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

reserves in New York.
And 1t is my judgment that the
bank which does not avail itself of the
benefits of the banking and currency
law will find II more and more difficult
to maintain a list OF depositors against
a bank which is a member
AT one time during the progress of
the legislation | feared that a move
ment might be made to put the state
of Georgia into "A reserve district with
New Orleans as its center.
Entitled to District.
II felt that this would be injurious
to our State, and |, therefore, insisted
that the number of reserve districts
should be changed from a fixed number
of eight to not less than eight nor more
than twelve
q believe the Southeastern section is
logically entitled to a reserve district.
| have pressed that view in the Demo-
cratic caucus and upon the members of
the members of the organiza ton COM
mittee.
zone of the arguments which 1 have
presented was that in the center of our
Southeastern section we have a city
which leads all the South In postal re
ceipts: which led all the South in 1912
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 in
the South.
Il have been gtaified to see that bank
ing experts in New York, Boston and
Washington have nearly all agreed that
the Southeastern section should con-
tribute one of the reserve districts and
that reserve bank for the district
should be located at Atlanta.
"A reserve bank will in all probabil-
ity be located at Boston, one in New
York and one somewhere between New
York and Atlanta. A reserve bank will
naturally Relocated in Chicago St
Louis and San Francisco
Beyond this | am not able to give an
indication.
Advantages over Central Bank.
There are those who have insisted
that we should have but one central
bank. In working out this act we have
believed that there were advantages IN
avoiding the concentration of only one
bank. We We're convinced that the di-
vision of the country into districts &c
the different Federal reserve banks a
more complete recognition of local con-
dtions and free our currency from the
control by localities at "a distance.
AT the same time we have adopted
d system of general control of the diff
ferent reserve banks through the Fed
eral Reserve Board which will bring Il
the system as whole all of the ad-
vantages of central bank. while pre-
serving the advantage of localiZation OF
the different reserve boards.
Il have used the opportunity to pre-
sent our section, with its wonderful re-
sources and its marvellous progress, tC
those who are now engaged in studying
the different portions of our country
and | have found that it was necessary
for me to arouse their imaginat lions tC
make them comprehend how we are
growing and what we are capable OF
doing
Il have the utmost confidence in the
, future of our section. We have greater
natural advantages than any other sec
ton of the Union. and this means OF
the world.
while we invite the good men of the
balance of our country to come and
settle among us. II necessary our OWE
people have the enterprise and force
to build this section"