Evening star., 1914-10-22
President Urges Inauguration
of Currency System as Soon
as It Is Possible.
ADDRESS TO OFFICIALS
OF THE RESERVE BOARD
Managers Plan for Operations to Be-
gin About November 16-Directors
Prefer November 80.

Although representatives of the twelve
federal reserve banks voted in favor OF
openinr the banks November 80. mem
bcrs of the reserve board today were
going ahead with plans for putting the
new banking system in operation NO
yemher 16 or November 20, if 1t be
found that this can be accomplished.
Secretary McAdoo favored November
IT, President Wilson thought the banks
should begin business at the earnest
possible date.
AS the currency act empowers Secre-
tary McAdoo to open the banks when
ever i'll his opinion, they are ready 10
transact business. the vote of the banks
representatives does not bind the Sec
retary or the reserve board. Although
the board has voted that all the banks
shall open at the same time. this de-
cision may be changed if it seem de-
srable for any reason to have some of
the banks begin business before others.
Smaller Banks Nearly Ready.
The smaller reserve banks, it is stated.
are more nearly ready to open Novem-
Der it than those in the larger cities.
An early date was favored by some OF
the southern bankers, as they thought
the federal banks might render aid in
handling the cotton crop.
The directors We're leaving for their
homes today to begin work preliminary
To- the opening of the banks.
The President. addressing the direct
ors and officials of the federal reserve
banks. yesterday. when they assembled
Ut the White House to pay their re-
s-pects. advocated opening at the earli-
Il date possible: confidence, he said.
is the only thing needed to restore
business prosperity; he considered
business men were exhibiting more
nervousness than is necessary.
For my own part, said the PreSi-
dent. Il believe that the best thing
that can he done for the country is to
open the banks at the earliest possible
date: otherwise we should seem to
doubt their efficacy. Otherwise we
should seem to discredit in part the
very thing that we are undertaking.
Only Thing Lacking Is Confidence.
For my feeling about the present
situation is this: The only thing lack
ing is confidence. The circumstances
OF the world are extraordinary. but we
ought not to allow our mental atti-
;ude to be extraordinary We are more
nervous than there is cause for, and if
go about business as if nothing
were happening, business will take
care of us we take care of it. That
my conviction.
Il will not again use the word 'psy-
chology.' but there is psychological
element: there is a state of mind in
:olved in this thing which it would be
cry useful if we were to correct it,
and the way to correct it with others
: to correct il in ourSelveS-to feel
that there is nothing to wait for in
putting business upon the footing upon
which it is to remain, | hope, for a
-:reat many years to come.
But when | started out / did not ex-
9ect to say these things l merely ex-
:'ected to tell you how sincerely graft
led l am to have the opportunity of
meeting you and of telling you how I
congratulate the country upon being in
fhe hands In the matter of banking of
..uch a body of men,"