Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-10-15
MONEY BILL PLOT
DENIED BY BANKER
IngIe Says Financiers Have
Not Conspired to Defeat
Reform Measure.
ENDORSES ITS PRINCIPLES,
TAKING FEW EXCEPTIONS
Opposes Proposed Guarantee Of
Notes and Method of
Redemption.

anu MeCnanlcS BANK OF Baltimore, TO-DAY
crit.> ed the measure in a number
its details before the Senate banking and
currency committee.
In response to questions Mr.. Ingle de-
Tended the recent bankers conference at
Boston and declared that the bankers
were absolutely '.untrammeled" in thei
consideration of the bill. He denied any
conspiracy" to oppose the measure.
Mr. Ingle criticised what he termed tw
of the fundamentals of the bill-th
by the government and the provisio
making the notes redeemable in gold
and lawful money"
Wants Purely Bank Notes.
He said that the notes should be "bank
notes, pure and simple" and should be
redeemable in gold. He said that twelve
federal reserve banks were too many and
that the number should be cut down. He
urged that great care be taken to free
the proposed new system from being run
with the usual red tape of government
bureaus"
Mr. Ingle disagreed with the plea Of the
country bankers that they be allowed to
retain the profit they make by charging
for the collection of their checks out of
town.
when a bank claims that the loss of
exchange charges deprives it of its liv-
Ing" he said, lit is furnishing the best
argument that no bank is needed in its
community"
Mr.. Ingle urged that the bankers of the
country be accorded representation on the
federal reserve bank board and that the
requirements of paper made eligible for
rediscount by the bill be broadened.
Critic of Present System.
Mr. Ingle sharply criticised the present
reserve system. He declared that many
credit balances claimed in bank state
ments were '25 per cent wind" because
through double accounts banks often
owed to their reserve city correspondents
a larger part of these amounts with
which they were credited on the books of
the reserve city banks.
Questioned by Senator Reed, Mr.. 1ngle
said that under the present reserve sys-
tenn the real cash reserve against de-
posits is about 71s per cent. Of this, he
said, a part was always In uncOliected
miscellaneous checks and drafts carried
as cash,
1.-The new system" said Mr.. Ingle
would really increase the cash reserve
against deposits. 1t would also, by
making the clearing of checks immediate.
cut down % per cent of the aggregafe
per cent is a mere duplication OF credit,
a bookkeeping item"
Senator Reed Alleges Misstatement.
During the committee meeting yester-
day afternoon Senator Reed took occa-
sion to criticise a report published m
The Star to the effect that H. Parker
Willis. news editor Of the New York
Journal Of Commerce. VINO a.eed .,e
House committee in framing the currency
bill. had been summoned before the COM
mittee because various members of the
committee, when it should fall upon the
the authorship of the bill and the part
which the President and Secretary OF
state Bryan had in drafting the BILL
THAT Is the sort of irresponsible state
ment which brings discredit upon the
committee wished to question him as to
person who wrote it." said Senator Reed
II want to take occasion to remark
that the statement is without the slight
est foundation In fact"
Country Bankers Heard.
The committee worked late yesterday
evening getting the views of country
bankers on the bill. After members o:
the delegation appointed by the confer
ence of country bankers at Boston last
week had been heard in criticism of
parts of the bill, Robert H. Tremaine of
| Ithaca, n. Y, and James H. Perkins
Of Albany, n. Y, presented the views
CT the New York State Bankers Asso-
cation. They generally Endorsed the Dill,
but urged that the bankers be given
board. F. 8. Larabee and E. R. Moses,
representing country bankers of Kansas,
corroborated generally the views of the
country bankers delegation.