So far as I know, we as a people have not reached any decision to abandon our accustomed type of life; up to date we have looked upon the officers of government not as masters but as servants of the people, and we have looked upon ourselves, the people, as master of our destiny. While, as I say, we have not reached any decision to abandon this philosophy, it seems to me that we are acting in many respects as if we had. ... If we really are in favor of changing our basic economic order, we must be prepared to abandon our present form of government along with it; for if we expect government to do our thinking planning and spending for us, we must be prepared to remove from government the necessity of submitting itself to frequent popular election. Otherwise, we shall have a planned economy, the plan of which changes whenever an election campaign approaches.
We feel that it is not in the public interest to require any and all information respecting the business of any bank be made a public record, and ask that the banks be required to submit information to the Federal Reserve Board only that such information be given confidential status, subject to the discretion of the Federal Reserve Board.
Establishment of minimum margins for banks is unfair and unnecessarily restrictive in principle.
The national securities act of 1934, as proposed, would interfere in a vital way with the essential supply of capital to business.
The Securities Act of 1933 created a serious obstacle to recovery, through its drastic regulation of the issuance of new securities by private enterprise. The Banking Act of 1933 created an additional impediment through the provisions of Section 16 prohibiting the national banks from participating in underwriting securities after June 16, 1934.
Taken together with the Securities Act of 1933 (the 1934 Act) will effectively bar the flow of capital into American business.
No rule of thumb method ... can be devised which will fit all securities in all situations....It would produce even greater injury than the Federal Securities Act in retarding or preventing the follow of securities into new and refunding issues, which are indispensable if employment is to be maintained and increased and the huge burden on the Treasury is to be relieved.
It would help me by driving 85 per cent of my competitors out of business, if I could manage to keep out of Atlanta or Leavenworth myself.
