The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-10-22
EMBoDIED In RESOLUTIONS ADOPT
ED ny BOARD OF DIREC-
TORS.
SUGGESTS CHANGE s
WOULD LIMIT FEDERAL RESERVE.
BOARD TO SEVEN, REGIONAL
BANKS TO FTyE--OTHER
SUGGESTIONS.

With just few exceptions the Rich
mond chamber of commerce is in
hearty accord with the currency legis-
lation now pending before congress.
These exceptions, which the cham
Der has put in tho form of suggested
amendments, were embodied in reso-
lutions adopted yesterday afternoon at
special meeting of the board of d.
rectors. The chamber believes that
the federal reserve board should be
limited to seven members the region
al banks to not more than five, and
further, that the currency issued by
the regional banks should be under
government supervision and redeema-
Bile only In gold.
The resolutions, copies of which the
secretary was ordered to send to the
Virginia delegation In congress. fol-
low:
The Resolutions.
Whereas, the Richmond chamber of
commerce has for sometime past
urged upon congress the necessity for
revision of the currency and bank
ing system of the country. 1t wishes
to express its recognition of the i'm
portance of the recent action of con-
gress in formulating the pending bill
believing that the commercial and
manufacturing interests are more d.
rectly interested in this measure than
any other class of the people; and.
further, that the prosperity of the
banks, not only in their soundness and
strength, but also in their pro-
nounced success, is most important
factor in the development of every
| Industrial interest. 1t is, however,
confidently thought that the bill now
proposed will meet the requirements
sought tho ms rc{NI and a N
ufacturing interest much more eff
GENTLY If certain amendments or
changes could be Incorporated. The
effect. in its opinion, of these amend
ments or changes will be that the
| banks see their way clear TO most
heartily take advantage OF all the
good features of this bill, with the
/ result that the whole industrial inter-
est of the country will be helped. es-
/ pecially in the South, which ls so
rapidly developing and must have
more elasticity in its banking facili-
! ties to meet it's requirements.
Therefore, be 1t resolved by the
Richmond chamber of commerce,
That, 1t most earnestly requests the
/ congress to adopt the following
amendments or changes in the blu
now under consideration,
Suggested Changes. .--
! First, That the number of the fed
| eral reserve board shall be seven
three of whom shall be proposed by
the reserve or regional banks.
Second That the amount of stock
that each bank shall subscribe to III
respective regional bank shall be re-
duced from 20 per cent to 10 PEI
cent. and that the number of regtona,
banks be reduced to not more thar
/ five.
Third, That the currency issued BY
the reserve or regional banks should
be under government supervision
but should be the obligation only o1
the reserve bank issuing the same
and the member bank to which 1t /.
| issued, and not a government obli-
cation or guaranteed by the govern
ment; also thar this corrency viz.
the notes issued by the regional banks
shall be redeemable in gold alone.
Finally. it is suggested that as the
provision for the segregation of saw
Ilngs bank, and the use of these funds II
certain specific forms of investment
might work a great hardship upon tht
commercial interests of this section
this provision of the bill should bt
made optional or entirely eliminated.