Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-13
MONEY MEASURE
NOT WORKABLE,
BRIS70W SAYS
Kansas Senator Declares Authors
Ignored Needs Of Country
at Large.
By JOHN TEMPLE GRAVES.


WASHINGTON. oct H. Senator
E-istoU Of Kansas is q lauutless and
hard headed radical who never fears
90 speak his mind With Senator
Tlstov. diplomacy is d.roc, speech.
lis State has been radical state
Tor So years, and Senator Rrstow
} .ds his place by tho fact that he
consistently represents The radical
sentiments.
! propounded 20 him to-day the
questions ! have asked the other
Senatorial members Of the Currency
Committee, and his answer is charac-
teris'ic and forcefuI
The hearings have Impressed me
with the fact that the present bin
was prepared with "A view TO cor
recting abuses in Wall street and
that very little consideration has
been given TO the interests OF the
country outside Of few commercial
centers
Country Not Considered
THE authors Of the bin apparently
we've undertaking to reform the praC-
tees Of the banks in the large cities
thft loan money on Stock Exchange
Securities. and apparently had little
tnowlcdEe or gave little care as TO
.4he methods Of business In other sec
lions cf the country.
Tt seems to me that the bin in its
present form Is utterly unworkahle
and II passed unamended would never
become operative because there would
not be sufficient number OF banks
90 into 1t to create twelve regional
reserve banks. as required by law.
You can not compel men 10 go Into "a
business they think unprftable
The bitter complaints that come
o. me are from the country banks, not
the city banks. The hearings to my
mind have conclusively demonstrated
tac utter iucncctNencss of few
theorists getting together and evoIv-
looms In Washington a general law
affecting the commercial Industrial
and financial affairs Of great ma
ton and handing IL out to the legis-
lstive branch Of the Government. with
an order from the Chief Executive
that IL Toe passed without material
amendment
Not a Political Question.
My prediction is that the authors
of the bill VIII learn before this cur
renoy question II s-ttlcl, that even
they can learn something 10y taking
counsel from the great rank and file
of the American people, This is not
political question.
AS TO the changes that are de
sirable in our currency system | am
not prepared to set forth fully my
opinions What is chiefly needed is
the providing OF some heXibility-
the principal change desirable In our
banking laws is provision for the
Iediscount of paper when business
conditions require It, and opportunity
for securing temporary emergency
currency when II is necessary to have
st.
This could all be cared for under
the plan suggested by Senator O'Gor-
man. | do not want II TO be inferred
that | am welded TO the O'Gorman
suggestion. l am searching for light
Something better may be disclosed.
Should Rewrite Bill.
Il believe the bill should be re-
written. and I am more favornbly i'm
pressed with the suggestions made
by Senator O'Gorman and by Mr.
Fowler OF New York than any
others that have been presented as
Yet to The committee. O'Gorman suE
gests Federal reserve and discount
bank supervised by Federal board
appointed by the President and con
firmed ny the Senate. the stock to be
subscribed by citizens under proper
suggestions so as To distribute II as
generally as possible
such bank should be a bank Of
issue. a bank for reserves and a bank
for redisCounts, and the good paper
of any banking institution in the
United States should hc eligible for
discount.
MIR. Fowler's idea OF credit cur
renCy Is very attractive to me Other
suggestions have been made that
have genuine merit, one by Senate
Hitchcock and others by gentlemen
who have appeared before the com
mittee that would greatly improve
the bill"