Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-06-27
Several Changes Already Made
in Original Draft Of Meas
ure Advocated by Admin
iStration,
BANKERS OBJECT TO
CERTAIN FEATURES
Republican Member Sees Dan
ger in Federal Reserve
Board Controlled, He Alleges,
by Political Appointees,
~ uo.mne iooarll ,rsolal lsAaso ~lrr

10y noRHiHo JOURNAL SPECIAL tsAnfo WRIT
Washington. Juno 2G.-The admin
istration currency bin was launched
an the troubled seas OF legislative
consid ration today when IL was I'M
uoduccd i'm the senate by senator
owen aud in the house hy Rcprosen-
tative Glass The house Immediately
referred the measure to the banking
and currency committee.
Several changes had been made in
the bill as the result of the numerous
conferences in which President VIII
son. democrats 81 the house and sen.
ete committees treasury department
officials and committees of bankers
took part. following the publication of
the proposed M aasure several days
ago but despite earnest appeals that
the federal reserve board % control
the proposed new currency system ht
Increased and that the bankers De
given representation. no change in
this provision was made The board
win consist OF seven men to lc APP
pointed by the president In the sem
ate Senator Cummins contemplated
proposing an amendment which would
make the board an executive body.
Reinserted in the bin was tn or
ipinal proposition for retiring the
present bank notes wituin twenty
year and the substitution of addi-
tiunal federal reserve notes for them.
This eliminates the proposed limit of
$500 100000 in reserve notes con
tanned n the bin as originally made
public I'm replacing the bank notes
the government Two per cent bonds
upon which they now are issued.
would De refunded by three per cent
Londs without the circulation privil-
cge.
Chairman Glass made preparations
for the speedy consideration Of the
hill hy the house committee He Sc
cured the passage through the house
Of two resolutions To facilitate the
work one provided for the printing
and distribution of $4,000 copies Of the
new i'll. The other, which was
adopted after a partisan discussion,
provided $4,000 for the payment of
experts to be employed by the COM
mittce.
At tomorrow's meeting ths com
mittce will take up the question of
holding public hearings on the bill
and will consider resolution pro-
posed by a subcommittee providing
that all sessions Of the committee dur
ing the consideration of the bin be
onon to the public
Senator Weeks. of Massachusetts,
republican member of the senate
currency committee, and former
member Of the national monetary
commission, issued statement today
in which be urged immediate action
toward currency reform, but criti-
cised features OF the new administra-
two bill
II think the worst feature Of the
bin Is tho federal reserve board as IL
is constituted, and the cxtravagant
power givcn-to it. he said. Il am I'M
alterably opposed to anything which
savors Of political Influence having
any connection with our banking sys-
TEN.
81 have been and am now. extreme
" desirous Of supporting the presi-
dent in this legislation, which. from
every standpoint, should be non-par-
tisan. with this idea in mind, ! took
occasion nearly a month ago to say
to a prominent member Of the adj
who had been active In
the framing Of this Bill. that thought
the minority members OF the banking
and currency committees Of the SEN
ate and of the house should have an
opportunity to inspect the proposed
legislation before the administration
had put its stamp of approval on it.
This request has not been granted.
The bill has been framed and re-
peatedly revised without any minor
ity member of congress having an
to inspect it. The presi-
dent, as far back as June l9, invited
the members Of the banking and cur
rency committee of the senate to q
conference to be held the evening of
June Is at the White House and
about the same time the proposed
bill was given to the public