The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1919-04-28
C|TY'S GUEST
HOPES FIGHT
WILL Be WON
Record Crowd Cheers Mas
Ter Of Nations Finances,
REVIEWS RESERVE WORK
Remaking Of World Should
Start Now, Speaker Says, !
BULLETIN.

DO l. = Nv
In speaking Of the federal re-
serve system which he was in
strumentsl. together with Senator
Owen Of Oklshoma, in founding,
Carter Glass, secretary Of the
United States treasury. said in
his speech at the Chamber OF
Commerce at noon that the sys-
tenn is far from a moribund one.
He referred to the fight Okla
homa City is making to establish
branch Of the system here, and
he declared: II hope that Okla
homs City 10 successful in the
fight
Complete text Of Secretary Glass
speech will be found on page sikh
Before a crowd of more
than 500 persons which Jam.
med. the Chamber of Com-
merce rooms at noon today.
Carter Glass, secretary of the
United States treasury, deliv-
cred an address on the work
of the United States in the
war. on.the Liberty loans. and
on tho future of America
which brought the audience
repeatedly into bursts of en-
tuhsiasm.
Al the outset OF his address Secrc-
tary Glass briefly reviewed the grave
disadvantages OF the old national
banking system for fifty years prior
to the adoption Of the federal reserve
system. He said:
The whole startling contrast be.
tween the old system and the new NAV
be summed up IN the single statement
mat IN 1907 under the old system the
failure OF two banks in New York
CITY preciptated the creates, financial
pane that ever afflicted the nation,
whereas, under the new system, the
greatest war OF recorded history
iailed to create a ripple OF alarm in
inc banking community OF the United
STATES. In the panic OF 1907 New
YORK could not let a country bank
have $4,000 Of currency to NEE, the
Ordinary requirements of trade. In
l9lo New York loaned two Europeau
nations $S0(O0,000 for the prosecu-
ton OF war. Before the advent of the
federal reserve bank, the financial
system OF the country, in times of
eSieency, could not minister 10
ordinary domestic needs.
Americas Gigantic Performance.
Today, besides taking care of these
the United States has brought back
from foreign nations in excess OF
SOuOOocHn OF American securities
has loaned foreign nations sllOOO,-
VnVU Tor purposes n war: ha,
iloa,ed on government account Sl8,.
ocOWO" Of Liberty bonds and war
savings certificates, not 20 mention
the billions OF dollars Of treasury GER.
tliicateS OF Indebtedness issued IN ar.
,icipation OF the Liberty loans. Aside
from the tremendous volume of dis.
counts by member banks of the sys.
TEN and by banks not members. the
twelve reserve banks alone have en-.
gagged in commercial rediscount oper
a,ions approximaiing 00.0O0W(
and have made open market pur.
chases amounting TO sl,sl80OO, 600
The regional banks hold a gold re.
serve OF &.l00,O00W0. an increas,
over last year OF s4O2,MM0; and
notwithstanding the splendid pro
vision made for the tremendous mill
tary and commercial needs OF tn,
country. the system maintains today I
gold reserve OF n percent behind IL,
notes and A7 behind its combinet
note and credit issues.
Keeping pace with this gfea
regional reserve bank system, thu
national and state banking system o
the United States have made amax
ingly rapid strides during the sam,
war period
wide Loan Distribution.
notwithstanding this unparalleled
situation with respect TO the resource,
Of the banks" said Secretary Glass
1T is extremely important that thef,
should be a very wide distribution b
this last Libes,y Loan among the 20
pie OF the country The commereis
banks should never be clustered d
with inyestn,sat securities: kut ~,
should be kft isss 10 respond q \
time, and peaaesis TO the esrsest =
| mands ri cosnsvnw ~ jS,AussVv 4 -