The Washington herald., 1914-01-15

that the territory mentioned Is rich In
agricultural. mining, and manufacturing
interests. Ito arrive at the result one
half Of the published returns from Penn
sylvania and two-thirds of the published
returns from New Jersey have been
omitted to cover that part OF these States
which are not included in the contem-
plated reserve districtD
Total Value of Farms.
'The total value of farm property in
1910 was s. 400. .0Oo.00 and the relation be-
tween available acreage and improved
farm lands indicates that II capital could
value OF farm property would be greatly
increased.
The total value of all crops in 1910 was
siss 0Oo, 900. s74s 600 900 is invested In mining
enterprises Of various kinds. and the pro-
duction of such enterprises in 1910 was
valued at S21s, 200.
Two billion and a half dollars is in
vested in manufacturing enterprises of all
kinds. and in 1910 their output was valued
at $500. 1000.
The combined capital invested in these
human activities is s.st3, 900 900. and in
1910 they produced s., go. 900 OF real
wealth, not paper or imaginary profits,
but actual values represented by every
conceivable thing serviceable for human
need and comfort.
..In addition to the actual wealth grown
in fields, dug from the earth and fash
ioned into shape in mill and factory. We
must contemplate the vast fabric of busi-
ness that is needed to transport these
things from place to place and put them
into the hands for which they are in
tended. Transportation. trade. and COM
merce represent other millions Of money
invested.
Warrington Logical Center.
Washington, the nations Capital. is
in the midst OF this rich. prosperous
territory. Four large trunk line rail-
roads, with their tributaries. connect 1t
with every part of the South and
Southwest. Two large trunk line rail-
roads and their branches connect it
with every part of the North and West.
Communication between this city
and every village and town and city in
the proposed district is rapid and reg
ular. Letters mailed to Washington
from points. fsrthest away reach their
destination in eighteen hours. Mails
| to and from points in the North and
South pass through Washington. and
letters from some points in the South
and Southeast section intended for
points a few miles west pass through
Washington ere they reach their des-
tination.
Its central location. its prestige as
the seat of government and the loca-
tion of the Federal reserve board here
make Washington the logical location
for one of the Federal reserve banks.
The extent of territory naturally
tributary to the city by reason of easy
and rapid means Of communication In
every direction and the volume and d.
yersity OF business activities in that
territory will enable the Federal re-
serve board to bring reserve bank
located here up to such high state OF
DEVELOPMENT that ii will serve as
model for other such banks elsewhere,
and.
"Finally, the sense of security af-
forded by the protection which the
Federal government throws around this
city must not be overlooked in the
matter OF locating at least one OF such
banks"
II. II. SIngIeton's Views.
w. II. Singleton. representing the trade
orga nizations of the city, said ZVoV DUST
ness men Of Washington wanted the bank
here. The city being the seat OF the
National government, he declared the
question OF legal jurisdiction a most i'm
portant one. Tre question, he said.
would come up early in the operation OF
the new currency act, and II would be
desirable to have a reserve bank here
for that reason. In response TO ques-
ton from Mr.. McAdoo. Mr.. Singleton
doubted whether service on a branch
bank could be secured as readily as on
a reserve bank.
FIRST said Mr.. Singleton, this is
unitary Jurisdiction with one source OF
LEGISLATION, where there could be no con-
fict of authority.
Second. Here there is a right of ap-
peal or of writ of error to the United
States Supreme Court, not only in cases
which in the States may be so taken up
but in other cases, notably these which
relate to the validity of any authority
OF scope Of any power of any official or
the construction of any law Of the
United States
Third. While the Federal reserve act
does not specifically provide, yet its terms
would require that the office Of the Fed
eral reserve board should be here, and
the Federal advisory council must meet
here at least four times each year
Fourth. Sequential to the first three
reasons there would be here. under the
personal observation of the Federal re-
serve beard and the Federal advisory
council, a Federal reserve bank. in the
administration of the affairs Of which
Inere wOulu Ollis EcsslOiLdl
lation interpreted by the United States
Supreme Court to be considered. so that
any question could be speedily determined
free from conflict OF jurisdiction. or in
other words. a model bank would be
established.
Fifth. For the above four reasons
there would be best subserved one. Of
the specified objects Of the act, as emu
merated in the title to establish a more
efficient supervision Of banking in the
United States"
NJ z. Church. a banker of Falls
Church. Va, followed Mr.. Singleton. He
said Northern Virginia undoubtedly could
be served more satisfactorily through a
Washington bank.
John B. Larner, Of the Board Of Trade,
said he wanted to confess to the commit
tee that his interest was selfish. 'I have
assumed" said he, that the bank would
be located here because this Is the Capt.
tai of the nation. The city and District
is increasing in population and wealth
an the time. The currency act was pass
ed here; this Is the city of its birth.
Every facility is afforded for the opera
tions Of the act and the city should be
selected"
Secretary Houston said he did not see
r~uA. C.w~e usaAs~h~ ,.A !rs~