St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-04-11
NEW ORLEANS
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Resolutions Of mass meeting of the
citizens OF New Orleans protesting
against the unfair location of FEDERAL
reserve banks and the inject:o of
politics INTO the national banking sys-
Item.
At a mass meeting of the citizens
of New Orleans, convened upon a
Joint call issued by the
+, New Orleans Clearinghouse Asso-
Ic.at:on.
/ New Orleans Association of Com
merce,
New Orleans Board of Trade,
! New Orleans Stock Exchange,
New Orleans Sugar Exchange,
New Orleans Contractors and Deal
ers' Exchange,
+. New Dreams Real Estate Auction
Exchange.
the following resolutions were unani-
mously adopted, by a rising vote:
Whereas, the Federal reserve act
constituted the secretary of the treas
ury, the secretary CT agriculture and
the comptroller OF the currency as a
reserve bank organization committee,
for the purpose CT locating the Fed
eral reserve bank and outl mig the
Federal reserve districts.
Whereas. that act expressly pro-
:; aed that the Federal reserve cites
and the Federal reserve districts
should be apportioned with due re-
gard to the convenience and custom
airy course Of business within the
United States and with foreign coun-
TT es. and expressly provided that an
Investigation should be made by the
organ cation committee, in order fair
~ to ascertain what the said convent
ence and customary course Of trade
might be.
Whereas, the said organization
committee made such an .nvestiga-
ton as was required by the statute
creating it. and thereby secured valu-
able information as to the magnitude
importance. convenience and custom
airy course of the business Of the
various sections of the country, and
as to the proper location of the re-
serve cities and the reserve districts
contemplated by the act.
Whereas, said committee, instead
of locating the reserve cites and re-
serve districts in accordance with the
convenient and customary course of
business. as pointed out in unm 'atak-
able terms by their investigation, has
proceeded in many instances to To-
cate and designate those cities and
districts in utter and absolute disre-
gard of the just claims of certain
important cities and communities.
which claims are predicated upon
conven' ence. customary course of
business, population, commercial i'm
portance. geographical position and
financial requirements and capabil:-
ties.
Whereas, the action so taken in
those cases indicates only too plainly
that the conclusions reached were ar-f
rived at. not by careful and i'm
partial consideration of the merits
Of the claims of the respective par
lies, but were reached and based up
IN considerations of political exped'-
sncy or personal interest and aggran-
1izement.
Whereas, the fact that politics and
he false gusce Of personal interests
nave entered into the conclusions
cached Enthusiastically appears from 4
he selection of Richmond, with a
neager population of 127,628 and a
otal of banking resources of $5O,-3
1000. and making tributary to this /
lnimportant mart of trade the cities
t Baltimore and Wash 'ngton; the
ormer with its population Of $751;
L85 and its local banking resources
t 5000 $4,000, and the latter with !
b prestige and importance as q ma
iOnal capital, to which is added
population Of 331,O6S and banking
esources of 511O.O81OOO. The Sc
ection Of Atlanta, a city in Georgia.
Nth population of not more than
54.839 and total 81 banking re-
ources amounting to $4,000, 900
nd serving only q purely local terri
Dry, a city self-confessedly unable,
T'thout assistance. to- support a re-
erve bank, and the making subserv-
int to this comparatively unimpor-
ant city so large and important a
'ty as New Orleans. the metropolis
( the South. the second port in the !
hole United States, tie largest man
featuring center in the South Tits .
being greater by more
han $18.OOO,00O than the total man
features OF Dallas and Atlanta COM
lned), the key to, the dom 'nant fac i
y Of. ana the ackndRledged hnan- :.