The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-04-03


as the most perfect geographical di-
vision of this Continent lies south OF
the Potomac River-east OF the Appa-
laclitan Mountaius--and extends 10 the
IGulf. by reason of superior facilities
OF communication and the consequent
trade relations which have sprung up
and become established. portions of
contiguous States arc now and long
have been. commercially allied with
this territory.
&c rs, therefore. believed that one of
the most sharply defined and perfect
zones for the operation of Federal
reserve bank Is embraced in the follow
Carolina. South Carolina, Georgia. Flor
IDA, the southern half OF West Vir-
ginia, part OF Eastern Tennessee and
part OF Eastern Kentucky.
Since tho organization committee has
at all OF it's hearings sought and in
Nited the expression OF opinion, we now
desire To express the conviction that
the committee can render an inesti-
mable service to the country. the value
of which viii grow with time. by de-
hning the Federal reserve bank zones
in harmony with commercial zones, de-
terinined by natural boundaries, so far
as may be done In agreement with the
act
1t has been recognized as desirable.
for purposes OF economic comparison,
to cut the country into units or d.
visions
Given natural division OF territory,
ana the conditions in it, financial and
commercial, must always be moro uni :
form than could otherwise be the case.
The Comptroller has adopted six di-
visions--within State lines.
The Interstate Commerce Commits
sion. for comparison Of the operations
OF railways. has made ten arbitrary di-
vlsions-Within State lines
Poors Manual. a very high railroad
authority of very long experience,
makes eight dlvisions-within State
lines.
The United States government has
established nine judicial circuits. one
Of which comprises the States OF Mary
land. West Virginia, Virginia, North
Carolina and South Carolina Rich :
mond was selected as the location OF
the Court OF Appeals for this circuit.
and tho Chief Justice sits here.
! There are no standard divisions
Comparisons by States Will always
be desirable and necessary, but these
divisions arc too numerous for eco
monte purposes
The Federal reserve act marks an
epoch In the commercial and financial
history OF the United States. and.
while zones once determined may bc
rcadjustcd. the service which can now
nittce In liking these zones. which
need not be coterminous with States.
and. therefore, are contemplated to be
according to the natural divisions and
trade reia lions OF the country. is OF
the very highest order
In fixing tho zone which we have
mapped out, we have been guided by
this principle. and, in presenting an
argument to prove that Richmond can
better serve this zone than any other
city In 1t, and that by reason Of her
commercial and financial pre- eminence
she Is entitled to be the location OF n
Federal reserve bank. we have endeoy-
ored 10 eliminate all Irrelevant mat
ter, and have confined ourselves TO the
consideration of the following points
all of which are involved In the opera :
ton Of the act:
l. The Importance OF Richmond
geographical positton-her facilities OF
communication. her convenience OF 10
cation and accessibility to members
with whom we now do business, and
her advantage OF location In all bank
ing transactions between the North
aud south.
2. The present trend OF business. tho
present course OF commercial transac-
tons. the natural currents OF exchange
the present banking and trade connec-
tons and banking customs OF the peo-
pie.
=. rho natural advantages OF Rich
mond's location with relation to other
Federal reserve banks necessary to be
established on the Atlantic Scaboard
I'm territory embracing one half OF
the nationa! banking capital OF the
United States and IL per cent OF the
population
g. Comparative commercial impor-
lance in the territory covered meas
ured by capital deposits and other
banking transactions.
b. Diversity OF Industries and agricul-
ture-ln their eTect upon seasonal de-
mand for credit and currency.
q. Necessity of having capital re.