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Malakoff, Texas
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June 14, 1935     The Malakoff News
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June 14, 1935
 

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BANKING BILL Men and Bankers Agree Objecting to Political Con- trol Over Banks. ARE SUGGESTED ical Domination of Federal Re- serve Board Declared to Be Undesirable for Depositors as Well as Their Banks. D. C. -- Business and bankers alike who have up- before committees of Con- to present views regarding the Act of 1935 have found com. cause for criticism lu those pro. which they agree would create for undesirable political con- over the Federal Reserve System thereby over individual banks bout the United States. They made the point that this undestr- condition would affect depositors even more than the banks view has beau stressed In critl- the Chamber of Commerce of States, and the question of control over banking was the theme of a statement presented S. Hecht, President of the Amer- Bankers Association, who up- before the Senate Sub-Commit- on Banking and Currency hearings Mr. Hecht declared that his or. is actuated by a desire to be to Congress "iu enacting effec- aud workable banking legislation interests of all our people." He In part: it is finally decided that it is nec- to e~:y this legislation through seas L we are strongly of the that special care should be to keep our credit control and mechanism free from any sort considerations. a making tbis statement I do not to appear to question the pro- of the Government's exerting a amount of control over banking so far as they affect the na- currency and general monetary Nor do we object to broad pew- supervision over the operation of banking institutions because of the responsibilities they carry, it conies to such matters as granting of credit and the making by our banks, these are usiness policies that sure- not be under the sole control board so constituted as to be de- upon partisan or political con. under any administration. The Basis o| Sound Credit real conditions that create the for the ex;~ansion or contrac- of credit arise from the needs of industry and trade the'm- wholly Independent of the ad- policies of the party which to be in power. We feel that linanclal requirements of the na- business constitute a continuing that is not related to changes. The fundamental of sound credit do not vary variations In public thought. All teackes that the quality of is sound only so long as It Is purely on the requirements of business. It is not sound when considerations or motives in- Into its composition. Banking Act would centralize Federal Reserve Board at Wash. means aimed to control the sup- of mouey in the country, which includes the sum total of currency circulation and demand deposRs in | banks which become current checks. The powers which tt is to give the Board are intend- It to influence the quantity deposit money through open operations, the discount rate reserve requirements. The Need for Independence ~'Phat Is the reason why we are so In favor of making the Fed Reserve Board a body of such in and prestige that It would renmved from all politl influence and dlctatlou. Its should be free to study and to In accordance with the needs and lltlons of agriculture, industry and The policies of the board shouhl to reference to the politics or the ea in politics of the national ad ratl ~n. our studies of the bank bill, we strongly impressed with the that it would set up a situation us. , Which the Federal Reserve Board its Policies might be subject to con from the political admlnistratlon s country. In saying this I do not [e that it is the intention of the mt administration to bring about Undue control over the nation's mechanism. The point Is that bill passed as now proposed, op. for control would be there use of the present or whatever administration might be in criticisms of the bill are not therefore, at the'motives of the administration, but they are impersonal and non-polltlcal axe aimed entirely at the basic involved." :: Desirable Changes Proposed study by his organization, said, had resulted in a num. iof suggestions for constructive re- in the bill which he submitted On the other hand, he de. elated ~that many of the changes pro -posed by the act in existh,.g laws "are of a constructive nature aud sb~ui6 have the support of bankers, it the method of appointment and the ienure of office of the members of the Federal Reserve Board, iu whose hands it Is planned to concentrate greater powe[ 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 consideratious." tie added : Honored by Flower 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 be- lieve there is greater need now than ever before for realizing this ideal." R. S. HECtIT Mr. Hecht emphasized that It is "the genuine desire of the banking frater- nity to be helpful and constructive iu making suggestions in counectieu with this pending legislation. The chauges we are urging are we believe essc, atiul to the coutinued independence oI the Federal Reserve System." "We have made it clear that we do not object to a measure of public con- trol in the national interest for proper coordination of our manifold credit operations," he said, "and we do not believe the sponsors of the legislation desire any political domin~tiou 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 nonpolitlcal 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 operatiou of the Fed- eral Reserve System wholly and dis- tinctly apart front the fluctuations and vicissitudes of political conditions and free from undue influence by banking opinion only. Such a solution would thus have a stabilizing and confidence inspiring effect on the entire busiuess situation." Banks Rapidly Reduce Debt Although the sum of $1,860,000,000 has been advanced to banks and trust companies by the Reconstruction Finance Corporation since it began op- erations in February, 1932, dowu to April 30, 1935, these institutions have repaid, no l~ss t_ka_n $1,340,000,000, or Lucllle F. McMillln, the only woman member of the United States civil sere. Ice commission, pho[ographed with the 'azalea named in her honor. The flow- er Is named Lucille McMillin Azalea and is known by the scientific name of Azalea Rntherfordi. It is a salmon color and was developed by tile staff of the b.tanical garden in Washington. ~lGre' than 72%.This rate of repaymeut is reported as being considerably in ex- cess of that made by any other type of borrower. Loans were authorized by the Recon- struction Finauce Corporation to 7,396 banks and trust companies In an aggre- gate amount of $2,350,000,000, but of this :ram $345,000,000 was withdrawn or cancelled and $140,000,000 has not yet been taken out by the borrowers. Simplification of Bank Checks New York.--In 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- spect to size and uniformity of arrange- meat of subject matter. Detailed recommendations for this end were formulated by the associa. tion about ten years ago, the bulletin ,~ys, and promulgated by the United States Department of Commerce among banks, business houses using large numbers of checks, commercial statl~a. ors and lithographers. As a result about 85 per cent adherence to the recom- mendations was brought about. The present bulletin, which describes the standard specifications in full, is Issued to maintain this high level of adher- ence to the recommendations. National Bank Notes Changes In our money on the scale of about $800,000,000 are now going on through the retirement of national bank notes. This is reflected in Increas- ing deposits in the~.Treasury of lawful money to replace bonds held against outstanding notes which will require some time for withdrawal from circula- tion. The change In the currency will re- quire a considerable shift of bank funds in many cases, but it is doubtful if so large a volume of currency has ever tbeen retired and replaced In any coun- try with so little disturbance. I I I These scientific built shoes assures y(lu long wear and solid comfort. Quality, style and the low price offer. ed make the ideal combination. A shoe for every foot -all sizes and widths--Featuring blues, browns and I whites during this event. | I I | I Regular $6 and 6.75 values . . I West Side of Square Athens, Texas ~ll_ i "; ...................... .illlm~, . ' :---~_ L~ ...... L L~t UNIFORM INTERNATIONAL SUNDAY CHO01. By REV. P. B. FITZWATER, D. D., Member of Faeuny, Moody Bible Institute of Chicago. ~, Western Newspaper Union. Lesson for June 16 CHRISTIAN STEWARDSH IP LESSON TEXT---Deuteronomy 8:11- 18; II Corinthians 9:6-8. GOLDEN TEXT---It is required In stewards, that a man be found faith-~ ful.---I Corinthians 4:~. PRIMARY TOPIC--Sharing God's Gifts. JUNIOR TOPIC--Joyoue Use of God'= Gifts, INTERMEDIATE AND SENIOR TOP- IC--What Does Stewardship Mean? YOUNG PEOPLE AND ADULT TOP IC--Praetieing Stewardship Today. I. Warning Against Forgetting God (Dent. 8:11-18). God Is forgotten. 1. Through plenty (vv. 12, 13). It ls always true that in time of pros- parity the people forget God. 2. Through pride (vv. 13, 14). The natural tendency of the human heart when visited with abundance Is to be lifted up with prlde. 3. Through self-confidence (vv. 15- :18). The inevitable result of pride Is self-confidence. The children of Is- rael arrogated to themselves the power to get wealth. It is ever so that ma- terial prosperity turns the natural heart away from God as the source ell blessing. II. The Sin of Robbing God (Mal. 3:7-12). One of the sins of Israel which brought upon them the chastising hand of the Lord was that of withholding the tithe. The prophet assures the people that their bringing Into the storehouse their tithes and offerings would be responded to by God In sending them abundance. III. Talents Are to Be U~ed for God (Matt. 25:14-30). 1. The distribution of the talents (vv. 14, 15), This distribution was a sovereign act, giving to each one of his own servants hls own money. 2. The employment of the talents (vv. 16-18). Two put to use the talents given them, resulting In doub- ling their value. One hid his talent. 3. The accounting for the talents (vv. 1~}-30). The Lord later demand- ed an accounting from each one of the servants. The ones wbo had been faithful were not only pralsed but pro- moted, while the one who hid his talent was not only reproached bu~ also suffered the loss of the talent given him. IV. Giving Should Be Systematlo (I Cor. 16:2). This instruction concerning giving Is based upon the glorious doctrine of the resurrection of Chrlst. The one who has come under the power of the resurrection of Christ will be both sys- tematic and liberal In his benevolence& The standard for Christian glvlng Is not tile tltbe, hut "as God hath prns- pered him.'.' V. Principles of True Benevolence (II Cot. 8:1-9:15). 1. Examples of true Christian glv- ,ing. a. The source of true giving (v. 1) Is said to be tile grace of God, ~whlch means that: the disposition to !give freely of one's possessions mus~ ibe created by the Holy Splrlt. b. They gave from the depths of their poverty (v. 2), and their unstinted 'gifts thus became richer in meaning. 'c. Their willingness surpassed their ability (v. 3). God reckons gl~s by ithe degree of willingness, not by the iamonnt given. ~d. They were Insistent :on being allowed the privilege of giv- Ing (v. 4). Christians ought to be taught thai giving of their means Is a high privilege, e. Tlmy first gave themselves to the Lord (v. 5). The only method of raising money which has God's sanction is a consecra*.ed band In Its own pocket. 2. Emulation in giving urged (II Cor. 8:6-15). Paul used the gen- eroslty of the Macedonian church as a means of stimulating liberality ~lth the Corinthians. a. Not as a command (v. 8). Giv- Ing which has God's sanction must be not only spontaneous, but liberal, b. As a proof of the sincerity of love (v. 8). Love is benevolent action toward tbe one loved, e. As the com- pletion of their harmony of Christian . . 1S E knocking at your Shall Your Local Electric Service Become a Federal Political Football? Unless the Whecler-Rayburn Bill, now pending in Congress, is defeated you~ local electric service aud rates will bc regulated and controlled by political officeholders in Washington. Instead of private ownership with its local control, local citizenship, local' taxpaylng, it would be "remote control" by Federal commissions and bureaus. It would make of the electric industry with its half a million employees, a political football, to be kicked about, with the electric user the loser. Taxes have already been increased more than a billion and a half dollars during thc past twelve monthg. Additional Federal bureau activities mean even greater tax burdens . . . FOR YOU! The Wheeler-Rayburn Bill would not only end local regulation and increase cost of government but it would greatly handicap and hinder your local elec- tric company. It would abolish the holding companies which have been one of the most important factors in the building of our excellent record of rate reductions and good service. Because of the drastic provisions of the Bill many of the local companies would not be able to survive and governme,u ownership would undoubtedly follow. It would bc thc first step toward national socialism. As in all such socializtic ventures, the people would pay the bills in higher rates, poor service, or in higher taxes... ~ometimes all three. To create more jobs and bring back better days government must encourage private owner- ship; investments must bc protected; individual rights must not be destroyed. ItI you are iu accord, you can help by writing to yonr Senators and Represantative in I Washington, advising them you are opposed to the 1Vheeler-Rayburn Bill. exas Power & L 3:30 p. m. on this date will mark the 3rd Trades Association of Malakoff for 1935, at which time Everybody from everywhere is entitled to participate in this free cash distributi0n--all you have t0 do is to be a alak0ff patron. character (v. 7). Tile Corinthian church abounded In spiritual gifts, but time to start now. Ask any merchant needed the grace of liberality for the I harmonizing of thelr lives, d. Chrlst an example of self-sacrifice (v. 9). whose name appears in this adv., he will Christ was rich, but for their sakes he became poor. e. Gifts to be accept- be glad to tell you about the whole plan. able with God must be from a willing if you have not been here before, come along---you'r~ just in ! mlnd (vv. I0-12). fi Every Christian' should glee something (vv. 13-15). 3. Enconragement fo glve (11 Cor. '9:6, 7). a. The volume of reaping Is based On these Trades Malakoff merchantg offer upon the sowing (v. 6). b. There Days, should be a heart purpose (v. 7). e. many bar~ains in all lines of merchandise .... bring Giving should not be of necessity (v. O! 7).(v. 7).d" God loves a cheerful giver your wh e want-lint here and you will save money --------- by shopping around. Whether or not you win a All Are of God Activities commonly called non-re- cash award, you will find it profitable to spend the liglous---sclence, art, literature, Indus- day in Malakoff, so come along anyway And if try---all tome from the same God. "" * Their autonomy must be respected in there is something you need, remember that the sense that there must be no at- tempt at ecclesiastical control over them. It Will Pay You To--- %ire Life Is not made up of great sacri- fices, of great duties, but of little things. Smiles and kindness Wen habitually are what wtn and priers, the heart,---Sir H. DarT. I I. I .... Events Are Sponsored By these Nerehants m Payne's Economy Store Weir's Pharmacy Tanner Motor Company itarbour's Grocery Royall Chevrolet Co. Kirby & Sons Payne's Drug Store City Cleaners Gulf Grocery & Market Gentry's Grocery Flagg Drug Store Paul's Place Jackson's Garage I III II I II I11 Jl ' %