Obrázky na stránke

McFadden Banking Bill, which, failing have beyond the limits of the city in so as to enable National banks to adminto get through the last session of Con- which you are located.'”

ister long-time and perpetual trusts, as is gress, has come up again in the present In other words, the National banks now done by State banks and trust comCongress.

are to be authorized to establish local panies, and by permitting them to make This bill is backed by the Federal home town branches in such States as city real estate first-mortgage loans for Reserve Board and by the Controller permit branch banks. State member as long a term as five years, instead of of the Currency, and it is designed, by banks are to be permitted to retain such

one year, as at present. How far such amending the National Bank and the branches as they already have, but are expedients would be successful time Federal Reserve Acts, to enable the Na- debarred from further extension; while alone would show. That something of tional banks to meet the State banks on both National and State member banks the kind must be done if the present their own ground, and at the same time are debarred from developing branch situation is to be met is an opinion very definitely stop the further spread of banks in any State at present closed to widely held. branch banking. The combined effect of branch banking but which may subse- "Whether branch banking be good or Sections 8 and 9 of this bill would, in quently permit it.

bad of itself,” says the “Magazine of Mr. McFadden's own words, be to con- At the same time, under the proposed Wall Street," "it is certain that it will fine any form of branch banking within act, the National banks would be ac- undermine if not wipe out the National the Federal Reserve System by either corded privileges and facilities so as to bank system, unless the banks of that State or National banks in what is now enable them to compete on favorable system be permitted to fight fire with non-branch banking territory to the terms with the State banks. They would fire. And when the National banks are large cities.

be authorized to absorb State banks eliminated, or even substantially re"The heart of Section 9," declares Mr. directly, to acquire real estate for further duced, the Federal Reserve System beMcFadden, "is the clause which says to banking needs, and to make larger loans comes a phantom or a hollow shell.” As a State member bank, “You shall not to customers on non-perishable agricul- to the final justice of such conclusions, establish or acquire any more branches tural commodities. They would be fur- opinions will differ, but there can be litoutside of the city in which you are ther helped by increasing the limits on tle doubt that the branch banking system located;' and to the non-member State the amount of paper of a borrower that represents a great revolutionary process banks, ‘You shall not be permitted to en- may be rediscounted by a Federal Re- at work in the body financial of the counter the Federal Reserve System unless

serve bank.

National bank charters try, and as such vitally affects the interyou relinquish all branches which you would be given for an indefinite period est of the American people as a whole.

Are Americans Hated in Paris ?


LMOST the last thing I heard in'

lar can buy everything, and does buy too America before sailing back to

many French out of their homes. Do France was an urgent request

French schol

you in New York realize, they go on from an influential New York hostess

asking, that the triangle marked by the

ar, wrote this article upon his and a brilliant actress almost as popular

return to France from visiting

Crillon, the Opéra, and the Hôtel Regina in Paris as in the United States to let

in America. It is a delightful

that is to say, as vast a section as forty hem know if it was true that there had

blocks along Fifth and Madison Avedeveloped in France an antagonism to

study of international psychol

nues—is entirely American, and practiAmericans. Millions of people in Amer

ogy. Don C. Seitz presents

cally as forbidden to the French as the ca would detest the idea; they are hap

another phase of the question Concessions Quarter in Shanghai is forsier in France than anywhere else in

in the article which follows.

bidden to the Chinese, because they can Europe and entertain for the French na

afford there neither a room, nor a meal, ion the same feeling which many

nor a jewel? The heart of Paris-the Frenchmen cherish for Italy or Poland- at the rush of American visitors whom Place Vendôme-consists of American it all events the supremely distinguished the stabilization of the pound and of the hotels or American banks. Number the lite in Warsaw or Cracow. The douceur mark has diverted from England and

mark has diverted from England and châteaux in Brittany, Normandy, or the le vivre which seems to permeate the Germany, and fear to be drowned in the vicinity of Paris now American-owned. itmosphere the moment you land at multitude of their own countrymen. It Where do French pictures, French statlayre or Cherbourg would promptly dis- is by no means infrequent to hear them ues, and French furniture go in rapid ppear if sourness or sullenness replaced talk as if they were the authorized succession, especially now that the upper he familiar smile generally welcoming mouthpieces of the French, and with a middle class is getting poorer? Whole Imericans. But is there any real dan- vim resulting from the combination of country houses are shipped over to iner of such a change?

their love for France with their freedom congruous surroundings. And is it not I am afraid that some members of the of speech as Americans. How should true that half an ancient French monImerican colony in Paris are largely re- not the French get irritated? they say. astery, loved and admired, it must be ponsible for the idea. Not that they

Not that they More than half a million Americans admitted, by the American artist who hemselves are conscious of any unpleas- crowd Paris every year; the American bought it, now shows its melancholy ntness more than half of them become colony in Paris has risen from 28,000 to beauty near Fort Washington? How 1 time almost undistinguishable from nearly 50,000 since 1923, and the cost of could the French not resent this? Above atives—but because they get irritated living registers their presence. The dol- all, how could they not resent the attitude of official America on the debt ques- used to be," the reporter, especially if language, live with the natives-fretion? You at home think you solve it he has reasons to be on a certain side, quently in French homes and in a few by repeating the slogan, “They hired the will abbreviate the impression as "hatred months become aware of all nuances money, let them repay it;" but we who of U. S.," and the formula will be duly without growing too French-like. They live over here know what the French made even more snappy in the headlines. should know and they should be asked. point of view is. The French say: "No That is the way prejudices, or complexes, As a matter of fact, the French like money was ever hired; only munitions as the current phrase goes, are created; strangers. As early as 1919 I saw large were sent over. From April, 1917, when for Americans hardly look at the news- parties of Germans conducted through America came into the war, these muni- paper but what is supposed to be said the Louvre and talking in their own lantions ought to have been used by Ameri- against themselves in it they always be- guage loudly; not a remark was made, can soldiers. But the American soldiers lieve to have been actually said, even if although such visits were certainly predid not appear for more than a year, and they regard it as entirely wrong.

mature. Foreign colonies in time beduring that time the shells were shot for The trustworthy witnesses ought not come very dear to the French; under the them by French gunners, who often lost to be the permanent American residents Second Empire they were proud of seeing their lives in doing so. . Do you really in France, who become more sensitive so much English aristocracy in Paris or mean to demand payment for those than the French; nor the casual ill- Cannes, and even so many Prussian noshells?” In that way do many Ameri- equipped visitors, apt to misinterpret blemen in Biarritz. The Waddingtons in cans settled in Paris often represent the perfectly innocent little things (for in- Paris, the Johnsons in Bordeaux, not to feelings of the French.

stance, just now the inevitable jokes on speak of numerous MacMahons, O'ConAre they right or wrong?

the debt question in the music-halls, nors, Hennessys, Archdeacons, etc., have Every now and then an American of probably answering Will Rogers's daily been thoroughly adopted without having some prominence lands in New York and satire at the Follies); but the intelligent,

satire at the Follies); but the intelligent, to give up their language. American is asked the question. He may not know wide-awake American students, whose châtelains and châtelaines are almost a word of French, may not have spoken hundreds fill such university towns as universally beloved, and when there is a with a single Frenchman except his Grenoble or Montpellier, not to speak of noble seventeenth-century mansion for chauffeur and his Swiss hotel-keeper, but their thousands in Paris. These young sale in the old quarters of Paris the inhe will answer. If he says, “Well, I am men and women, now regularly sent over telligent, sympathetic American purnot quite sure that the feeling is what it by their colleges in America, know the chaser is prayed for as its natural savior.

[ocr errors]
[ocr errors]
[ocr errors]


There the dollar becomes eminently use- the place. Such a thing cannot but be forcibly compelled to pay, and that a ful. Transients cannot hope to be deeply resented, for the French pride prosperous Europe means more for treated like semi-naturalized residents; themselves on their kind treatment of America than the payment of the Eurobut how scarce are their really well- Negroes. I would also advise American pean debts,” an immense feeling of refounded complaints! Certainly the visitors not to suppose that everything in lief would have prevailed at once. I was French fonctionnaire, embittered by the France must be cheap. "Cheap or also sorry to find, on arriving from constant effort to adjust his immovable cheat” is not the proper slogan in these America, that only newspapers like the salary to the ever-changing scale of days of uncertain monetary values. Once “Temps" or the "Débats” had given the prices, can hardly be expected to be more I acted as interpreter for a couple of attention it deserved to the illuminating polite to foreigners he understands with Americans near Montparnasse who had correspondence between Mr. Piez, chairdifficulty than to his own countrymen, given a taxi driver four sous for his tip man of the Association of Illinois Manuwho generally resent his poor superiority and were surprised to see him furious. facturers, and Senator Borah. But how and make him feel they do so. Parisian Less than twenty per cent of a taxi fare, many American readers, in my own ob- not provincial-tradesmen have also as well as more than ten per cent of a servation, conscientiously skipped those lost their charm of the days when Heine restaurant bill, as a tip should be dis- letters! The debt question, like all would jostle people on the sidewalk couraged; but in most cases where un- money questions, especially with a back" pour entendre la musique des excuses;" pleasantness is shown to an American he ground of sentiment, is irritating, but the they make too much money and get ought to have no doubt that the same, in moment it gets settled it will be forgotspoiled, but the least reminder of com- similar circumstances, would be shown ten, as the non-ratification by the Amerimercial uncertainty is enough to make to a Frenchman.

can Senate of the Pact of Security for them perfectly civil again. Even the un- Concerning the debt question, let me France is now forgotten, although it was fortunate prying of American customs remind Americans that, in spite of what I the real cause for which the French were agents into the shops in the Rue de la said above of the interpretation-largely compelled to maintain a costly army and Paix is already forgotten. However, correct-given by some of his own coun- get called militarists for their pains. The Americans ought not to imagine that trymen over here, the French are emi- French are naturally too cheerful to culeverything should be done their own nently a debt-paying race. A nation of tivate grudges, and the least chance they way, even, or perhaps especially, where thrifty people living on the soil inevita- discover of relieving the somberness of their prejudices are at issue. Two years bly is. It was the conjunction of the their present situation is gladly seized ago a colored gentleman—there are not Washington failure with a terrible in


The Americans who sometimes a few here—who had been a brave officer crease in the French difficulties that em- complain of the French press should see during the war was turned out of a bittered the situation. Had Mr. Mellon with what enthusiasm the gift of an Montmartre café because his presence come out earlier with his statement (of American home to a Paris institution is displeased the many American patrons of January 6) that "no nation should be now welcomed by the newspapers.

Lafayette, We Have Gone!



HETHER the fault lies in the its debts and kicking its creditors. It was still stepping on American grass

Gallic temperament or our rebelled against paying taxes even under along the Ohio country borders, holding own, we have never gotten the Constitution.

Detroit and forts as near as the Maumee. on well with France. General Pershing's The first Minister from the Republic, l'pon the sea she took such liberties as “Lafayette, we are here!” sounded fine, the Citizen Genêt, was a fresh youth of she would and forbade all neutral trade but it ceased to echo long ago. Since eighteen, who came confidently to Phila- in supplies with France. France came to our aid in the American delphia and made himself at home, as in This we should have forcefully reRevolution with men and money, and a brother's house. He soon learned he sented, but did not. Instead, John Jay helped corner Cornwallis at Yorktown, was mistaken. Proceeding to fit out was taken from the Supreme Court Chief friction has been almost continuous. The privateers and issue commissions, he Justiceship and sent to make a record would indicate that we treat foes found himself blocked. Britain had treaty in London.

treaty in London. Thomas Jefferson, better than we do friends.

joined the monarchists of Europe in put- who was friendly to France, resigned as For proof of this we can point to the ting down the new Liberty, and Britain Secretary of State because he could pei. cash paid Mexico for the taking of the held a strong hand in America. The old fit himself into the situation. Edmund Southwest, to the refunding of the Boxer Tory influences had regained their wealth Randolph, of Virginia, who had been indemnity to China, and the payment of and power. Though the people were re- Attorney-General and Washington's per$20,000,000 to Spain for the Philippine publican and sympathetic, the Govern- sonal counsel, took his place. He did problem.

ment was not. That Genêt was rash and not better matters, and wound up in While France overthrew the Bourbon impolitic cannot be gainsaid, but he was

bad scrape. king who sent us the cargo of livres in the representative of Liberty that had The French recalled Genêt, who was time of need, it was the money of taken its cue from the United States, and wise enough not to go home, where his France, not of Louis XVI. After that thought it should fold him in its arms. young neck would have suffered. France worthy man lost his head France nearly It didn't. Instead, he became an object demanded that he be sent back a pris lost its money. The new U. S. A., under of suspicion and reprehension, the cause oner. This we declined to do. He its early Articles of Association, was a of much alarm that he might involve us stayed where he was, married one of the shaky affair, much bent on repudiating with Great Britain. The parent country Clinton daughters, and led the life ola

[graphic][subsumed][merged small][merged small]

country gentleman across the creek from Albany.

Fauchet was Genêt's successor. To keep track of him France sent two coadjutors, Petry and La Forest, to spy upon him and report his proceedings. The Nation owed France $2,500,000, and would not pay it. Fauchet was poor, and so was his Government. He begged for money. Small installments were promised and not paid.

Jay negotiated a treaty that put France at a vast disadvantage. It was held up, pending a reservation that the embargo on supplies be lifted. Washington expressed himself as firm for this concession. Fauchet was recalled for failing to prevent the acceptance of the treaty and for being a poor collector. Some of his papers were captured by a British cruiser, the Cerberus, and revealed a strong intimation that Randolph, the Secretary of State, had suggested that the cause of France could be helped by bribing a few influential proBritish Americans. He did not include Randolph in the number, but Washington felt his Administration was impugned and at once signed the treaty without the repeal of the embargo order. This happened August 14, 1795. Randolph resigned. He had, under Washington's direct instructions, been assuring Fauchet that we were France's friends. Relations with England safe, France was kicked downstairs. Washington retired from office, and John Adams came in. unofficial war broke out with France on the sea; several fierce engagements were fought and won by the U. S. A. French privateers waylaid and plundered our ships. The result was a fine bill that grew to a ripe old age called French Spoliation Claims.

Jefferson came in, and things went smoother. He declined urgings to join the coalition and save the world from Bonaparte, observing that he would take his chances with the Corsican ogre. Instead of fighting France, he bought the Louisiana territory for $15,000,000—one of the best real estate deals on record.

Jefferson's day ended, and, after divers Administrations, Andrew Jackson, the mighty, took hold. He demanded a settlement from France, with the alternative of war. Some sort of one was made inder this duress. Undistributed French spoliation claims still burden the Department of State. How Uncle Sam does ate to pay anything but salaries!

A side-line of injustice came to an ind in Jackson's day. During the Revoution the merry Beaumarchais, to whom ve owe the “Barber of Seville” and coniderable cash, had indulged in speculaive gun running. We took the arms,

By co-operation between the manufacturers of electrical equipment and the electric light and power companies, the cost of electricity has been kept down in the years when every other cost has gone up. This is a record of which the whole electrical industry is properly proud, and in which the General Electric Company has had an important part.

In those vital years, a mother can make a G-E motor take her place in the laundry for 2224 an hour; sweep her house for less than 2¢ an hour; sew, or wash dishes at incredibly low cost.

Give electricity your routine tasks. Enjoy the supreme privilege and duty of being with your children.


Summer Homes
Seaside bungalows, mountain lodges, farms, formal
estates, or cozy cottages-
Wherever people spend the summer-
Advertise them in the three special Real Estate
Numbers of The Outlook. Information from the

Advertising Department
The Outlook, 120 East 16th Street, New York

In writing to the abore adrertisers please mention The Outlook

« PredošláPokračovať »