Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-12-07
PROVES NALtE
VI Federal. HI:sIHNE S,>II.,,

IN" experience Of the past two years
has brought in,o strong rciicf Inc
.a'lc OF III" E"dcral reserve system.
" ~ not to" mGrh to say thut our
sFt-t Hrospcrity could not exist with
oui H. The usefulness OF the ,.s,cn,
'th. be"n broahcncd recently by The
kHWen"A'or; act ar September ]. 1915.
which rcndcr. 1; more attractive 10
1 'hcmoer banks "n'i increases the scope
ana services 81 Tho Federal reserve
e'n"" Que I" the iranstcrencc OF
vault aud other reserves 10 Federal
t"se'v" banks, authorized by ia" ovi.i-
va! act, nnd amcndHtory act tho 70.
Sonrc"s OF said banks are now NOR.
than fS1".o"".ooc. while the total re-
serves held are "vcy soc. 900. 900 and
~ addition. m"rc than so@c.coo,0 600 is
tc!d by Federal rcscrva agents as
special security aeatns; Fedora! re-
scrrc' notes. About one fourth o. the
c"Nnirys stock OF gold is thus mobi-
Lied in the hands Of the Federal re-
scrv" banks ana agents.
Tho iu"rcHS.H. strength and MI
cheney of ,hs Federal reserve banks
have enabled ,hcni 10 crlarg. their
direct service 10 the business COM
munity through the introduction OF a
definite and comprehensive system :or
ihc par clearance Of checks throuEhou,
The country.
Rates 81 discount at ,'ederal re-
/ serve banks nave continued low
! throughout the year, and most OF their
| oncn-markct paper. consisting lurgely
oi acceptance growing u; 81 foreign
i*dc, has been tsksn helcv 4 "l-s
rcr cciit basis Rates OF intercs,
LhtouGh"u, the country have ueun re.
huccd and stabilized with grce, adj
Vantage To the business OF The country
1T woul" have been impossible to
finance our rast domestic and foreign
'rhdc without The 'nciliti.s nroyidtd
10y 'he Federal reserve system No,
only has II me; the normal and extra
ordinar! needs robustness, hui n has
established confidence securely Eusi-
hesS has bee Ia ahl. 10 20 forward with.
out apprehension. and the several crises
Is"'aich The country has faced in il
International relations during the past
Two Years haNS Dccu acco,npa;.iad h,.
even "a trciaor in the iiu:nci;l N.orIj
TIC crops VI 1913 and 1910 wcr,
hn@nccd without diflicultv and IA III
great advantage of The farmers ami
me ih"hStilal troubles which at one
iE'c SCENE" imminent, because OF tbs
trc2tcncd railway Sttike l:,st su,nuon,,
were NOT accompanied by the slj.bi.s.
financial uncAsincss. Happily ;ba conn
try has been at pc,oe and busi,.s.
and enterprise have had the l:,r-ry, on
Pei tunitH Tor favorable dcveIopncut
ulucr the most auSpicious conditions
Gan corr SuCCt:SSEIII.l
WITH CnNDirtnSS IN FtrIRt:
III we make Intelligent use OF our
great power AND exceptional nrancial
e"o"'te s. we cah cope succc. sfuilA
VIII! amy conditions ihc future ma
develop "'''
one OF tue features OF the r.,or,
rs Il discussion OF nrrscn: methods ri
constructing public buildings.
am convinced" says tho secretary
that inc methods pursued by the Con.
Srcss for the past fifteen vcn,s az mo
vsdinS Federal buildings through 50.
called omnibus public buildinS bills
have resulted in the constructor M
many pupIic buildings in small town.
and localities where they are not need
cd ana At Il cost which is clearly up
justified by any actual requirements -
the communities in which they ar.
erected The conclusion Is irreyistIhlc
that authorizations for public huild
inss in these small communities arc
too frequently dictated by local rcasons
and without regard TO the best inter
Gus Of the government. The most Sc
rious aspect is this: the annual opcra- :
ton and maintenance OF these build.
inss impose on the treasury Il per-
mancnt and constantly increasing bur-
den.
Common sense and business luds-
mcnt would seem to demand tina,
structures. LOT inc transaction of gov
ornmcnt business should be authorized
only in localities where they are inn,
pcratvely needed, and that buildings
should not be erected where no public
necessity can be shown, This result
can be accomplished by dvorcing the
public building question from all local
or political considerations and author
izing no public buildings until a
|st.orouGh and Intelligent investigation
Of each proposed building or project
has hccn made to this department and
a full report thereon has been submit