The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-11-11
RESERVE SYSTEM WILL
NOT DISTURB BUSINESS
transition to New Banking Scheme,
Says Ingle, Will Bring
Large Benefits.
APPROVES C1TY.pLAN 1pEt
Richmond Chapter, American Insti-
tntc OF Banking, lndorses Mayors
Scheme to Place Future Growth OF
City on Scientific Basis.

speaking last night at the regular
monthly meeting of the Richmond
! .-hapter. American Institute Of Bank :
ing, william lnglc. Federal reserve
agent and chairman of the board of
! directors OF the Fifth District Regional
reserve bank. discussed in an inter
cstinE manner the country's monetary
problems and predicted that many
beneficial results will follow the in
sttution OF the Federal reserve sys-
tenn The transition from the old to
the new will result neither In disaster
nor In making heaven OF this each
oil ours, he said. discussing the prob
able effects of the inauguration of the
new financial system.
Ihosc who have been permitted to
Follow the workings OF the Federal
Reserve Board in Washington" said
Nj. lngic understand thoroughly
that the board economically is as good
as il 1t had been named to care for
the affairs of ono Of the great Euro
pean banks. but that it's members have
hecn most careful in the exercise of
me latitude given them in making def
hi'ioh ana providing regulations ms
required by law. Helpful suggestions
nave always been welcomed and when
iotas hav" not been accepted IL has
heen for the reason either that they
could not properly be fitted into some
general plan had in mind or that they
were probably selfish or obtrusive in
character
The law when in operation will
ultimately do away with $4,000 sepa
rate and distinc; reserve funds held
by as many banks the country over
each fund controlled either by tho
avarice or timidity OF it's particular
owner IN many cases and result in
the accumulation of the reserves of
The country under wha; is to be the
Fttt ~ nT II,
the Federal Reserve Board"
Mr.. lnglc predicted that the present
relations of business men and corpo
fations VIII not be disturbed in tho
slightest degree, but, on the contrary
after the lapse OF three years. il viii
lkcly DC found that bank deposits with
other banks will have been withdrawn
FOR rcdeposit with the several FcdcraI
banks.
After Mayor George Ainslic had
spoken before the meeting advocating
Inc adoption Of a plan for the city's
future Development. the Richmond
chapter of the American Institute OF
iahkihs went on record as tavoring
the project and pledged its support I,
the movement. The Mayor explained
'ha' heretofore the city has grown In
- naPhaZard manner, ana that. in his
opinion, some Immediate action is
necessary The city authorities arc
no" considering the advisabllity OF
bringing to Richmond Il municipal ey
"bit designed to familiarize citizens
WIN plans OF development which have
neen adopted by other cities. The pro
Jcct - receiving the supper; of prac
hctilY every civic and commercial or
g;a"i%a;ion in tho city.
John NJ Miller. receiving teller o.
the FIRST National Bank. and a mem
De-; OF IA" local chapter OF the :nsti.
'n'e addressed the meeting. talking
dong general lines ana cmphssizin..
some Of the things which he said he
though; every bank cmployc sh0uld
bear ia mind. In The meeting las,
night il was decided that "A brief talk
by one member of the institute shall
hc made hereafter at each regular
meeting OF the organization.