From our archives, 100 years ago
The Federal Reserve system was only a few days old when The Spokesman-Review published an editorial touting Spokane as the natural place for one of the 12 regional reserve banks. It said Spokane’s claim is “impressively strong” compared to a coastal city.
The paper said most of the Northwest’s agricultural wealth was situated east of the Cascades. Also, it said Spokane is a more central location for serving the great agricultural regions of Montana and Idaho.
Spokane’s chamber of commerce had already sent a telegram to the secretary of the treasury saying that, “by reason of its central geographical location it could be reached more quickly by a greater number of banks in the proposed district than any other city.”
These arguments were all in vain. The regional bank was granted to San Francisco. Spokane would not even get a branch of that regional bank. Branches were established in Portland, Seattle, Los Angeles and Salt Lake City.
Also on this date
(From the Associated Press)
2004: Some 230,000 people, mostly in southern Asia, were killed by a tsunami triggered by the world’s most powerful earthquake in 40 years beneath the Indian Ocean.