The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-02-21
SUCCESS FOR BANKING LAW.
COMMITTEE REPORTS
THAT BANKERS OF COUNTRY
ARE PREPARED TO
USE 1T.
Issued by Men i'm Charge
OF Organization Declares New Plan
Avcrts IInmincncc OF Pan.cs -
Will be Ready for Crops.

Washington, Feb. 1S.-The federal
reserve bank organization committee,
back in Washington after a five weeks
tour through the country. in a state
ment tonight announced that it's Sc
lection of federal reserve cities and
definition Of reserve districts would
not be made until it had carefully
considered data accumulated on the
trip. The statement said the commit
tee learned that bankers and business
men are confident OF the success Of
the new banking system.
In a supplemental statement Secre-
tary McAdOo declared he hoped the
new system would be established in
time to take care of crOp-moving con-
tingencies next year but that if it
were not the treasury department
would stand ready to place it's funds
again at the disposal Of business men.
The committees statement in part:
I'VE have spent practically from
the 4th of January to the present
time i'm hearing the view Of business
men and bankers on the problem of
dividing the country into not less than
eight or more than ~ districts and
of locating in each district the main
Office of a federal reserve bank. or
the two questions the division OF the
country into districts is the more i'm
portant and difficult. The committee
asked those who appeared before it
TO direct their attention to these two
problems.
"In every section Of the country
the committee has found practically
unanimous conviction that the cur
rency bill will bring about the most
beneficial results.
THE committee was presented with
overwhelming evidence Of the enor-
nous economic strength of country
and Of the rapid progress Of every
section. The fact that the nations
banking resources as whole make
enormous advances every IL or Is
years, approximately doubling in each
such period, was made evident While
this is true OF the country as a
whole. it was shown that certain Sec
tions are advancing with more rapid
strides than others, and that the coun-
try is fundamentally exceptionally
sound and strong economically. Facts
and figures in every part of the coun-
try show amazing growth and
financial, Industrial. commercial and
agricultural soundness and prosperity
that leaves no doubt as to the future.
THE committee was impressed by
the frank admission OF bankers that
the present banking system not only
encourages, hut actually has created
artificial banking conditions. With
practical unaninity, the opinion was
expressed that the new measure will
restore normal conditions with great
resulting benefits; that the present
system not only furnishes no pr6tec-
tion in times OF real stringency, but
also even in times of great prosperity
makes 1t impossible to meet the con-
fitions. and that there has been pre-
sented the singular contradiction of
having bankers thrown into fear of
panic by the emergence OF wealth
Bankers unanimously were of the
opinion that the establishment OF the
reserve system no longer will make
our prosperity a peril and that it will
relieve them Of apprehension and dis
tress In those circumstances and give
confidence and stability Oh business
generally.
THE committee has finished it's
survey in the field. 1t has yet to
make examination of important docu-
ments and data and can not render
any decision until it has thoroughly
examined this matter.
Already practically all the capital
represented by the national banks has
come in. A number Of State banks
have applied for national charters
and many have applied for member
ship in the federal reserve system.
In every state the committee has
visited 1t has heard expressions from
governors. banking commissioners
and others to the effect that where
there is legal disability against sub
scription by state banks that disabil-
ity would be removed and the fur
thcr expression that state banks very
generally would seek to enter the sys-
tenn.
THE committee is gratiiied with
the results of its trip"
Here Is Secretary McAdoo's state