Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1917-05-17
FUNDS WILL Be FORTHCOMING

1as financial condition OF the United States ID such
that the country 10 now better able 10 Withstand shocks
than at any former time In liz history. The federal re-
ssrvs banking scheme u probably not perfect. It would
be miraculous II It were. hut that plan has erected the
which Is practically unassailabls. Under the federal
reserve plan the entire credit Of the country 10. in effect,
pledged to the maintenance Of the countrys work
Practically speaking no financial institution on which
the psopls depend for service stands alone. Each - sup
ported BY all the others. and each aids in supporting
every other.
The importance Of this 10 manifest under the condi-
tons which exist today. With the nation at war; with
every effort being put forth to equip its armed forces;
with the activities Of many industries necessarily div
erted from their accustomed channels: with changes
taking place rapidly and unexpectedly, our financial avs
ten stands unshaksn. ana. to ali intens and pur-
posss unshakable.
In the past the work Of providing funds for the
needs Of this or that section has been purely . matter
OF private arrangement Bankers have co-operated in
the work. but their cooperation has been voluntary, ana
there have been times when conflicting demands from
separate sections resulted In shortage Of funds at crit
ical times. Now private interests arc stu concerned in
the distrtbution Of funds. but they are working under
government authority and under the direction Of a CEN
tEal government board whose business it Is to see that
the needs OF every section are met.
Under this arrangement funds viii be available IN
every section for the conduct Of tho legitimate business
peculiar to that section. Funds win DO provided as thoy
are needed for use In the great commercial centers: for
the handling Of the enormous manufacturing business
OF the country: for its conduct of It's vast mining opera
tons: for the handling of its shipping: for everything
in which the people arc engaged.
In the northwest the CHIEF business Is that Of farm
ing. In this connection the statements made by former
Governor Hanna at the recent meeting In Grand Forks
merit attention aud emphada- Mr.. Hanna Is a member
of the governing board Of the Ninth district federal re-
serve bank In Minneapolis, the reserve center for this
district In answer to an inquiry he stated that the fed
eral reserve bank was fully cognizant Of the need which
would exist for money with which to move the north
western crop later in the season, and that the board will
see to 1t that ample funds are provided for this purpose.
A fund Of many millions has already been accumulated
in anticipation Of the demand. and every dollar that is
needed for the handling Of the crop will be on hand.
Governor Hanna said further that the activity Of
the reserve bank officials Is not confined to providing
funds for crop moving purposes, but that the labor
question has received close attention N well. He gave
assurance that tho arrangements made would insure to
the northwest an adequate supply Of labor when the
harvest time approaches
The paralysation Of the industries Of the county be-
cause of lack Of funds with which to carry them on
would be ~ disastrous to VI - the destruction of q great
army In tho field. Without knowing 1t those men Of
both parties, in and out Of congress, who contributed to
tho framing Of tho federal ressrve law were preparing
the county for war In . field whore lack Of preparation
would have been Tremendously costly, II not fatal