The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-04-04
The REPORT TO
Be CONTESTED
DISAPPOINTED CITIES WILL
MAKE DETERMINED
STRUGGLE
FOR RESERVE BANK
Federaa Board IS the Only Body
Which May Legally Review
The Subject
fBy Associated Prossl !

organization committee had given the
sisnal Tor determined struggle upon
the part of several cities which were
disappointed, to overturn the commit
tee on the decision and bring about a
diStIiJtiOn or the country, or az
least change. in the reserve cities
named.
Under the law the decision of the
organization committee Is mot subject
TO review except by the Federal re.
serve board. This board probably
VIII not be named by President Will
SON for several weeks, but in the
meantime it is believed that those dis
appointed with the committees an
nouncement will benl ayerf effort.
toward paving the way for the. chan
ges IL was pointed out .::!s.itt.tt.iat 1::.. that
both Secretary of the Treasury NJ
Adoo and Comptroller of the Curren-
cy Williams, of the organization COM
mittee. or ex-offlcio members OF the re-
serve. board, can hardly he counted
upon to reverse themselves. The pres
: ident has Rfvsan M intimatinn as to
who the other FIVE nembers VIII be.
Plan Criticised.
l'ile committees plan was criticised
In congress today, and there were re-,
ports of keen disappointment from
several cities which were in, the faca
Tor reserve banks, and which failed
to secure them. Three members of
the senate banking and currency COM
mittee, two republicans, democrat.
found fault with the plans. Senator
Weeks of Mass chusetts, who opposed
the law vigorously for many months.
but who finally voted forf it. pointed.
4 out that one bank was located Tin
Geof5iaS Inc home state Or mr.. Me-
Adoo, one in Virginia, the home state
: OF hlr. Williams. and two In aTissoh.
ri, the home state OF Secretary EIoas-
ton, the; third member of the commit
tee. He Questioned the propEiaty OF
these s9sctions. and made other crit
icismB OF the committees actions.
Senator Burton disapproVefi ti,e IN
aclusioH bf Plttsburg, IN the district OF.
which Cleveland is the reserve eeri-
J. ter. and declared that 1t would be iIn-i
possible 10, make trade turn vest
ward from Pittsburgh to that city.
Senator ii fnhcnnlz min iah Al. tl.e. tss..el
that Omaha had been included in the
kansas City kdisEf Eet. instead OF the
Chicago district, and said trade did.
not flow that way.
me just Dee tls..k
Defenders OF the committee said to-
night that shere ggss.ss 40 jsist;ticaii6n
for the charge ti:at II was influenced
by my consideration other than the
trend Of trade, and the banking ad-
yantages of the citiee chosen
In referring to tde choice OF Rich
fnonds its was said that although COM
ment WIS expected because of the fact
that tie city is the home of Ais ].
E Williams, the committee was unant-
named over Baltimore and Washington
Z IL he had not been % uIeseber.
40 THTl mo ueHnl lteN pIanB orE any
tignt agalngt the COMMITTEES have been
TED "a Is
Z no way for su6il q jtig iglt to be- uiie
s deEtakei except through the reserve
4 board, 1t was stigsested Ton It, how
) ever, that members os congEesR might
undertake to provide In uiIs for their
districts by having tie 1ialIil Tor 5of stliz
thorized reserve cities increased
AIS hriIelt va riniial sit ems afiE ssslhet
8 be taken before tho new Eeaersss sre-
serve bankipg system besiiiBS dIiefsi-
E.II0ns IreasuTyG uiIIrIa s7expScIUu FJudayi
? that twelve rcgipp9i reserve banks
would open for businesn within thrre
months and that tho rcEolutltnafy
change in thc tons ntlanc would
Epe PzIIuIIsHeu 9IJuIit JIlaIS tinfcs Win
the de gnafipE Of che res II - KS KS
the organization cDtnm itff took TIC
first deyipiYe step t05SsITt ils;Elft Sti5ii
or tie system 81
eifiicinI srts slrat ion. e &
Tho first work today was otIieiaI
Serts scat Ron to ss0nip iptr0a ler OF the Cur
feItey siiEEialiiS or the sele5tinHs and
: Ait.. Hams be g d no ylng 7s5 3 na-
ttonal and state banks y "a have Hps
piled for HlembersliiiE II was The
4tn1a ora l.sstsf 4ins. z tt.sf =. .at.iE.as.
bauisa III tIls twelve tlstficfs would
inlIned diatply begin preila On 81 ( e
blishnient OF their. resorye banks
Every bunk must bagin payment Of
4 slIllacfipEipn of six per cent OF Is
capital and STR plus 70 q ne stuck OF us
resargs ban Within thirty days aEteE
motif eatlpsl
The next sop VII I lle lsS aol lecDs son.
of boards 81 directors kas res eEse
banks
There vim be nine diEeetoTs FOR each
Federal reserve board. aEl6 Six ssi ets
nc II InaIi1iInr rs - iss a. less.ss =
Althcpgb The Eedef4 tez erse board
Scent for s'ssh banl NO y TO s. az
itB mouth nicSe the or fton COM
l1fttt Is nh ilerfc the Or gan siCis
of receive hang for ali pfa tlca1 psiFs
poseae baFofsa l.F q t5nrl r. iFi5
3le5ns ca, and h is belssvea Hist the
committee VIII exercise It's aisthnTi
10 eunoh the Eystem al soon u
S hie.
u. Sfas Z 4 S s II = Il q.
tran Ter "a q ~