Fergus County Democrat., 1916-09-07
MONTANA GIVES
EAST SURPRISE
HOLLAND WRITES or TREAsuRt
STATES GROWTH As A GRAlhs
PRODUCER.
THE CONVENTION Of fAt BANKERS

PRODUCER. |
THE CONVENTION Of me BANKERS |
Holland. the famous writer on A4an. |
cial and .;industriM subjects, hAsi 4uStj !
GWEN to his papers the following re- !
garding Montana which will prove OF
general interest: ss, -
In New York, and in fact through |
out the east, the state Of Montana Is
commonly associated with the phe-
nomenal association of copper. There
fore, it was with soupe astonishment
that reports were received here of
the recent meeting of the. Montana
State Bankers association, which was
held in Miles City, beginning August
rs and continuing three days,
For there was for the first time a
good understanding of the magnitude
of the agricultural development OF
Montana, and the promise OF great
increase in that development espe-
cially in the cultivation of wheat. The
time is not far distant when Montana
wheat will have an important in
fiuence upon the American wheat har
vests, and consequently upon the
United States for their wheat.
Part Of Ninth District.
Montana is included in the ninth
federal reserve district, the head
quarters Of which are at Minneapolis.
Presumably for that reason the gov
ernor Of the federal reserve bank at
Minneapolis, Theodore Wold, was in
vited to address the Montana State
panLc' aConniat tiOn ny 0s". .1
The organization of an association
Of this kind Of itself tells an impress
sive story of financial and banking
growth in that great and distant state
of the northwest. For it is only with
in few years that banking in Mon
tana has assumed such proportions as
to justify the organization OF the
state association.
How large some Montana banks
have become is demonstrated by the
fact that not one alone but several
banks now carry deposits more than
sufficient to repay the United States
the entire proportion of the money
paid by President Jefferson for the
purchase of the Louisiana territory,
Of which Montana was a part
Federal Reserve and Far West.
1t was made evident by the remarks
addressed by Gov. Void to the Mon
tana state bankers that the people of
the northwest and particularly the
remote northwest, are now beginning
to understand what the federal re-
serve banking act means, not only for
them, but for the entire country. Mon
tana state bankers now know that the
enactment of the federal reserve bank
ing law identified the opening of a
new period in our banking history.
This fact was recognized in thickly-
settled and highly-prosperous sections
of the country east Of the Mississippi
river from the first. -'-'t"
And four months after the Euro
pean war began, there was not bank.
er in the east who did not realize how
greatly the new banking system aided
the United States in recovering bust.
ness and financial equilibrium and in
enabling this country to become for
the time. being the chief and almost
exclusive money market of the world
But in the far west there was not
opportunity for perhaps a year clearly
to understand what the federal re-
serve banking system meant to the
United States.
Teaches Object Lesson.
The object lesson furnished by the
United States in financing the needs
of other countries, the facility with
which the United States has placed
loans aggregating $500, 100000 with
other nations and the ease in the
money market, the abundant resources
which have come to the farmers, re
flected by the plethora of deposits iI
the banks not only in Montana, but
in other states of the far west, have
served thoroughly stos teach this oh
ject lesson. Gov Void told the Mon
tana state bankers that since the en-
actment of the federal reserve Law
something has occurred characters
tic of the entire United States ant
something of far-reaching effect. II
use his words: aEs#k8f8
IF / am not wrong, what has oc
Cured is that the American people il
a financial sense have found them
selves. After more than 100 years o
cropping round in the dark for a sys
tenn that would make the Unite,
States a world power in the financia
sense, the people have now discoyere,
happy medium between the old idea
and the new. and have adopted finar
cial mechanism that has the resi-
iency, the flexibility and the element
of sound and effective cooperation
that the people have SO long sought.
HOLLAND.
IN ANACONDA. -