Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-08-18
MILLER PRAISES WORK
OF RESERVE SYSTEM
Recognized as hest World Has Ever
Seen, lie Tells Mcr-
chants.
SAVES BUSINESS FROM CHAOS
Urges All Banks Not Now Members
to Come Into System ut Once, for
Patriotic as Well as for Business
Reasons.

In striking address before tho
Southern Retail Merchants Conference
IN session i'm Richmond during the past
week. john NJ Miller. Jr.. president OF
the First National Bank of Richmond
gave nigh praise to the Federal Re-
serve banking system. which. he said
has now been recognized all through
the civilized world as the best nnan-
cial system the world has ever seen
Mr.. Miller. in expressing his appre-
rIation of the opportunity Of appear
ing before the merchants, stated that
he had been Il resident of Richmond
only sixteen years. but that after trav-
cling in practically every State in the
United states, had come to The posi-
tive conclusion that, taking .lI things
into consideration. Richmond was the
best and safest place In the United
states in which to live and do bust
ness. ;he cordially and hospitality
of the Richmond people Is honest ana
sincere and entirely unaffected.
AS 10 the advantages Of the Federal
reserve system. Mr.. Miller sad:
This system began its operations In
1914. just before which the banks of
the United States reSortcd to the is
suance of temporary currency called
'Aldrich Nrceland currency Tina,
temporary currency carried US through
tho trying times Of 1914. and upheld
our financial structure until The Fed
into proper shape. The Federal re-
serve system has now been operating
nearly four years. and is recognized all
through the civilized world as the best
financial system the world has ever
seen.
without It mos, OF us would be out
Of business to-day for our old system
OF finance proved in 1893 and 1907, in
adequate for even the volume OF busi-
ness OF those times. With the present
volume Of business far in excess Of
former times. VIC would believe. up.
der the old system. nc In chaos ahn'
confusion continuously, for In 1898 and
1907 France and England came to our
assistance. while under our present
system wc ar. not only financing our
government but lending billions of
dollars TO France, England and our
other allies.
OTHER BANKS SHOULD
JOIN RESERVE SYSTEM
Our pres.n, system embraces onl:'
about - per cent to 50 per cent OF thc
banking resources of the nation. Our
great President. Woodrow Wilson, has
appealed to the other 20 per cent 10 25
per cent to Join the system for ia"
salvation Of humanity. The successes
Of the Germans Is largely attributed 10
their years o. preparedness. not only
ia military matters. but in finance and
other matters. The nonmember banks
OF the nation are urged 10 join I'll:
system in order 20 make II as nearly
100 per cent efficient as possible. w"
should bend our best efforts to induce
nonmembcr banks to join the system
rather than take any chance Of work
Ing with IA system that * only - ~"
cent 30 so per cent efficiency. The Fed
crai Reserve system. embracing over
eight thousand banks, is banded to-
gcthcr for the protection OF the imam
cial system OF our nation and Its a.
lies.
"..onmcmhcr banks should promptly
join the system. lending their aid 10