Daily capital journal. (Salem, Oregon) 1903-1919, 1914-01-30
Little Oratory Is INDUCED in
and Facts Presented to
Committee
FOR NORTHWEST BANK
Arguments Presented to Show Portland
Is Best Fitted as 70 Location and
Other Facilities.

Portland, Ore, Jan. 30.-Primed with
salient facts and figures relative to
the diversity of industries of which
Portland is the center, banking statis-
tics, maps and charts, bankers and pro
fessional men of Oregon and a few
from southwestern Washington appeared
before Secretary Of the Treasury Nc
-Adoo and Secretary of Agricultural
Houston, members of the organization
committee of the regional bank board,
at 10 O'Clock this morning in the fed
eration building, to advance this city's
claims for the establishment of fed.
eral reserve bank here.
Eighteen prominent men were schad-
uled to address the committee at the
hearing which will conclude this after.
room.
The narrow quarters of the United
States district court in the postoffice
building was packed to the utmost.
Earnestness Is Feature.
Earnestness stamped the whole meet
ing. There was not sky rocket, not an
iOta Of perfervid oratory, The whole
tone Of the hearing was business-like.
Barely had the two visiting members of
the organization committee, Secretary
of the Treasury McAdOo and Secretary
of Agriculture Houston, taken their
seats at the long table before like a
piece Of well-oiled machinery the hear
ing was on, and the committee was well
in the midst of Portland s claims for
regional bank.
Secretary McAdoo opened the meet.
ing by describing briefly the purposes
of the federal reserve act, and explain
ing the function Of the organization
committee "This meeting is held,"'
he said, "for the purpose of eliciting
facts The committee wants facts, and
not orations. We don't object, neces-
sarily to oratory, but, as a rule, oratory
is not based on facts" Secretary Me.
Adoo appealed to the patriotism of the
American people to assist the commit
tee in getting this system of currency
reform in running order.
Both members of the committee
should have been gratified, for Port
land showed anything but oratory.
From the moment A, L. Mills, president
of the First National bank, president Of
the Portland clearing house committee
and chairman Of the joint committee
on regional bank for Portland, started
his argument it was to be seen that the
city would exhaust every available re.
source for the presentation of facts in
support Of her claim to federal re.
serve bank center.
President Mills spoke for the Port
land clearing house and Portland bank.
ers. He was first asked to give his
name and occupation, and whom he
represented at the hearing. He plunged
directly in to his argument.
Mature" he said, "has set apart
the Northwest to be district by itself.
If it is not qualified to receive a bank
of its own now, there is no doubt but
that il will be soon in the future. We
stand alone, cut off on the south by
mountain ranges from California, and
on the east by the Rocky Mountains
Portland in Lead.
Then he explained the Portland
Clearing House association s plan Of
campaign in gathering figures that, he
said, would demonstrate Portland 4
financial supremacy in the Northwest.
Letters, he explained, had been sent to
96O banks in Oregon, Washington, Ida.
no and Western Montana, asking them
with which cities most Of their banking
business was DONE OF the number 663
replies had been received. OF this last
number go replied that most Of their
banlino Arauenetfoua ,,ra. ,,.s4L d.