Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-01-21
Horticultural Interests and the
Federal Reserve System,
THERE can be no objection in principle
to the lately enacted bill directing

THERE can be no objection in principle
to the lately enacted bill directing
that appointments to the Federal Re-
serve Board shall be made with "due regard
to the fair representation Of the financial,
agricultural, industrial and commercial in
terests and geographical divisions OF the
country But it is well to bear in mind
that class legislation is dangerous, not only
to the common veal but also to those for
whose behoof it is mistakenly devised.
Special privileges, no matter where INDUCED,
are common peril because only on the
broad, high ground OF equal rights are all
or any secure
That the interests of agriculture are en-
titled to just and generous consideration at
the hands of finance is no more to be gain
) said than that prior to the Federal Reserve
system they ofttimes were left to fare un-
generously and unjustly. Indeed, it was
prime purpose If that system to provide
financial safeguards and facilities Of which
farming long had stood in want and without
which it could not contribute Alright to the
nations prosperity Thus three of the
twelve regional Reserve banks were placed
in the agricultural South and five in the
agricultural West, while the others also
were prepared to muster aid to this most
: vital stronghold If economic life Nor will
fair and far-seeing men object to any con-
structive changes in the Federal Reserve
Act. or any supplements consistent with
service for those far-ranging and fundamen-
tai interests whose life is rooted in the soil.
Not everyone, however, who poses as
friend to the farmer is competent to advise
certainly not the politician who flies in the
face of economic law and democratic prin-
ciple to advocate measures that may be
transiently popular but are certain to be ul-
timately harmful. Fortunately for agr1-
culture as well as for the country in COM
mon. the first proposed plan of amending
the Reserve Act did not go through but re-
suited in 6 compromise which, while calling
for s'fair representation" for farming in
terests, does not pervert law into a tool OF
class privilege. Dislike of this or that mem
Der of the Federal Reserve Board may or
may not be merited, but certainly it does
not justify headlc1g attack upon the great
system itself which haj bulwarked the coun-
: try against financial panic and brought to
Z pass a new era Of financial freedom. To
impair that systems integrity or efficiency
would be blow to agriculture no less than
to industry and commerce, and would de-
prive the South of potent sinews of prosper
ity. Amend if amendment will strengthen
develop and amplify where needed, but do
not belittle, do not destroy this fortress and
friend of our common interests.
Rather, let the rank and file of Southern
banks avail themselves more largely of the
resources and advantages which member
ship in the Federal Reserve system affords
A surprisingly and regrettably small proper
ton has yet done SO, in consequence of
which vast aids to Southern agriculture lie
unused and priceless opportunities undevel-
, oped. In the new, grave problems con-
fronting Georgia and other States where
cotton has HINGED it those aids are more
than ever urgently needed. A broader re-
CINE. of farming must be financed, a more
extensive and varieu order of marketing
must be established, a thousand necessities
and emergencies once of small moment must
be reckoned with. To all these the Federal
Reserve system will prove invaluably help
full If only the State banks standing between
It and their clients will take membership.
This is a dependable way to help solve ag-
riculture's financial needs. May it be fol-
lowed more and more.