New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-22
ALL HANDS TOGETHER,
IS CURRENCY SLOGAN
Presidents Desire for Non-Par-
tisan Spirit Likely To BE
Realized.
DIFFERENCES NOT RADICAL
Plan for Guarantee ing Deposits
Has No Great Chance
New York With
drawals Opposed.
lFrom The Tribune Bureau. J

fFrom The Tribune Bureau
Washington. May 2l.-President Wilson s
suggestion TO Representative Glass that
currency reform should be undertaken in
a non-partisan spirit is i'm fair way
To be realized. according TO indications
AT the Capitol to-day. IL is more than
probable that the President and Demo-
cratic legislators will be met half way
by Republican legislators who are Of the
opinion that currency legislation should
be enacted and the present system re-
formed to meet the business needs of the
country.
The President had three conferences to-
day on currency reform. He discussed
with Senator Kern, the majority leader
the prospects of currency legislation at
this session. talked with Chairman owen
OF the Senate Banking and Currency
Committee and saw Representative Glass
chairman of the House Banking Com
mittee.
Senator Owen said on leaving the White
House that an agreement practically had
been reached as to the fundamentals Of
currency reform. Those working on the
subject. he said. felt that a system Of
means OF mobilzing reserves.
Secretary McAdpo who discussed the
subject with Representative Underwood.
had a brief conference to-day with Sena-
tors Weeks and Burton. who were men,
bers of the National Monetary Commits
sion and signed the report submitted by
il TO Congress recommending the estab-
( lishment OF a central reserve association.
The meeting was arranged at the sugges-
ton of the Senators.
Expert knowledge Of Value.
Secretary McAdoo is understood to
share the view of the President that cur
rency reform should be a nonpartisan
matter, and it is probable that he will
fall in with the Presidents plan TO the
extent Of consulting Republican legisla-
tors concerning the currency bill and re-
ceiving suggestions from them before II
receives the administrations stamp Of
approval. The expert knowledge gained
by Mr. Weeks, who is himself a banker,
and Mr.. Burton through their service on
the Monetary Commission. which con-
Quoted an exhaustive investigation, would
be Of great value and advantage TO the
currency reform Senator Weeks is now
a member Of the Banking and Currency
Committee.
Republicans a. we'll as Democrats are
Of the opinion that there is urgent ne
cessity for currency reform. Difficulty
has been encountered in the past how
ever. in putting satisfactory legislation
through Congress. If the work can be
undertaken in a non-partisan spirit, the
probability is that the obstacles in the
way of such legislation will be mimi
mized and law enacted which will
mark a decided improvement upon the
present system.
There are some points of difference,
however. between members Of the two
parties which must be adjusted before
measure can be agreed upon. The plan
for guaranteeing deposits, which is ad-
vocated by Senators owens and Bristow,
does not meet with favor on the Repub-
lcan side, and IT IS equally true that
there is much opposition to il among
the Democrats II the question is brought
TO an issue, II IS probable that this feat
ure will be rejected by combined opposi-
ton of Democrats and Republicans.
Few Withdrawals.
There is also some misgving among
Republicans over the proposal of Demo
cratic leaders to force the regional re-
serve associations contemplated by the
Democratic plan TO withdraw their re-
serves from cities. That would mean
the withdrawal OF. probably, 800 900. 900
from New York City. Bankers them
selves are particularly alarmed by this
suggestion. They take the view that New
York is natural banking centre and
that the withdrawal of reserves will &C
complish no good fog the banks of the
other sections of the country, but will dc
great injury not only TO New York but 70
the country at large. The requirement is
regarded as a somewhat clumsy effort
to cripple the money trust by making
interior banks independent OF New York
Differences of opinion will also arise
over the question of central control. The
Democratic plan calls for fifteen reserve
associations which. despite the proposed
central reserve association. will be prac-
tically independent. In these different
associations the rates of interest may
vary as tney do nov in different sections
OF the country. Normal rate in Montana
may be s o. 10 per cent; in Boston per
cent. IL provision is not made for uni
form rate Of interest throughout the
country. some Republican Senator's ar
que. the entire regional reserve system
will come 10 disaster. In the central re-
serve association plan proposed by the
monetary commission. a uniform rate of
interest was provided for.
IT IS pointed out however. that the dif-
ferences OF opinion are not restricted to
party lines end they may be thrashed out
much more effectively by the consdera-
ton OF the bill on a non-partisan basis
than would be the case II the purposed
legislation were made party issue.