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

reserves in New York.
And it 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 a list of depositOrs against
bank which is a member
AT one time during the progress OF
the legislation | feared that move
ment might be made to put the State
Of Georgia into reserve district with
New Orleans az its center.
Entitled to District.
81 felt that this would be injurious
to our state, and l. therefore, insisted
that the number of reserve districts
should be changed from a fixed mum Der
Of eight to not less than eight nor more
than twelve.
II believe the Southeastern section Is
logically entitled to 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 oui
Southeastern section we have city
which leads all the South in postal re-
ceipts; which led all the South in 1917
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 IL
the South.
Il have been gratifed to see that bank
ing experts in New York, Boston anG
Washington have nearly all agreed thai
the Southeastern section should con,
tribute one of the reserve districts and
that a reserve bank for the district
should be located at Atlanta
"A reserve bank will in all probable
ity be located at Boston, one in New
York and one somewhere between New
York and Atlanta. A reserve bank viii
naturally be located in Chicago, St
Louis and san Francisco.
Beyond this | am not able to give ar
indication
Advantages over Central Bank.
There are those who have insisted
that we should have but one centra
bank In working out this act we have
believed that there were advantages II
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 reSerV,
banks a more complete recognition of To-
cal conditions and free our currency
from the control by localities at dis
lance.
AT the same time we have adopted
system of general control of the diff
ferent reserve banks through the Fed
eral Reserve Board which will bring 4
the system as whole all of the ad
vantages OF a central bank, while pre-
| serving the advantage of localization o
the different reserve boards.
Il have used the opportunity to pre-
sent our section, WIN ltS WONDERFUL re
sources and its marvellous progress. e
those who are now engaged in studyin.
the different portions of our country
and | have found that ii was necessary
for me to arouse their imaginations t,
make them comprehend how we ar,
growing and what we are capable o
doing.
Il have the utmost confidence in the
future of our section. We have greater
natural advantages than any other sec
tion of the Union, and this means oi
the world.
While we invite the good men of the
balance Of our country to come anC
settle among us. IL necessary our owr
people have the enterprise and force
to build this section"