Of the importance to the community of the new banking system and safeguard, the Chicago directors said:

"Notwithstanding the almost negligible demands on most of them for either credit or currency, the Federal Reserve Banks have performed an important function in the creating of confidence and in stabilizing the financial structure of the country. During the several very critical periods this year the system fully demonstrated its worth, inspiring confidence and banishing fear, and forestalling panic from the mere fact of its existence.