Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1917-10-26
The Patriotic Duly
OF All State Banks.

The Trust Company of Georgia makes not
able addition to the list of patriotic State banks
that responding to President Wilson's appeal
that all such institutions join the Federal Reserve
system means of completely mobilizing the
country's banking strength for the gigantic and
urgent tasks of the war This trust company is
one of the largest State banking concerns in the
Southeast. Its timely and loyal action. together
with that of the Central Bank and Trust Corpora
ton and the Citizens and Southern Bank of Sa-
vannah. should inspire every eligible State bank
which is not member of the Federal Reserve sys-
tenn to apply for admission forthwith.
The Presidents appeal in this connection is so
earnest and vitality important to the vast inter
ests which the nation has at stake that no
loyal institution be unmoved by his words.
Stressing the fact that to win the war must
conserve all of the countrys resources, physical.
financial and moral, and that our finances must
rest upon the rmest possible foundation, the Pres-
dent asks, How this necessary condition be
brought about and be made permanently. effective
better than by the concentration of the banking
strength of country in the Federal Reserve
system?'
May not, therefore" he continues, urge
upon the officers and directors of all nom
member State banks and trust companies which
have the required amount of capital and sur
plus to make them eligible for membership,
and thereby contribute their share to the con-
solidated gold reserves Of the country? / feel
sure that member banks they will aid to
greater degree than is possible otherwise in
promoting the national welfare, and that
the time by securing for themselves the
advantages offered by the federal reserve sys-
tenn they will best serve their own interest and
the interest OF their customers ! believe that
cooperation the part of the banks is
rio IT, IYAr -,
ship in the federal reserve system is distinct
and significant evidence of patriotism. There
perhaps probably eight nine thousand
state banks and trust companies eligible for
membership which have not yet united with the
system. These institutions have it in their
power to add enormously to the resources of
the federal reserve banks, thereby broaden
ing and strengthening the foundation upon
which whole financial structure must rest.
Permit me to urge that every bank officer and
bank director owes solemn obligation to
the country which I am sure they wish to dis
charge l. therefore, wish again to impress
upon them my solemn conviction that they
best measure up to their duties and
sponsiblities through membership in the fed
eraI reserve system
So emphatic plea from the nations leader at
this crucial time deserves and demands a unan-
imous and whOlehearted response. Such objec-
tions State banks once saw to entering the Fed
eral Reserve system have been removed. Under an
passd the last session of Congress these in
situations permitted to enter the system on
exceedingly generous terms, They are allowed to
retain virtually all the banking powers conferred
upon them by the States and at the same time are
accorded all the privileges of membership in the
national reserve system. Furthermore, the law
clearly prescribes the conditions on which any
State bank or trust company wishing to withdraw
from the system may do .E'
Mindful of these advantages and mindful also
of their patriotic duty scores of such institutions
have recently entered the Federal Reserve system.
In the course of few weeks the resources which
they represented in the system rose from one bill
lion; two hundred million dollars to considerably
more than two and half billion and the increase
continues 1t is estimated, however that from twelve
to fifteen billion dollars Of resources are in State
banks and trust companies which are outside of
the Federal system and, therefore not fully con-
tributing to the supremacy important work of
modifying the nations banking power.
1t is just as much the duty of these institutions
to respond to the Presidents appeal as it is the
duty of a bank citizen to buy Liberty bonds.
It is just much their duty to put their strength
squareIy behind the Government as it is the duty
of the Seleetmen to respond when he is called to
the colors 1t is deeply gratifying that in Geor-
gia as ih the South and the country at large rep
resentative State banks and trust companies are
Loyalty complying with the Presidents request
Surely no such institution that is eligible for the
Reserve system will fail to respond as patriotism
demands.
We want to place order at once for Wood
Wilson's next history Of the United States.