Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-05-05
FEDERAL RESERVE BANK
OFFERS WAR LOAN BONDS
Calls on Banks and Bankers Of Fiftl,
District TO Give Matter
Attention.
FORM LOCAL COMMITTEES
Popular Loan Such as Has Never
Before Been Issued Calls for
United Effort OF Whole People Of
This Country.

This Country.
George j. Seay. governor Of the Fed
eral Reserve Bank Of Richmond and
Caldwell Hardy. Federal reserve agent.
yesterday issued the following state
ment addressed to the banks and bank
ers OF the Fifth Federal Reserve Dis
trIct:
AS fiscal agents OF the government
we ask your most earnest and patriotic
consideration to the following state
ment taken from the announcement of
the secretary OF the Treasury to all
the people of the country relating to
the forthcoming liberty loan:
All banks, national. State and trust
companies. private bankers and bond
houses VIII be authorized to receive
subscriptions. While the subscriptions
VIII be addressed 10 the Secretary Of
the Treasury. and will lie direct SUB.
scripttons to the government it is de.
sired that they should be forwarded
through the Federal reserve banks of
I the respective districts. which. In turn
VIII be prepared to supply full infor-
nation and. because Of their close
touch with banks bankers and in
vestors In each district Will be able
10 facilitate very greatly the work I'm
hand.
have asked the Federal reserve
banks TO get In touch imm ediateiy with
the banks. private bankers bond houscs
"Tai districts. requesting them to or
game a general committee for each
district and local committees in each
c"E ana town to cooperate I'm this
h, Patriotic work. and to advise
WIN the Federal reserve banks - to
Ihe pest means of spreading full in
formation about the loan and bringing
10 every man and woman who desires
10 aid the government the ample.t on.
P'rtuhfty OF doing SO.
Il believe tb,, l,y,
bankers and business men can ron,or
very great service. and I hone thar In
ever city and town throughout cverw
reoerai district In the country such
''sahiZations will be effected"
SUGGEST THAT BANKERS
FORM COMMITTEES
We vii; on Tomorrow mail You
IePilh' OF the announcement of the
secretary Of the Treasury through ,hc
press. which gives all OF tho. par,icu
iars or the war loan which have bcen
iurnished so far We will from time
10 time give you such additional par
ticuiars as may come into our ms
session. In the meantime ,yc ur,on,i,.
request You to proceed with tho ar
sahlzation OF the committees recorn
n.ehoed by the Secretary OF the Treas
"r|. ana each separate bank. banker
AND ,s nSSes,ment house should receive
"hu taouiat" all subscriptions orcrcd
10 oe reported then called for
we suggest that representatives, nj
a.! BANKS bankers and Investment
houses IN any city or town of this dis
- assemble together and form
s' INTO a committee with an
executive committee for convenience
ana FACILITY OF action. but some SCR
vice should be assigned TO each Nom
Der OF the whole committee SO that
no man may rely upon another to do
WHAT ne should do himself In cities
p nt
Gearing houses might form the nu-
cicus OF such committees and take
the initiative. In places where
there are no clearing houses, the offi-
Gals OF all the banks should form
themselves into committee. and in
Piaces with only one bank. IT is sug-
ses'ed that the officials and directors
or that bank form themselves into q
committee.
This is II stupcncous undertaking,
100 great 10 be carried on except by
me orsanizatioh OF such units. Each
UNI. VIII be compelled to act very
largely upon it's own discretion and by
such ways and means as IL may think
proper 10 devise In order to effect the
great purpose OF raising the money
for which the government calls.
POPULAR LOAN SUCH AS
HAS NEVER BEEORE BEEN ISSUED
~ VIII be physically impossible
"''hiH tnt t'Ioc AT disposal to direct
IN detail the energies OF all these COM
mittees from any central source But
on the other hand, we desire TO re-
cei"e reports and suggestions from,
each committee so that the good ideas
OF one may be communicated to the
others. and the best intelligence and
experience used for the good Of the
country.
We suggest in order to minimize
labor and insure prompt and efficient
response that the activities of each
committee be communicated to us
through the chairman of the COM
mittee. although we shall be gratificd
to receive communications from any
one OF the 1000 or more banking or
investment institutions to which this
letter Is addressed. and will do our
best TO make reasonably prompt reply.
This Is great popular loan such IS
has never before been issued by this
country. 1t is new to the experience
of the people. and the interest and
patriotism of every man and woman IL
the country should be aroused by one
means or another--hy private appeal
by written communica tion-and by
newspaper and magazine publicity All
means should he awaited of to ac-
comDlish the end desired.