Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-09-20

NAAS vi SAlN
the former have been wholly abolish
ed. But n function was omitted
n that not of In active banking
nature. This consisted of the storage
OF the metallic reserves of the treas
ury,-the gold and silver security for
the circulating notes of the United
States. This coin and bullion was
transferred directly to the treasury
at Washington and it reposes in the
vaults there.
To transact this enormous banking
business the Federal Reserve banks
require capacious quarters and large
working forces. The work is not so
heavy than 1t was in the days when
the old s~ub-treasury system was in
use. When the war was at it's height
the Federal Reserve bank Of New
York alone had a staff of more than.
three thousand employees and occu-
pied rented quarters. A great new
structure is under construction for
the New York bank. 1t is to cost
in the neighborhood Of SIS, 900, 900
and probably will De the biggest bank
building In the world. Other FEEDER
al Reserve banks. including some of
the branches, have buildings under
construction. They are all being
equipped with the most modern ma
chinery and appliances for the han
ding of the great volume Of the gov
ernment's banking business, in addi-
ton to the even greater volume of
private business.
During the last year there has
been some criticism Of the Federal
Reserve banks for erecting buildings
of a costly nature at a period of de-
preston but this disappeared in the
face of appeals to give employment
to h army who have been out Of
work. Also it was, shown that the
cost of the buildings is coming wholly
from surplus accounts set aside some
time ago in anticipation of the time
when the expansion of the banks
business would require larger quar-
tiers.
However, no Federal Reserve bank
can erect a building forsitself or any
branch which costs In excess Of $780,
600 without express permission of
congress. So farsn no difficulty has
been experienced insh obtaining this
permission when 1t is asked for be-
cause it has been shown that the VOL
m of business done by the banks
is SO large as to make neW space i'm
perative.
> The Federal Reserve banks do not
Vi USPSSAS "
government bohey while acting as
fiscal agents. Z When taxes are paid
OF government securities purchased.
the funds are left on deposit in the
private banks until such time as the
treasury requires them for use in
meeting the nationas payroll or for
other similar expenses. Then the
funds are drawn out by the Federal
Reserve banks and held at the instant
disposition .of the treasurer Of the
United States. This involves a large
amount Of Bookkeeping which is done
by the Federal Reserve banks.
form the functions of, q private secre-
tary. financial manager. messenger
and several other agencies for the
United States, simplifying the whole
m flaaae'1' machinery q the saysFn-
ANSWERS TO QUESTIONS.
@. Is there any kind Of a stadium
for athletic games In Washingtona
A. The United states, is the only
country among the so-called first
class powers that does not boast q
national stadium. Movements have
been Started to Establish such an in
.etituttOn In washington Dut up To, the
present time, they have progressed
40 further than the making OF pa
pier Tnache models, surveys and In
1sstigations as to. the success Of the
.1.fieldss or "bowls''s maintained by
the various colleges Of the United
States.3g The sits contemplated for the
proposed stadium II that section OF
East Potomac Park Just north of the
ground that has been dedicated t.
ttn-can tourists. 1t is now covered
by unsightly frame warehouses that
were constructed hastily during the
war emerGency. IL Ii sestiInated thai
crowds 81 from 10000 to 100000
could 10 handled there, 80 far as, the
transportation problem II concerned
and fhat III would not be necessary
to spend more than 10000 on thu
stadium PArts of Puton1ac ;Park are
nov given over 10 golf. polo, tennis
hooker, lacrosse baseball. archery
aupits:gcroquet 4 sylvan theater, and
4 bathing beach,
what va the oristn q euxen:
[tce I X. HI fgx
EAgenics ~ from = Greek word
msanine well born, and VAS firsl
lfsaS "A WAes fFsh snnSaE ~ n afkna al $3.50 1890