The herald and news. [volume] (Newberry S.C.) 1903-1937, 1914-01-06
COLUMBIA BEST SITE
FON hESERYE BANK
RtNkERS INDORSE NEW GLASS
OWEN CURRENCY ACT.
Committee Formed to Secure DeSigna
ton of Capital City as Reserve
Point.

q
tended by representatives Of about
four score South Carolina banks, the
new banking system, inaugurated un-
der the Glass-Owen bill was indorsed,
and resolutions were adopted, with
the appointment of committee, to
secure the selection of Columbia as
the location of the regional reserve
bank for the region in which the South
Carolina banks shall be placed. At
ter the meeting a light luncheon was
served by the Columbia Clearing
House association, the committee IN
charge being the manager Of the Co.
lumbia clearing house, s. F. P. Leap
hart, president Of the Columbia Saw
'ings Bank and Trust company; 7. NJ.
Phifer, treasurer Of the Guaranty
Trust company, and John W. Lillard,
cashier of the Union National bank.
The meeting was called to order
shortly. after / o'clock by G. NJ
Ferry, vice president Of the Columbia
Clearing House Association, who call
ed to the chair Bright Williamson OF
Darlington, president of the South
Carolina Bankers association. Mr..
Williamson has been close student
Of the currency question and has kept
Nd with the changes in the currency
bill on it's passage through the con-
gTess, and he made a lucid statement
of the conditions now confronting the
banks. James A Hoyt, president of
the Peoples bank of Columbia, was
elected secretary of the meeting.
TwOfOld Purpose.
w. A. Clark, president of the Car
DINA National bank Of Columbia,
S ated the twisold purpose Of the
meeting: First, to make the bankers
familiar with the new law, and second,
10 take action looking towards the
location of the regional reserve bank
in this city.
Willie Jones, president of the Pal
metto National bank Of Columbia, Of
fered the following resolution:
Resolved, That it is the sense of
the representatives of the banks as
sen5lel that It is to Me Interest OF
the banks of the stSfsRo apply for
membership in the Regional reserve
system. under the federal reserve act.
This resolution, which was later
adopted unanimously, brought the
whole matter up for general discussion
and tire first speaker called on was /.
D. Smith, Unitd States senator, 70
was present by invitation. SEN For
Smith gave a brief explanation1 the
general principles congress- had
sought to embody in the bill, and fol-
lowed this by his hearty assurance that
he would do all in his power to pro-
mote the selection of Columbia as the
location of a regional reserve bank
Congressman Lever and Congressman
Finley were then called on and their
remarks were on the same line. Mr..
Lever mentioned that several years
ago. when the selection of the loca-
ton for proposed subtreasury was
referred to representatives OF South
Carolina, Georgia and Alabama, Co.
lumbia lacked only one vote Of WIN
ming, in competition with both At
lanta and Birmingham.
Rhett Explains Law.
On motion of Harry D, Calhoun OF
Barnwen, R. Goodwin Rhett of Char
lesion was called on to make an eX-
PLANTATION of the new law, and he re-
sponded in a mastery exposition OF
the subject. There is probably no
other man in the State who has given
closer study to the currency ques-
ton, and none has kept in closer touch
with the progress of this recent leg
is1ation in congress, his views having
been sought by representatives of the
administration, and changes in the bill
having been made to meet his sug-
gestions. Mr.. Rhett said that he re-
garded the new law as one Of the
greatest works of Legislation in this
generation; from an unworkable
scheme, as it was in the beginning,
the bill had been perfected until it
represented the best wisdom of the
times on the currency question. He
then explained in detail the prin-
cipIes as we'll as the practical work
ings of the new plan, and answered