The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-10
SUPREME NEW lORk.
How the Jcaiousy Of Outstrippcd Com.
munitics shows Itself.

To THE EDrron OF THE SuN--Str: q
Jealousy. what crimes are committed not
IN thy name
Tho people Of the United States are ex-
tremely jealous Of New York city. and the
sooner there is u complete realization OF
this fact the better. Jealousy Is an un-
conscious homage 10 superiority" New
York city is the metropolis and usually
has the best Of everything, from the big
banks to the best music.
II was called by Bryan when candi-
date for the Presidency the enemy =
country" At that time the West and
South considered New York city was fos-
tering the gold standard. which was the
cause OF their woes. Now this city is at
tackled for being the banking centre and
having the stock Exchange.
Due TO this jealousy there will be no
very large regional reserve bank In this
city II the politicians can prevent 1t.
The capital stock OF the reserve bank Is
made up by contributions of 90 per cent.
OF the capital and surplus or each ma
tional bank in the region.
The reserve bank OF this region being
practically owned by the national banks
of this city, there seems TO be no reason
why one very large reserve bank should
not be located here, But to prevent II
would he a sop to This jealousy OF New
York city, and II would be very agreeable
10 some other parts of the country If this
money could he diverted.
Probably the Crackers OF North Caro-
lima would like some. Little do they know
that this IL the greatest manufacturing
city of the country and In also the great
clearing house OF our International COM
merce. They seem TO forget that money
is medium OF exchange and VIII go
where Il is needed. according to the laws
of supply and demand. The scheme of
those In power Is a vote getting, soup
LII srhA inU
The fear the politicians express is that
ian Overwhelmingly large regional reserve
bank in this city Will be too dominating
a factor"
They do not realize that the large bust
ness OF this city requires a medium OF ex.
change In proportion TO this business. ana
is the banks are giving UP 20 per cent
Nof their assets they have right TO insist
that there he located here one large re-
serve bank able to handle big things.
why cannot these disgruntled ones see
that this city Is AN integral part OF the
whole country? II has changing popu-
latlon. It's residents are for a very large
part from other States. The tremendous
hotels are constantly filled with non-resi-
dents.
Boston and Philadelphia are local cities
but New York II populated, owned ana
used by all the United States new
conner does not have to reside here long
city There IL no social difference between
the person born here and those who come
here to live. This In "a cosmopolitan city
and people who are honest. interesting and
OF "A good disposition are soon taken up
and become New Workers. In fact. most
Americans are to be thus designated as
New Workers. for they spend At least
part OF the year here.
II is high time all Jealousy should cease
The interests of one are the interests or
all united We stand and divided we fall
Attacks on the Stock Exchange are soon
expected from Washington.
This, too. Is Jealousy: the exchange Is
properly conducted. J. Is the states that
are at fault in allowing companies TO be
ormed without proper assets
Just as money and credits cannot be d.
verted from their proper channels by leg
islation. so a stock exchange and free
speculation should not be hanpered.
What is il but Jealousy that caused
the provision in the income tax holding
up all coupon payments?
our agrarian Legislators made no pro-
visions as to holding up any payments FOR
cereals. Would that they would read
Adam Smith and also Henry Georges de-
rerc. OF speculation and spectators
Let our business men and bankers ana
all those who have had experience in their
vocation and know. therefore. what they
are talking about he eternally Ngilant
and fight for their rights
FATHER KNIcKERBockEr.
New YORK, January 2,