Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-19

reserves in New York.
And 1t is my judgment that the
bank which does not avail itself OF the
benefits of the banking and currency
law will find it more and more difficult
to maintain list of depostors against
a bank which is a member.
AT one time during the progress OF
the legislation | feared that a move
ment might be made to put the State
of Georgia into a reserve district with
New Orleans as its center.
Entitled TO District.
II felt that this would be injurious
to our State, and !, therefore, insisted
that the number OF reserve districts
should be changed from a fixed number
Of eight to not less than eight nor more
than twelve.
81 believe the Southeastern section is
logically entitled to a reserve district
have pressed that view in the Demo-
cratic caucus and upon the members OF
the organization committee.
"One OF the arguments which | have
presented was that In the center of our
Southeastern section we have city
which leads all the South in postal re
ceipts; which led all the South in 1872
in the erection of new buildings; which
is second only to New Orleans and bare
ly behind her in clearing house receipts
and the growth of which in banking
capital and bank deposits has exceeded
during the past ten years any city 1T
the South.
l
ing experts in New York, Boston and
Washington have nearly all agreed that
the Southeastern section should con
tribute one of the reserve districts and
that a reserve bank for the district
should he located at Atlanta
"A reserve bank will in all probable
itv be located at Boston, one in New
York and one somewhere between Few
Y orl< and Atlanta A reserve bank will
naturally be located in Chicago, st
1
BEYOND this | am not able to give ar
Indication.
Advantages over Central Bank.
There are those who nave insisted
that we should have but one centra
bank In working out this act we have
believed that there were advantages il
avoiding the concentration of only one
bank We We're convinced that the di-
vision of the country into districts would
give to the different Federal reserve
banks a more complete recognition of 10.
cal conditions and free our currency
from the control by localities at a dis
lance.
AT the same time we have adopted
a system of general control of the diff
tereut reserve banks through the Fed
eral Reserve Board which will bring e
the system as a whole all of the ad
Vautages of a central bank, while pre-
serving the advantage OF localization o
the different reserve boards.
II have used the opportunity to pre-
sent our section, with its wonderful re
sources and its marvellous progress, t
| those who are now engaged in studying
| the different portions of our country
| and | have found that IL was necessary
! for me to arouse their ina ginations L
make them comprehend how we ar,
growing and what we are capable o
doing,
II have the utmost confidence in thu
/, future Of our section. We have greatel
natural advantages than any other sec
tion of the Union, and this means o
the world
while We invite the good men OF The
| balance of our country to come anC
settle among us. II necessary our owl
people have the enterprise and force
to build this section"