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L E N A L. BECK, EQUITABLE BUS. PHONE DES 4-1479 165 REPORTER BLDG. RES. M OIN ES, IOWA PHONE 5-3D4B Mr* E c c l e s : Mr. Chairman, h onor guests, tlemen, ladies and gen fellow bankers: I say "fellow bankers’* because I n o t only started in the banking business in the early 20» s, but my first connection with a bank was in 1913. I became president of in 1920, the First National Bank of Ogden, Utah,/which was one of the largest banks in the state at that time. In 1924 I was president of the Utah State Bankers Association* I was on the executive council of the American Bankers Association in 1928-29 and 1929-30, so you can well understand why I feel like calling you people fellow bank ers • I did go to Washington** Some people regret, have stayed too long, and maybe I have. However, some think I I d i d n ’t go to Washington?i^i^a job. I went there because I was pressed into service, went there because I had never given any time to public service, and I was interested in ideas more than position. When the position of chairmanship was denied me, after A serving for 12 years, I was convinced that the efforts that I had made for the past several years to prevent the inflationary situa tion, w>.p.h i~q enn 1rvwi from developing, I took the matt e r too seriously and became somewhat of a political liabil ity* I continued to stay In Washington, as I say, because I was Interested In trying to be effective In doing the job of helping others wo r k toward economic stability. There was also the question of conquering m y pride* I determined if one cannot conquer his pride he cannot expect to conquer anything el3e, so I concluded to stay on to determine whet h e r or not I c o u l d s ü continue to be effective. ) L E N A L. BECK, EQUITABLE BUS. PHONE DEB 4 -1 4 7 9 REPORTER 166 BLDG, MOINES, RES. IOWA PHQNE 5-3D4S It ia a pleasure to be out hero In Iowa and meet with such a largo group of bankers* I feel that it Is a great compli ment to the speakers this morning to have such an audience* I am also reminded (and I have told this story a good m a n y times) about m y own experience. One evening when I was talking to a small group off the record I looked around and I recognized quite a number of those present, and I thought maybe I had talked to them before* So I turned to m y assistant who happened to bo with me that night sind I said to him,"Elliott, fore?" have I ever talked to this group be He said to me very seriously, "Mr. Chairman, y ou h a v e n ’t, or you w o u l d n ’t be here tonight." I am sure So it is quite apparent that I haven*t talked to the Iowa Bankers before, be cause I am here today* However, I do hope whe n I get through that I m a y be held in higher regard by you than l^y some of those possibly who know m e best. I usually speak extemporaneously; in fact, I seldom pre pare a written address. Maybe it is because it takes too m u c h effort to prepare one. However, in speaking extemporaneously upon the subject of our economic dilemma to a group of bankers, the dis cussion should be off the record, but Inasmuch as that is hardly possible before a m eeting of this sort, I decided two or three days - ? that I really had better go to work and do some hard think ing, at least put together in an organized manner the thoughts I K had with reference to this particular subject. So I have prepared a statement for the sake of the record and also to c o v e r this sub ject as adequately as I can in the time, so I hope that you will L E N A L. BECK, EQUITABLE BUS. PHDNE 4-1479 REPORTER 167 BLDG. DES M OINES, IOWA RES. PHDNE S-3D4B bear with me and understand w hy I have prepared a writ t e n state ment on this very, very important subject* W u a lira*,lar'my position I have to use extreme care not to be misquoted or misunderstood at this particular time when bankers and the financial market are so mu c h concerned about this question of. inflation, ship of money, government bond market, the rslatlon- bankers ¿— and -ego d i t . I am going to try to lay It on the line for you in a manner that I d o n ’t care who challenges it* bp h T fcViJwU- in-— a protfor~tight— franta tiT’ O fir (Insert manuscript here. See S e c r e t a r y ’s file)
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