Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-01-20

the lumber and naval stores. Its
population is thirteen million people,
and their banking power, including
capital, surplus and deposits, is one
billion dollars.
Atlanta is the largest and best
equipped city in this territory. with
more varied industries and more of
the elements of business highly de-
veloped than any other city between
the Potomac, Ohio and Mississippi
rivers. Its banking power is inn
menseiy greater and it's connections
more far-reaching than those of any
city in the Southeast.
Atlanta Gateway for All.
The Southeastern territory in an
economic unit, with a homogend rs
population, one in blood and inteIV8t,
with institutions practically the same
throughout and with highways of
commerce centering in Atlanta.
The movement of products, which
from the basis of exchange, is natur-
ally through Atlanta as a gateway
Here the stream of traffic coming
down the Appalachian Mountains
meets the stream from the West, and
through Atlanta this immense traffic
is distributed through the Southeast.
The same is true of mall and ex-
press. 1t is the most economical
course for the movement of currency
and exchange.
In a word, Atlanta is the center and
metropolis of the Southeast, and the
Southeast will be economically the
most potent region in the country
when its resources are fully devel-
oped"
A feature of the luncheon was an
address by United States Senator
Hoke Smith, outlining the provisions
of the new currency law.
Smith Lauds Money Act.
In explaining to the assembled
bankers the scheme under which the
new financial system will operate,
Senator Smith said, among other
things:
81 have absolute confidence that the
currency bill will bring new free
dom to the American people. and that
1t will be especially beneficial to our
own section. l look forward with alb
solute assurance to a period of great
prosperity, and this section of our
Union is now known everywhere to be
the section to which will come the
greatest growth"
He urged all of the banks to enter
the new system, especially enjoining
the State banks to come in.
'It is my judgment" said the Sen
ator. that the bank which does not
avail itself of the benefits of the
banking and currency law will find it
more and more difficult to maintain
list of depositors against a bank
which is a member"
Presenting Atlanta's claims, he
said:
Gives AtIanta's Records.
"One of the arguments which I have
presented was that in the center of
our Southeastern section we have a
city which leads all the South in
postal receipts; which led all the
South in 1912 in the erection of new
buildings; which is second only to
New Orleans, and barely behind her,
in clearing house receipts and the
growth of which in banking capital
and bank deposits has exceeded dur
in. the past ten years any city in the
South.
81 have been gratif1ed to see that
banking experts in New York, Boston,
Philadelphia and Washington have
nearly all agreed that the Southeast
ern section should contribute one of
the reserve districts, and that a re-
serve bank for the district should be
located at Atlanta.
"A reserve bank will in all proba-
bility be located at Boston, one in
New York and one somewhere be-
tween New York and Atlanta. A re-
serve bank will naturally be located
in Chicago, st. Louis and San Fran
cisco.
Beyond this am not able to give
an indication"