Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-05-30
Land Bank for Richmond

7 TNDER the terms Of the rural credit bills
- that have passed the Senate and House.
land banks are to established in twelve cities
OF this country. The special circumstances
and advantages that forced the selection of
Richmond as the financial capital of the Fifth
Regional Reserve District indicate also the
establishment here of one of the twelve land
banks. Indeed the reasons for such action
are even more controlling. Richmond bank
ers and business men should start a move
ment at once that will result in this addition
to the city's banking facilities.
If Richmond is the industrial and com
mercial center of one Of the districts into
which the United States naturally divides
Itself for banking purposes. 1t is in an even
truer sense the center of agricultural dis
trict Maryland, Virginia, West Virginia and
the Caroluas offer rich opportunities to the
FARMER; these opportunities will be greater
when the farmer has been placed in position
to finance his needs in terms Of his abilities
and the nature of the security he has to
tender. The existence of the land bank here
would be new link in the ties that bind
the agricultural interests Of this district to
this city, and, of course it would fortify
Richmond's financial prmacy.
But if we to gain this new advantage.
we must be up and doing Both the House
and Senate bills provide that the stock of
the land banks shall be offered to the public
and only that portion not subscribed con-
tributed by the government. Those cities
which reveal their faith by their works are
most likely to receive favorable considera-
ton. If Richmond wants one of the land
banks. Richmond could offer no more potent
argument than subscriptions to consider
able part of its proposed capital stock.
The ideal system OF rural credits is the
cooperative system, wherein the benefciaries
lend to themselves. Congress has concluded
that for the present this ideal may only be
a rNyi cd md hat
assistance is essential, at least in the youth
of the enterprise. The evident purpose, how
ever. is TO reduce this assistance to the mini
mum The agricultural resources of this
country are so tremendous that ultimately
they will supply in themselves all the credit
that possibly can be demanded or utilized
The city that manifests disposition to help
now will reap golden harvest of gratitude in
the future.
Richmond should learn to finance its own
great enterprises. This city will never be
free in the best sense until its financial des-
TIMES are in its own hands. No railroad that
traverses Virginia is controlled in Virginia.
although some OF them have large share
holders here. AS things stand, We need
foreign capital-cannot do without it, indeed
but the banks Of Richmond and OF Vir-
ginia. which are the financial advisers Of the
people, should encourage investments in those
corporations on which the city and State de-
pend for their prosperity
just now there is a case in point. The
Urbanna railroad, which offers large advan-
tages 10 Richmond and to an important sec
ton OF Virginia. requires funds Those funds
should be supplied here. We ought not to
wait until capitalists from New York or
Philadelphia, or Baltimore take the plum out
OF our hands
So also with the land bank. We need that
institution and we show we are entitled
TO II. II we really want 1t, however and
desire 10 reap its full benefits, we must he
willing to put our money into ii. After all.
money talks