Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1914-04-06
REGIONAL BANK
FITS ATLANTA
SAYSF0RBES
Unparalleled Growth Is Predicted
for Trade Center-0ther
Choices Not So Wise.
By 3. c. FORBES.

The start made by Messrs VII
Hams. McAdoo and Houston in inau-
guratng the country's new banking
system is not altogether inspiring
For these main reasons
l. Too many reserve cities twelve
nave been selected.
.. limitations are made officially
that this number-the maximum al
lowed under the present law-will be
increased later.
?. 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
ington that the Treasury Department
has been run. not primarily for the
benefit OF the country, but on parti-
san. PIN headed lines, dictated by
personal considerations. After the
recent hubbub at Washington over
Mr.. Williams part in the Munsey
Trust Company deal, il was not be
lieved he would readily lay himself
open TO fresh criticism However he
may have recalled that the selection
OF "Pendill OF Peoria" as Russian Am
bassador made that ilk famous, and
that the least he could do was to add
10 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 il is not a great
railroad center Il 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 il
-its reserve banks capital viii be
much larger than several others
Richmond may prosper at the expense
Of neighboring cities not fortunate
enough to have a favored son at
court.
The appearance Of Dallas in, the list
had not been generally expected, but
lis selection was Influenced largely by
geographical reasons and is not open
to unreserved condemnation.
Atl9nta'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 IL 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 Its break viii foment con
slant clamor for the realignment OF
the country's reserve districts Be
sides the principle is wrong
WRONG in capital letters
NV firm belief is that the course
mapped out by the present powers
that be can lead to 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
tisansllp.
Meanwhile. the regional system will
he given a fair trial Even those who
opposed fl most vigorously will rally
10 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 he best will be made OF the APP
pli3rceS provided.