354 CONSOLIDATION OF NATIONAL BANKING ASSOCIATIONS 
case of the application of the usury law to national banks and section 
17 of this bill, regarding the rate of interest on depose } 
Senator Grass. I am glad to know that the National Association 
of Credit Men, of which I am an honorary member, has not fallen 
from grace, as has been represented. } 
Mr. Jones. The indorsement of the association is in the principle. 
We are very anxious that this legislation be passed, and as the declara- 
tion says, the committee believes that this offers the most reasonable 
and Srebaile solution of this problem, in the possible enactment 
into law. 3 
We are committed to eT the national banking system 
and to the fundamental provisions of the Act as far as branch banking 
is concerned; disapproval of state-wide branch banking and the 
pope of home city banking. 
ime does not permit me to give the committee the reasons which 
actuated the committee in making these endorsements. 
I might say that personally I have interest in any banking institu- 
tion except as depositor. I am very much interested as a citizen in 
anything that has to do with the regulation of the banking business 
in the United States, and I am personally in accord with the actions 
of the National Association of Credit Men, which I think you will 
agree, Senator, has always taken a rather liberal and constructive 
attitude towards matters of public policy. 
Senator Grass. It has undoubtedly. } 
Hon. Frank B. MoxpeLL. Mr. Chairman, I would appreciate it 
very much if I could have the Priv iiegs of placing in the record of the 
hearings a brief statement, particularly with regard to section 9. = 
The ActiNG CHAIRMAN (Senator Grass). The committee will 
be ged to have you do so. ; 
“(The paper subsequently submitted by Mr. Mondell is as follows.) 
[H.R.2] 
[Before the Committee on Banking and Currency, Senate of the United States] » 
Statement oF Hon, Frank W. MoNDELL OF WYOMING AND WasHINGTON, D. C. 
Mr. Chairman, beyond all question H. R. 2, the McFadden banking bill, has 
the support of the great body of the banking interests of the United States, and 
the importance of the early passage of the bill has been emphasized by govern- 
ment officials charged with responsibility under our national banking system, 
by bankers and business men, and students of finance and finaneial institutions. 
The impressive majority on behalf of the bill in its passage through the House 
of Representatives is an index of the support which the measure has throughout 
the country. . 
It is true there has been some criticism of certain features of the bill. This 
is not to be wondered at. On the contrary, considering the grounds for honest 
difference of opinion with regard to certain details of the legislation, the very 
limited opposition, compared with the overwhelming volume of support, affords 
a striking tribute to the painstaking care with which the problems presented have 
been studied, and the skill and intelligence with which the bill has been drawn 
and perfected with a view of adequately and wisely meeting the needs of the 
situation. ) . 
A careful consideration of the arguments presented during the consideration 
of the measure in the House and in this hearing before your committee develops 
the important and interesting fact that such limited opposition as there is to 
the measure relates in the main to section 9, and that this opposition is very 
largely from a single locality and interest. It is true that during his lengthy 
—s interesting discussion of the measure, Professor Willis, on the basis of a 
wide and extended examination of certain features of the banking situation,