The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-04-17
NEW ERA STARTED
BY CURRENCY BILL
Editor Of Manufacturers Record
Defends Selection of Reserve
Bank Cities.
AMAZING WORK BY RICHMOND
Wonderful City Promotion Ought
to Be Studied by Every Bust
ness Man in South.

In the Savannah Morning News OF
Wednesday Is an Interesting interview
with Richard IL. Edmonds, editor of
the Manufacturers Record, defending
the choice of regional reserve centres.
The article was as follows:
while the selection of locations for
the regional banks is naturally a mat
ter OF very great concern TO individual
cities ana while Baltimore and New
Orleans. by virtue of the magnitude of
their business interests. may very just =
~ feel gricved that they were not Sc
icctod. The main Tact should not he
overlooked. and that Is that the new
currency bill inauGurateS an absolute
~ new era in the banking interests OF
This statement sums up the opinion
entertained by Richard II. l:dmonds.
editor OF the Manufacturers Record.
with regard to the new currency bill.
lie discussed certain phases Of it with
q Representatives of the Morning News
last l. night; we are inaugurating a
dertakcn," said Mr.. t!dmonds.
Local issues arc important to local
interests. but the country at large is
not 50 much concerned as to the dis
appointment of such cities as Ralti-
more and New Orleans. rs it is TO the.
broad question OF the creation of Z
vital interest TO everybody
DetcudS Committee.
While J sympathizc with Baltimore
and New orleans in their disappoi,it-
nert, do not believe that it is fair
TO charge til. men who made the de
cision, Is 70 the location of these re-
slonal banks with unfair favoritism
81 believe that they were honestly
guided by what they honestly believed
COUNTRY. and it remains TO be seen
whether in this respect their Judgment
was right or wrong.
IF their failure Ia secure regional
Drinks snail Stimulate !.
ihe business people OF baltimore and
New Orleans as to make them throw
erGy and untiring work which Rich
mond and Atlanta put into their fight
ior the rcGional banks. then the loss
Will prove both to Baltimore and New
Orleans Il blessing rather than AN in
jury.
The work done bv Richmond ana
AtiantH WAS an amazing illustration
OF aicrtlNeness, initiativcneSS, energy
ana Willingness 10 spend money with
oNt stunt IN every Legitimate way TO
secure the necessary data, to put into
attractive shape. aud to bring TO bear
every possible influence OF bankers and
Others VINO could be reached in person.
by telephone OF by telegraph.
\ Fine Spirit.
- finer piece OF city promotion work
was probably never done by any CITY
than that OF Richmond in its efforts,
10 secure 4 regional bank 1t was sim
ply - maSterful piece OF work, and i,
ought to lie studied by every busjn.s.
man in tho South who wants to s."
what can BE- don" in city building. TIE
S v.h fiinir,it Was illustrated last fai!
Thought 10 be overwhelming odds. Sc
cured Tor next October the animal
mssunE OF the american Bankers AS
social ION. one of tho most important
gatherings ~ business mon which ever
meets in this country.
mink I:ichmoud and Atlanta
QUAINT 10 tc given credit for this spirit
ana that i is unfair TO charge John
Skelton Williams with favoritisrn to
his own city.
Tho broad question at issue. how
eyer, IS not so much the location OF
these regional banks. as the influence
winch THIS new system will probably
ntNe Mpon the prosperity OF the coun-
.rE; u n" unfortunate financial power
WH!cii New York has so long held, t.
me d"triinent of the best interests o;
me country. VIII certainly be lcsscned
'tlc @NciE financial sections VIII b,
! G"E"!ob"u throughout the land. II ha.
long nr"n realized by All students al
economic conditions that New York's
i""'f over the ilnanc"s Of the country
VAS a most DANGEROUS one. bringing
%"out lh mat city concentration Of
"I%Itn ana Of money power which
Wclf'tT" OF tn" whole country.
IN Era OF Developments
""'I II. how currency systcu
NOR" ought 10 be- and doubtless vii
pc q safer and .oundcr dcvelopmen
. ~ an III" varied business interests o
VIC country. Every line of business
; %hi every section ought to be. .nt
Gouni!"sa viii be. greatly bencfito,
by the iessenmg Of Sew York's powct
oyer our iiiance, through the creation
/ OF inls ncw currency system
our new currency plan works on
i "tGoIu!ns 10 the views or many Of tn
@bieS, ihan!Ciers and political cconorn
/ isis II viii completely revolutioniz
90 interests TO the bctterment OF every
n"dI. except those who have hereto
~" 10 large extent dominated on
/ nhahccS IL is probably the most i'm
d ppINtHt piccc OF legislation in the las
: quarter 81 a century.
. W IN TINS system inauGurated Their
- q Saicr ana aoundcr foundation 70
+ ,''1iv,iti progress and prosperity thar
/ Mnrt Depends ON Hnte Request.
''H'i"i business conditions through
@itoy.ii,cIc Ifn r. yn,i 1T present rSs are no
/ ,ii% here ana there. seen especially i,
{ me IRON, steel lumber and raiIroa,
/ il'"IeS The inability OF the rail
roads 10 find new capital for cXnnn
SION ana for the hcttermcnt is maxim,
~ IMPOSSIBLE for them TO buy as hcay vi
!! OF iron. steel and lumber az i,
!he i"St. 1nd until tho railroads ar
~ thc market for these materials ".
Z cannot look for any great activitv i,
! these interests
"a little push either way Will tur,
Interstate Commerce Commission wo,I,
prompt!% gram, the request of the rail
ToaHs Tor an increase OF per cen
w freight rates, tho push would be 4
b tho bottcrrnent, and we would prohabl
! very promptly see n great chango il
I nusltcss If the decision by the In
i'IStalc Commerce Commission is de
i'E'n Very much longer, or il il ShOul
80 'lNcrSc-and this hardly seems pos
SIh!t business would be given a dow n
""l dpush that would prove disastrous
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