The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1921-02-04
GRENADA BANK IN FED
ERAL RESERVE SYSTEM

The following is taken from the
editorial columns of the Commercial
Appeal Of 8 few days ago. The edi-
torial pays a deserved tribute to Mr..
J. T. Thomas and commends his fore
sight and wisdom in placing the chain
of banks whose destinies he is direct
ing in the Federal Reserve System:
The coming of J. T. Thomas. of
Grenada, and his group OF banks in
to the Federal Reserve System
should have more than usual influ-
ence throughout the State Of Missis-
sippi. This action is 4 tribute to NJ.
Thomas and his banks. The Federal
Reserve officials make a thorough in
spection before a bank is admitted
and the very fact of admission is a
tribute to the management and eff
cheney of the institution.
The Federal Reserve System has an
acquisition in Mr.. Thomas. This man
years ago saw that cotton alone speit
ruin to any people. The result was
that he encouraged pig clubs and corr
clubs. He also encouraged a gener-
al Investigation in agriculture. He
attempted to impress upon his people
thrift and economy in the conduct of
their homes. The results were imme-
diate and apparent. OF course last
year, when cotton went as high as
the sky, some people wert back to the
old order. They have already got
their lesson. 4,
A banker can be more than a mere
money lender in his community. He
can be a leader and a factor in every
thing that makes for a solid prosper
ity. Men like Thomas of Grenada
and High of Tupelo have been worth
millions to the people of Mississippi.
in that state and all over the
south can do a similar work. They
got to get under their people
and tell them exactly what they
do to insure a reasonable and
prosperity. Prosperous in
Iced is any farmer, any working man (:
'r any business man in these days /:
yho can produce enough to keep !:
and family in a fair degree /:
# comfort and lay By a little as the :
-ears come and go. E. :
We are in a bad way today be- /:
we speculated and bet upon the :
'uture more than a year ago. We :
Fere caught in the wfIirl of excite :
aent of things and swept off our :
Get. We forgot that man earns his [:
read in the sweat of his face. We 8
bought we could sweat enough in a /:
Month to keep US all the rest of Dur :
avs. There is where we missed our s
and in this condition there is :
DOM for the banker to come in. He =
1ust remind people that a bank it. s
elf prospers not in speculation, but :
steady endeavor, and he must re- .
lind the people that their progress :
safest along similar lines. .
The Federal Reserve System was :
fought in many parts of Mis- e
ssippi and in other parts of the s
1t was a foolish thing. Some ::
ankers refused to give up profits =
4 certain items because these pro- =
is were immediate. They, there 3
,re, refused to join the system. If =
me of them had joined their bur- =
IN would have been easier when 3
time Of stress came; they would =
I'VE had a reserve force that they e
'uld have called upon. =
The st. Louis Federal Reserve 8
ank carried a vast amount of cot =
n around 500 a bale when it was -
only SIS. It renewed =
per when other institutions were F.
inning to ver. The system as 8
lit prevented a collapse. It enabled =
nks, business houses and manufac-=
ring concerns to go on. It enabled -
rmers to carry on 1t saved the =
lancial structure of the country.