The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-06-19
BANKERS ENDORSE
TORRENS SYSTEM
Continued From First PageD

itbntlnu"u J. rom flr.t IhRe.l
81 tho bulk OF The first days business.
The feature OF the morning session
WAS the annual address OF President
IIurt-a paper which reviewed the
banking developments OF Virginia
since the last meeting OF the associa-
ton. dwelling particularly upon the
legislative and currency reforms OF
the past year
Mr. Hurt commended the Official work
OF the taxation committee. which was
Instrumental In securing the passage
az law by the last session OF the
General Assembly reducing the tax on
bank deposits TO 20 cents on the 500.
This VIII prove a great blessing
10 all OF our people as we'll as to the
banks" said MIR. Hurt. Money will
be- pu; in bank that formerly was In
not be- 80 heavy just before February
J each year. Money will remain In our
state that WAS formerly sent out to
cv.,dc taxation. and all business will
feel the benefit OF this new law. Yet.
! fear that some people will use this
opportunity for selfish purposes, and
request that each OF YOU will use your
Influence not only TO try to keep your
customers from Juggling and working
unfair schemes to evadc their Just
taxation under this law. but also to
persuade your dcpos!tors to list their
deposits for taxation, FOR ! fear that
II the state does not get as much
revenue under the new as ii did under
Tie old law, the next Legislature will
undo the good work done by your able
committee"
Air Hurt Indicated in his address
The feeling of the state bankers that
the banking division should be distinct
from any other state department The
inspection OF banks is now performed
under the direction OF the State Cor
poration Commission. While the chief
bank examiner and his assistants are
doing their fun duty and rendering
valuable service To the banks and also
TO the public, Mr.. Hurt made 1t clear
banking interests would prefer to have
this service distinct from any other
state activity.
REFORMS ARE CONSISTENT
WITH SCIENTIFIC BANKING
Touching upon the Federal reserve
act, Mr.. Hurt expressed the belief that
the reforms ii provides are consistent
with n scientific banking and currency
law, and that its enactment marks n
now and brighter era In the country's
financial history. On this point, no
said:
II am persuaded that the majority
or us, If not all. arc satisfied that the
new law. when it gets into operation,
will prove n great blessing to the
South I believe that it will do more
to localizc credit and build up Virginia
than any law that has been spread
on the statute books since I can re-
member"
1--WE all know that when any enter
prise of any magnitude, requiring
large capital. has been undertaken in
our State in the past fifty years, we
had to go North for the money, and
the fellow that furnishes the money
usually dictates his own terms and
generally gets the lions share. We all
know that most all of the reserves of
our banks. have been kept outside of
our state, and that our money in this
way has been used to build up other
sections at our expense.
Now we feel and trust that since
twelve reservoirs have been formed
known as twelve regional banks, and
one of them located In our lovely city
on the James, we will be able to keen
our money in the section in which it
was accumulated, and the overplus
of our section can be used to fill the
wants OF another without having to
cause Il panic in New York when we
need to move and market our crops"
I'VE are all proud of Richmond
bankers and business men who did SO
much to secure this bank for our
state. but let us not forget the hearty
cooperation and assistance they re-
ceived from the other States compos-
Ing the Fifth District. We rejoice that
Richmond is now reserve city and
the home of this bank. Indeed, great
Is Richmond. yet greater still Is the
Old Dominion State.
THINKS ASSOCIATION
UNJUSTLY CRITICIZED
This association has, I think, been
unjustly criticized In regard to it's ac-
ton on the Glass-Cwen bill at our last