New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-04
Little Short OF Shameless"

Chairman Glass says Mr. Andrew made
other equally untrue" statements re-
gardlng the bill. and that these state
ments are little short OF shameless"
Mr.. Andrew. he asserts, mIsrepresented
the provisions OF the bill relating TO the
amount Of reserves country banks must
maintain. as we'll as the provisions for
the new note issues. lie says he will an
swer in detail later the apparently in
spired article Of Mr. Piatt Andrew"
whose views are not held ny some Of
the most eminent bankers and currency
experts who have studied the BILL
Answering the criticism that the cur
rency hill has caused the per cent bonds
TO sell below par. Mr. Glass asserts that
such statement is Dreposterous and in
accurate. AZ these bonds sold as low as
IS and fraction In New York last spring,
before one sentence Of the tentative
draft OF the currency bill had been writ
ten"
Mr Glass declares IL is simply astound-
ing that any national banker would as
sert that the national banks OF the coun-
try arc alarmed At the bond provision OF
the new currency bill He adds that dur
inE the currency hearing such bankers as
George NJ Reynolds. Sol Wexler and Fcs-
tus J Wade advocated the gradual retire
ment OF the per cent bonds. which now
have a circulating privilege, but which
are TO be refunded and converted into 8
per cent bonds without the circulating
privilege.
Not only that Chairman Glass con-
tnues. but | have now suggestions for
muated by the currency commission Of
the American Bankers Association in
New York ten days ago. and among these
is an urgent accommodation that the re.
funding scheme Of the first draft of the
currency bill, which had been stricken
out. should be Immediately restored. Fur
thermore committee OF the most emf
nent bankers Of this country came TO
Washington to present these suggestions
in person TO the President and the Sec
rotary Of the Treasury and the chairmen
Of the Senate and House Banking and
Currency committees.
I'm the face VI these facts II is more
than amazing that any national banker
should now have the presumption to as
sert that the bond provision of the bill
Is responsible for the sale on Stock Ex-
change below par Of United States gov
eminent bonds If this banker means by
his statement that the good faith of the
government Is involved and that the pro-
vision should be altered so as TO provide
a higher rate OF interest than per cent.
he had as well understand now as here
after that no such thing will be done. he
and others had as we'll understand that
there are a good many people in Con-
gress and out OF Congress who are re-
sistng the increased tax OF | per cent
involved In this refunding scheme. and
that this provision was not restored To
the bill until after long and serious and
repeated conferences.
1t may be that those who urged the
restoration OF this provision will not be
especially pleased to find that their ef
fort to do entire justice to the banks has
been requited by such an obvious at
tempt 20 discredlt the proposed new cur
rency bill. Such fictitious objections and
inspired criticisms are getting a little
tiresome 10 those of US who have stood
TOR just dealing all around. These
methods are not going to frighten any
body at this end of the line. Before We
get through they may hurt somebody at
the other end OF the line