with limited branches as the correct theory of a banking system, but objected to a central bank because of the power and influence it was feared such an institution would wield in the political and financial affairs of this country.

This act, however, created a central authority in the Federal Reserve Board with far more power than was ever contemplated conferring upon a central bank by any of the plans proposed for such an institution. The ultimate success or failure of the Federal Reserve Bank System will depend upon the conservatism, judiciousness and absolute impartiality with which this power is exercised by the central authority.

J

CHAPTER XVI

John Skelton Williams

OHN SKELTON WILLIAMS, the thirteenth Comptroller of the Currency, was born in Powhatan County, Virginia, July 6, 1865. His father, John Langbourne Williams, was a wellknown banker of Richmond. After receiving a private school education in Richmond, he attended the University of Virginia. He began the active work of his life in his father's office at the age of eighteen years. While so employed he attracted attention by the publication of a pamphlet entitled "A Manual of Investments," which became so popular that it was issued yearly for some time. He became a partner with his father in the banking and brokerage business and later engaged actively in the material development of the South. He organized and consolidated the Seaboard Air Line and was elected the first president of this company in 1900. He also served as president of other railroad companies of less mileage and was president of the Bank of Richmond and of the Southern Investment Company. He was director of several other trust companies, banks and other corporations, and was recognized as one of the leading financiers of the South.

Mr. Williams was appointed Assistant Secretary of the Treasury on March 24, 1913, and was placed in charge of the fiscal bureaus of the Treasury Department. He remained in this position until his appointment and qualification as Comptroller of the Currency. The statutory period of Mr. Williams' appointment expired February 2, 1919, but he continued to discharge the duties of the office until March 2, 1921, under authority of the Act of Congress approved March 2, 1895 (28 Stat., 808, 844), which authorized the continuance in office of all officers under the Treasury Department after the date of the expiration of their statutory terms pending the appointment and qualification of their successors, and also waived the requirement for a new bond during the continuing period in the discretion of the Secretary of the Treasury.