Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-04-06
REGIONAL BANK
FITS ATLANTA,
SAYS FORBES
Unparalleled Growth Is Predicted
for Trade Center-0ther
Choices Not So Wise,
By 8. c. FORBES

The start made by Messrs. VII
Hams. MeAdoo and Houston IN inau-
guratmg the country's new banking
system is not altogether inspiring
For these main reasons.
Too many reserve cities twelve
have been selected,
mtmations are made officially
hat this numbeT-th maximum al
lowed under the present law-will be
increased later
g. The inclusion Of Richmond. the
home city Of John Shelton Williams,
and the exclusion Of more important
centers in that territory reveals pet
ty personal politics rather than
craftsmanship.
Financial interests have compliance
ever since Williams went TO Wash
ngtOn that the Treasury Department
has been run. not primarily for the
benefit o. the country, but on parti-
san, headed lines, dictated by
personal considerations After the
recent hubbub at Washington over
Mr. Williams part in the Munsey
Trust Company deal 1t was not be-
lieved he would readily lay himself
open u iIfNU AAlA1klNlls ilhNtNtAt itF
may have recalled that the selection
OF "Pendll of Peoria" as Russian Am
bassador made that ilk famous, and
that the least he could do was to add
to the fame and financial standing Of
his own city
Richmond is NOT a natural reserve
city It's clearings are not half those
Of New Orleans, for example, and are
far below those Of Galveston and
Houston Moreover, it is not a great
railroad center. 1t is not booming in
dustriously like so many other South
ern cities Now. however that Mr.
Williams has succeeded in laying an
enormous territory under tribute to it
its reserve banks capital win be
much larger than several others
Richmond may prosper at the expense
Of neighboring cities not fortunate
enough to have favored son at
court
The appearance of Dallas in the list
had not been generally expected, but
IT'S selection was Influenced largely by
geographical reasons and is not open
20 unreseryed condemnation
Atlanta's inclusion was mandatory
in view of its location, its Importance
and its prospects Of enormous growth.
Those best able to judge. predict
phenomenal expansion for Atlanta
and now that II will become a great
banking center, its future viii be
brighter than ever
The ORGANIZATION Committee errs
grievously in encouraging agitation
for increasing the number of reserve
banks It's break" win foment con
stant clamor for the realignment of
the country's reserve districts. Be
sides. the principle is wrong
WRONG in capital letters
My firm belief is that the course
mapped out by the present powers
that be can lead 10 only one culmina-
ton, namely the abandonment OF the
multiplicity Of district reserve banks
and the establishment Of one com
handing central bank That is the
scientific solution of our banking
problems. and sooner or later science
must triumph over politics and par
tisanship
Meanwhile, the regional system will
be given fair trial Even those who
opposed II most vigorously viii rally
TO its support Several changes will
become necessary very shortly after
the machinery has been started-of
that there is no doubt among those
who can see Clearest and farthest-
but the best will be made of the ap-
pliarces provided.