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Blames Failure Of On Publicity
Sullivan Thinks Michigan Situation Brought on by Publication of List of Borrowings by Banks.
BY MARK SULLIVAN. 1933, for Feb. 19. The closing of Michigan banks last week contributed a factor to the central probIlem which underlies or permeates practically every other question in politics. That question is whether there will be of the currency. the Michigan Inclas one event pointing inflation. In however, the Michigan bank likelihood that as he be given by congress the ernment's affairs. That the Democrats, strongly control the new will take this equivalent now practically certain. universally cepted that Mr. Roosevelt, in the ercise of the powers to given respects, will work in direction opposite to inflaPUBLICITY HURTS. The disturbing fact about the Michigan closings that they year after the government had set up the for the purpose, among preventing just events advancing government funds. Subsequently congress decreed all loans made by should be made public. transpires that forced reduces the ability of the avert now almost possible to by the with publicithe effect, not of but of stimulating them. Newspapers on the 27th of last month printed page names other had from the There followed February Louisiana, and February in Michigan, two the most disquieting events the whole years depression, form of moratoniums. part the same went new high The outstanding last week was $5,854,last had been July last year Not additional currency represents money kept tills normal business by chants towns where failed. Some represents unusual quantities currency kept represents who fearful The the have power the banking situation. bank from the strengthened its posisoundness, for the happily fact the depositor his finger down the finds bank listed borrower REPEAL PROVISION. The Washington officials that by the present time, three weeks after the last publication consequences have worn themselves failures dropped with the Another of will not beadue for time. the is reasonable expectation may repeal the publicity provision favor this course. The member of the house who led the movement publicity last month, Edgar Howard of Nebraska, silverite, for many years to William Jennings Bryan. the Michigan episode, as tion clamors answer. Why have Canada and Britain been able the depression withfailure while the States has had thousands? given senate last Friday by David Houston, the treasury in Woodrow Wilson's Mutual Life company York: no other soluthan unified banking BY unified prevented part by during the recent debate on the Glass banking bill, up eloquently for little, weak banks. collateral swer the question has been given several by Governor Meyer, the Federal Refail- ures in America, Mr. Meyer says effect, because politics will not perpractice by all Politics insists that states, the federal ernment, have right charter banks. the federal the petition leniency results. When Washington bank regulations rigid, the banks are retort, effect, "Very well, we get our charter the state capital.'
