El Paso herald. (El Paso, Tex.) 1901-1931, 1914-11-04
RESERVE BANK To
0PENON NOV. IS
Director Martinez Returns
From Dallas; Says Law
Saved Country.

president wilson's banking law
saved this continent from the worst
panic in the history Of the world,
Felix Martinez declares
Mr.. Martinez. FL PasO's representa-
tive on the board Of directors Of the
district reserve bank. has returned
from the Dallas and Washington con-
ferences Of the federal and district re-
serve boards filled with enthusiasm for
the new banking law and the system
which has been perfected Tor IFS april
cation.
M Martinez was named a a director
of the district reserve board by the
president and will serve two year
term on this important board controlling
the finances Of the 18th, or Dallas dis
The 11th district reserve bank. with
headquarters at Dallas, will open on
Nov. Is in accordance with the order
OF the secretary Of the treasury Mr..
Martinez says
'The board Of directors has elected
Oscar Wells, Of Houston. as governor.
r. l. Van Zandt. of Fort Worth, vice
governor. and J. ". Hopes Of Calves
ton, cashier. They took immediate
charge, with chairman Tension and
DEPUTY McCaleb. TO prepare for the for
NAL opening on the 18th The member
banks have responded with prompt
payment Of the first instalment- nearly
all of which has been paid in gold
Legislation Timely.
"Our country was fortunate in hav-
ing this legislation on the statute books
when the cataclysm started in Europe
like a thunder clap from a clear sky,
and had IT, not been for the prompt
action Of secretary McAdOo the con-
troler Of the currency and other mem
bers Of the reserve board, common sense
judgment fails TO see how the worst
l. - Il Il II
have been averted on this continent,
practically the only section out Of the
sphere Of the war
Between the amount Of reduction in
the legal reserve OF all the member
banks in this district and the amount
they can deposit in securities other
than cash as reserve with the federal
reserve bank, and the new facilities for
discOunting, there Will be additional
millions to which recourse can be had
in case Of an emergency.
1T does seem that it makes no diner
ence TO what extreme psychology
should affect the TeOple in a scare Of
the kind the bulWark of strength in
the reserve banks viii be sufficient 10
Offset any kind OF an attempted panic
or condition Of strlngelcy- As the
work develops many features viii come
20 the surface that viii be Of great
benefit TO every class Of industry IN
Principle Of Law.
The principle and meaning Of the
spirit Of the law is the equalization Of
the circulation Of money and facilities
to do business in all sections Of the
country without permitting centraliza-
tiOu in any and the success Of the new
plans depend first on the activity, abil-
ity and mana cement OF the board Of
directors with its supervising and con-
trolling head. the reserve agent who is
the direct representative Of the federal
reserve board at Washington. which
means the government. and the eXecu-
tive committee with the governor al
its head.
The invitation Of the federal reserve
board for a conference N Washington
resulted in a most extraordinary
gathering of financial experience and
efficiency. and was very instructive and
of great value in arranging uniformity
as much as I ossiDle in the government
and management of the u reserve
banks Of the United States
The deliberations closed with a re-
ception given by president Wilson
whose statements greatly encouraged
the members Of the delegation"