The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1914-04-25
ADDRESSES Of
BANKERS At
OPENING SESSION
PRESIDENT S. A. WOODS ANNUAL
ADDRESS
Comptroller w. V. Knott Also Made
Interesting Address Before
Convention
Address of President S. A. Wosd

| Au0reSS OF freSluenC ,. n. WO0Q
Members of the Florida Bankers
ssociation and Guests: l feel it an
nonor to be here today to preside
over the twenty-first annual conven-
tion of the Florida Bankers Associa-
tion.
The very cordial welcome we have
received will cause us all to remem-
Der this occasion very pleasantly.
and sincerely hope that the delib-
erations of this meeting will prove
to be profitable and helpful to us all.
During the year which has passed
since our last convention, our Asso-
citation has prospered. Its affairs are
in excellent condition. The reports
which will be submitted to you later
| by the various committees reflect
good, healthy condition. and show
that your officers have been alive to
| the interests of the Association.
The past year has been year of
suspense and Apprehension, but it Is
refreshing now to look out upon the
| future with a reasonable assurance
that activity and progress, guided
bv courage and conservatism, are
again to be the watchwords of our
people.
When President Woodrow Wilson
on the 23rd day Of December, 1918,
approved the Federal Reserve Act, he
gave to the country a currency bill,
full of possibilities of good, and we
as patriotic citizens should accept
the bill and do everything in our
power to insure its success.
Mr.. Clarence w. Barron, an au-
thority on finance, says: mo liv-
ing man can today put on paper, ex-
cept as mere guesswork, how the
proposed new banking and currency
bill will work in practice. It would
not be strange then, however, II the
new law proved, after practice, de-
fective in part, but desirable amend
ments are best made in the light Of
experience.
Under the new currency bill the
federal reserve organization commit
tee, has established twelve federal
reserve districts, and In the selec-
tion of the reserve cities the commit
tees have shown good judgment and
proven themselves worthy Of the
power, and of the great responsible
ity which they have assumed. In
considering the new currency bill
from the standpoint as to whether
or not it will prove successful. 1t
must not be forgotten that more than
70 per cent in number of the bank
ing institutions of the country are
now doing business under State char
ters, and up to this time only 81
state institutions have signified their
intention of affiliating with the sys-
tenn State institutions have pros
pered and | presume are largely sat-
sfied with conditions as they are to-
day. but it would seem to me that in
order for the complete success of
the new system there should be Great
ed desire upon the part of all
banks to become members.
None of us know what the federal
reserve board proposes to do with
the question of commercial paper
which is of such intense interest to
every banker, but it is to be hoped
that he language of the new bank
ing act in reference to the use Of
commercial paper may be clearly and
definitely understood.
The purpose of the bill is primar-
tally to furnish an elastic currency,
and to afford means of rediscounting
commercial paper. Commercial pa
per will be standardized, and the
federal reserve board should estab-
lish in each federal reserve bank,
and in every branch of a federal re-
serve bank a department for the reg
istration Of bills and notes. Every
business man should welcome the
establishment of such a department
in connection with the federal re-
serve system, as its purpose would