Jasper County Democrat, Volume 17, Number 91, Rensselaer, Jasper County, 20 February 1915 — GENERAL AND STATE NEWS [ARTICLE]

GENERAL AND STATE NEWS

Telegraphic Reports From Many Parts of the Country. SHORT BITS OF THE UNUSUAL Happenings in Distant and Nearby Cities and Towns.—Matters of Minor Mention From Many Places. NO MORE FINANCIAL PANICS. Much .Accomplished by New Banking System, Says C. S. Hamlin.

Chicago, Feb. 18.—“ Under the federal 4 reserve system wo shall see no more financial panics,” said (’has. S. Hamlin, governor of the federal reserve board, at the annual banquet of the Chicago real estate board tonight. "Although barely ten weeks have elapsed since the opening of the twelve federal reserve banks, much .has been accomplished in the way of placing our banking system on a firm foundation,” said Mr. Hamlin. He then reviewed conditions under the old system and said that conditions just prior to the opening ot the federal reserve banks in November were “probably the most ominous in the history of our country. “The establishment of the federal reserve system has been a potent cause in our financial recovery,” ho added. “In the first place it established lower reserve requirements, thus releasing enormous amount ot cash as a basis for future credit operations. It mobelized a material pronorfion of the reserves of the member banks in the federal reserve banks thus furnishing a fund from which banks could be’assisted in reducing commercial paper.”