The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-04-03
RICHMOND GIFTS THE BANK.

1t is settled at last.
Richmond secures one Of the twelve federal
reserve bsnks. representing the greatest banking
eystem In the history Of the world.
The establishment of Tits bank in Richmond
means much te this city. It viii give Richmond
d prestige as strategic center, financially and
commercially which it has not hitherto enjoyed.
TIE other eleven cities selected by the organ
sgauon committee which has devoted four
months to The TASK are New York, Philadel-
phla Chicago, Cleveland, Boston. san Francisco,
Dallas Kansas city, 81 Louis Minneapolis and
Atlanta The idea Of the committee vas to
selec: the real financial eenters Of the country for
the establishment Of these banks
In fixing the capital OF the Richmond BANK
at s6,500,oe0 the committee stressed the fnan-
cal imporlaneo OF this city over such centers
as Atlanta. ST. Louis. Kansas city and Min
naapolis which are to be capitalized at less than
100000
The new regional reserve bank, which will be
bank for banks, and will not deal with the
individual at all. Is expected to be IA opera
1 ton within the next sixty days. It VIII give
employment TO a large force of men. The bank
will be governed hr board OF directors made
up OF three appointed by the federal reserve
board at Washington; three from officers Of mem
Der banks in the region and three business men
in the district who are not bankers. The CAPT
tai of the regional bank will be subscribed by
the banks in the district for which it is the
central institution NJ the rate Of per cent on
the capital Of the member bank
The federal reserve board which is the gov
erning power. IS to be composed Of seven mem.
bers appointed ny the president from the coun-
try at large, with the secretary OF the treas
uary, and the secretary Of agriculture as ex.
I ofrcio members. In other respects it will be
conducted as private institution. the federal
4 board having nothing to do with the details OF
It's mana cement
y The prime object Of the system, which has
been explained al detail in these eohmns. is
to take the control Of the banking power of the
United States out Of the hands Of private banks
make money easier in times of stress and To
prevent panics-
Practically all the national banks Of the coin
1 Try have entered the federal reserve system, and
many II the State banks and trust companies
will avail themselves Of the privilege In short
the institution amounts TO a Bank of the United
States, meaning much To the people of this
country the Bank Of England does to the
people OF Great Britain and more for this Will
be the greatest banking institution in the
world = history.
Too much praise cannot be given the mem.
bers OF the local committee who worked faith.
fully, trelessy, early ard late. to secure this
institution for Richmond. The committee left
no stone unturned In It's efforts to convince the
organization committee that this city was the
logical point for the establishment Of this bank
lrd now rests upon IFS laurels, happy In the
satisfaction of great accomplishment The
rcsnrnittee WAS composed OF Oliver J. Sands, Geo.
T. Gregory. George J. Seay, c. P. Walford. Jr..
W. r. Reid; Julien HILL 7. NJ Darlington. John
Kerr Branch. Fred W. Scott and Alvin NJ Smith.