helm of our na
tional finances will have tremendous,
though necessary, power. There is
necessity so to study the undercurrent
economic movements that business
difficulties may, as far as possible, be
prevented. Action too frequently
comes after the financial sickness has
severely gripped the patient.
"In general the managers of the
European central banks admitted to
me that their action is largely based
upon superficial conditions, rather
than upon deep and fundamental
knowledge of the undercurrent of
economic life. ...
"As a general proposition It is safe
to state that Americans also, like all
other peoples, base their actions prin
cipally upon the surface trends is
business and financial life, with which
they are familiar.
Question of Prices
"While the economic principles in
volved are sometimes appreciated by
the more careful thinkers, they are
usually overlooked or brushed aside
by the majority before the desire for
immediate profits.
"The average man in business does
. not realise that the undercurrent must
eventually come to the top and that
upon his preparedness must depend
his fate.
"Every period of business activity
carries with It the cumulative force of
Its own errors, which ultimately must
be cleared.' In the past we cleared
through panics. In the future we
hope the clearing, the general read,
justment, will be effected without
panics, by means of a wise discount
policy.
The whole question of these super
ficial and undercurrent relations fund
amentally is one of prices. Business
men talk freely of what they call In
flation, but unfortunately they spend
little time In analyzing and correcting
. those causes which are responsible for
. the unfortunate changes In pries re
lations, which often force the rnvolun
tary sals of commodities and securi
ties in periods of crisis and, readjust
ment. "Such circumstances have given the
European central banks their best op
portunities for usefulness. The Amer
ican Federal Reserve board will Justi
fy its existence only by making com
o. plete studies of the principles under
lying a discount policy. The board
must have sufficient nerve to act at
times when its policy will be certain
of severe criticism.
"Setting aside the question of sup
ply and demand,' which has Its own
problems, what may be called the
equilibrium of. price relationship can
and must be - maintained, as far ' as
possible in our complex business life,
by the new board.
"I am satisfied that ; the discount
policy of the great European banks is'
prompted in the main "by due regard
'for-ihe Interests of all the people, and
rarely Is controlled by consideration
of the Interests of any particular
clique.
"In answer to my questions as to
whether discount policies were based
on facts ascertained through Invest!
gations into economio conditions, the
reply, in at least one instance, waa a
very definite, No; we leave that to
the economists ' .
"But later the admission was made
that while no special relation is rec
ognized between ths business . mind
and ths mind of - the 'economist. - ths
best results will corns, from a com
posite judgment, based . on economic
principles considered In the light of
business experience.'
"What subjects other than the dls-
count policy did -yoa especially lnves-
tigate. whUe a broad T" - I asked Mr.
y careful Into clears
inglj'Z x.4tay hTr.
been very well developed In .England
and Germany, but little has been dons
In France, because- of the large use of
gold rather than checks.
"It seems to me that In the United
States we must retain the various
clearing houses and not burden the
central institutions with the mech
anism of Internal clearing. It really
la largely a question of who shall do
the wprk.
"Under the present clearing-system,
the banks themselves attend to the
sorting of the checks, and the whole
operation Is, , of course, reduced by
this process to a very simple affair.
"If our state and national systems
were unified and every bank bad an
account with a near-by federal re
serve bank, clearing of course could
be effected by thff charge and credit
principle. This, however, would throw
enormous detail work upon the cen
tral organization,
"The clearing house is an essential
feature of the banking mechanics of
both the London and Berlin systems.
London clears what are called the
city, metropolitan, and country items,
separately, and these include virtually
all the checks drawn upon any bank
In Great Britain which has an account
in London.
"Similarly, here It would be possi
ble, by mutual consent, through the
medium of the 12 central reserve
banks, to effect satisfactory clearance
of the checks of all the country banks
of the United States, if fhr.
provided sufficient reserve money at
Washington for the ultimate clearing
w uunreneei
ere-was, or course, much discus
sion In England of the general subject
of gold and its relation to the credit
-
f' lw ave been developed in
those countries where the checking
system is generally used.
The English system thus has be
come largely a credit aystem, the ulti
mate reserve being the balances in the
Bank of England, with a moderate
amount of gold held In the vaulta of
Individual banks.
"Recently- a movement was started
in Great Britain by Sir Edward Holden.
president of the London City and Mid
land bank, to compel each of the
great banks of London to publish in
its statement the actual amount of
gold held by each Institution.
It is nrobahl that in 1...
gold holdings will be thus published,
and It is generally suspected that
London's banks, in consequence of this
prospect, are gradually Increasing their
gold reserves.
"In France the general publlo Is not '
yet educated to the use df the check.
Business is transacted almost exclu
sively by means of gold and the notes
of the Bank of France, which Is very
largely a note issuing institution. One
will find in each of the principal
French hotels what is virtually a lit
tle bank where the currency of the
various airopean countries may be
exchanged.
"My personal experience illustrated
the difficulty encountered by the per
son who wishes speedily to cash even
a draft on a well known American
institution at a French bank.
"Checks presented by regular de
positors go through a long and formal
routine. A check is first presented at
a window where a brass token, bear
ing a number, is given in exchange
for It, to be held for identification
purposes.
"Presently the check Is passed to
the bookkeeping department, for the
purpose of : ascertaining credit bal
ances, then It . goes to the signature
department, then to the first paying
teller, who counts out the money, then
to the second paying teller, who veri
fies the amount.
"On an average, or at least this was
my experience, the process takes about
half an hour, and local depositors,
while It Is in progress, sit patiently
upon long lines of benches, waiting
for the calling of their numbers.
"To the American this procedure,
while it may be interesting. Is Irritat
ing. . He has fallen into the national
habit of expecting the paying teller ot
a bank to know all th-re is to be
known about a check. The average
French bank could be operated by
one third as many men as now are
Involved In this elaborate routine if
American methods wir aitnniri
"The German banking system more
nearly than any other approximates
the new federal reserve ystem de
signed for this country, giving flexi
bility to note Issues, adequate reserves,
and proper credit accommodation to
those who deserve it.
"To me Germany appeared to be vm
very prosperous country, in good fi
nancial condition. The German ap
parently looks upon the present fi
nancial situations in France and Eng
land with a sort of calm satisfaction.
"It is rather satisfying to note that
the. general European comment upon
international finances was that New
York and Berlin are in satisfactory
condition, while Paris and London are
'confronted by the prospect of f ur-,
ther liquidation before normal condi
tions can obtain.
Economic Readjustment
"Both Paris and London for many
years have been the operating thea
. tres for thousands of promoters. I
am told that at least 8000 promoters,
hailing from almost every section of
the globe, annually attempt to float
enterprises in London. Naturally but
a small percentage of these men sue
ceedln getting the capital they seek.
All this Inevitably makes it seem that
banking Judgment in those capitals
must have developed through genera
tions of experience.
"Mistakes, however, are Inevitable,
and at the present these, as well as
the largest of the other European
banking centers, are congested . with
non-liquid investments.
"Summing up, after my brief sur
vey of European finance, my general
Impression is that the business world
ia in a state of economic readjustment,
both here and in Europe.
"We are at the end of a long period
of promotions, reorganizations, and -
k cro.Mntry business in our great
cities, with the diminishing tendency
0 develop real wealth. Pleasure has
been too much the keynote in London.
Paris, Berlin. anf New York. , -f .
. ."The new period of prosperity which
is before us will, tn my opinion, be
sounder because It will be supported by
ths new federal reserve system. The
discount policy which 'Will be devel
oped should be both a stimulative and
a corrective, as may be necessary.
"Ths new board at Washington, will
be In a position to collect and to ana
lyse - commercial and financial data
with an efficiency never before pos
sible. And although there may not be
- the opportunities tn the future to de
velop as much individual wealth as
heretofore, there will be the, oppor
tunity for what Is much better the
growth of the general wealth of aU
ths people."
' . "