SECRETARY OF BANKING HITS CHAIN PLANS
Cameron, Peter G.
SECRETARY OF BANKING HITS CHAIN PLANS Pennsylvania Official Says Federal Legislation Unfair to Stale Institutions By PETER G. CAMERON Secretary of Ranking of the State of Pennsylvania IN...
...Comptroller Pole is primarily Interested in a system of branch banking on a plan which, if adopted, will undoubtedly lead to a nation-wide branch banking, as his utterances clearly indicate, and this can be done only at the expense of the unit, national banks and the state banking system...
...Thus, more and more, the rights of the states to govern themselves have been surrendered to the Federal government...
...State banks are creatures of the .states and are designed for the accommodation ot their citizens and the development of the several communities in which they operate, and every person who believes in the autonomy of the states should oppose Federal legislation that would force upon a state a branch bank system it was unwilling to accept, or that would compel a state to submit to branch banking within its boundaries by a bank chartered in another state, notwithstanding its prohibitory laws...
...They are...
...these three nations respectively, and decide for yourselves whether under the European systems the United States could possibly have attained its present world-wide predominance, and whether, even now that it has attained this position, we are willing to forsake the banking system that has made all this possible and substitute for it the nation-wide branch banking system of some European nation...
...There can be no doubt there are powerful interests at work that are determined to eliminate the unit bank of the country, both state and national, by means of branch banking or group banking...
...It is natural that the proponents of branch banking should look to Comptroller Pole to champion their cause, and It Is his duty, under the law, to recommend to congress to what extent In his opinion branch banking privileges should be granted to national banks...
...This banking development is inspired by a desire for pecuniary gain and aggrandizement on the part of a comparatively few individuals and interests...
...I have tried hard to interest, others In it...
...Growth of State Banks Mr...
...it might be quite natural that he would favor a system of nation-wide branch banking such as exists In England and Canada...
...Are the fast increasing huge group: banking systems being organized for the benefit of the citizens of the communities in which they operate...
...The consequence of propaganda of this character was the introduction of a number of bills In the session of congress lately adjourned that are designed to liberalize the national banking laws, the principal ones of which relate to branch banking...
...McFadden, author of the McFadden national banking act allowing national banks to operate branches, Comptroller of the Currency Pole, and many others interested in the national banking sj'stem, have become greatly excited over the continued growth and prosperity of the state banking system of the country and the stagnation in the growth, of the national...
...The stales are a vital part of our political organization...
...Credits Unit Banking It ha* been the unit banking system thai has done so much toward the marvelous growth and development of our country during the past 70 or 80 years...
...Then compare the areas covered by...
...unquestionably, the best, judges of the the social and economic needs of their respective sovereignties...
...It is not the consequence of demands or agitation on the part of the individual depositors throughout the country...
...Times look very had her*, There has been no rain since May and crops are badly burned up...
...DESERVES PRAISE FOR FEARLESSNESS [Palestine, Texas, July 30]—I regret that I am unable under this Hooverized prosperity to renew subscription...
...I will send you money for new subscription, for I want the paper wry much...
...There Is no price, either,'for what's left.- C. S. Anderson...
...If the worm I urns...
...Your paper deserves every praise for Its fearlessness...
...SECRETARY OF BANKING HITS CHAIN PLANS Pennsylvania Official Says Federal Legislation Unfair to Stale Institutions By PETER G. CAMERON Secretary of Ranking of the State of Pennsylvania IN my opinion we have been moving, during recent years, entirely too fast and unrestrainedly in the direction of centralization of power and authority...
...Since Comptroller Pole was born and reared in England and was a British subject until 15 years ago...
...It is absurd to say that these interests are actuated by a desire to do something for the general good, to protect the depositing public, to enhance the benefits of the Federal Reserve System, and so on...
...It has no fear for telling people what they should know and how corrupt this Hooverized republic of ours is getting to be...
...They have been endeavoring to create a general belief that unless the national banking laws were still further liberalized and distinct advantages given to national banks over stale banks that the progress of the national banking system would be retarded and the slate system would continue to be the predominant banking system of the country...
...Whenever an apparent evil arises in connection with the multifarious activities of our nation, we rush to Washington for relief, usually with Ihe result, thatcongrcss authorizes some Federal official, board, or commission to eradicate the evil, and in this way again and again, many matters that should have been adjusted by the several states and in some cases, perhaps by smaller municipalities, have been turned over to the national government for adjustment...
...Ls anyone so credulous to believe that the gigantic branch banking system of California was conceived and fabricated in the interest of the people of that state...
...Does anyone believe for one moment that the country would have developed anything like as rapidly and marvelously as It has during this period if its banking resources had been controlled by a score or so of banksoperating a nation-wide branch banking system:' Contrast the American unit banking system with its 26.000 indiv idual banks with the banking system of Great Britain with its 23 main banks and 9,476 branches, or with the French system with its 19 main banks and 1.351 branches...
...There is no business to speak of...
Vol. 1 • August 1930 • No. 36
