With the recent opening of the Federal Reserve Banks throughout the United States the climax of a long-standing agitation for our rency reform may be said to have been attained. The general opinion in New York appears to be that the now system will be a boon to the country's business interests for three reasons. It will provide for a quick mobilization of the reserves in times of financial stres; it will enable the banks to make loans more freely to suitable bor: rowers; and will create an discount market along the lines the old-established institutions of Europe. The paramount ature of the new system is that it eon: tralizes the banking power of the] country into twelve dis in each of which is a Federal Reserve Bank. These institutions hold part of the reserves of the banks. and their chief will be the rediscounting of paper.
Text read from the printed page and cleaned; old type leaves the occasional error.