Missouri Valley times. [volume] (Missouri Valley, Iowa) 1874-1931, 1913-10-09
PENDING BANKING
ACT INVASION OF
Personal RIGHTS
-REYNoLDs
Des Moines Banker Sounds
Keynote of Bankers 0ppo-
sition to 0Wen-GIass
Currency Bill.
VIGOROUSLY ASSAiLS ACT
Proposed Measure Places Too
Great Restrictions Upon FL
nancial Institutions,
He Declares.
VIGOROUSLY AssAiLs AC'


told the Senate banking committee
today he indorsed many important
features of the administration
currency bill. Mr. Vanderlip
criticised adversely certain parts
notably the independence of tha
regional reserve banks. the char
acter of the note issue plan and the
section com"elling all national
banks to become members of the
proposed system.
Aside from these objections.
however. he found many excellent
qualities in the administration plan
and took issue with many bankers
who have criticised adversely diff
ferent parts of the bill.
A repetition Of the panic of 1907
from such causes as brought it
about. would be impossible under
the proposed banking system, said
Mr.. Vanderlp.
Boston, Oct. s.Arthur Reynolds of
Des Moines. Ia, first vice president of
the American Bankers association. and.
the year, Its ranking officer charac-
teriZed today as unnecessary and un-
just and an invasion Of the liberty OF
the citizen certain features OF the adj
ministraton's pending currency bill.
Mr. Reynolds discussed the bill at
length before the association which is
in convention here He said, i'm part:
THE admitted inadequacy of the
present national banking act to meet
the emergencies of business has been
the subject OF much labor on the part
of this association, through its Nari-
Gus committees. to secure from the
congress of the United States a change
| i'm the law along lines of sound prin-
cipies of finance as exemplified by the
experience nf the world. 1t would
| seem that there ought not to be great
difficulty In applying these principles
which other commercial nations have
| found elementary and necessary to per-
manent success to our present bank
| ing system and to adapting them to
our geographical and commercial con-
ditions
Invasion. He Says.
To-day we are facing proposed legis-
| lation which | cam hardly regard as
less than an invasion of the liberty of
| the citizen in the control of his own
property. by putting under government
management enormous individual i'm
vcstments and a branch OF the cotln-
trys business which should be left to
| individual effort
Neither the banks nor their great
army of stockholders, nor the business
Il
urged the least objection to close and
| thorough supervision of the banks by
! the government; indeed. bankers have
4 welcomed such supervision to the full
est extent. But to go further and take
| administrative control and deny us amy
| share N voice In the mana agement OF
our own business seems both unneces-
s;,ry and unjust
/ mo nation In the world has ever
| found is necessary to assume such
broad powers as are contemplated un-
der tic new bill 1T viii readily be
! recognized that men trained in the
banking business and conNcrsant with
the necessities of the borrowing pub
| H., as Well az its ability To lotid;tte
| its obligations could act with better in
! formation and clearer Judgment than
! political ippointees selected along par
tisan lines. ans, with nnlN caSnal regard
for their experience in the business
II believe therefore. HAT While both
the bankers and the people adsocate
careful and thorough government
supervision %, any system which may
he adopted, IL business; of such .reat
country's prosperity should be i'm tho
control of men educated and trained in
such business In the highest degree.
rather than in state control. 'i'Eis is
not in any sense ~ political question 1t
must be solved upon the higher plane
of statesmensIip amd no: slll,jcrte,l 80
the strife and selfishness Of political
parties.
Question. Wisdom of Congress.
"Thosc in control OF the proposed
legislation have believed that tho
present method OF handling the re-
serve of the banks oi he country
whereby large sums are finally lodged,
In central reserve cities, has led to
the promotion of speculation. To the
exclusion of proper credit acronlno-
dations to legitimate business enter
prises. They claim it is their purpose
to free the credits OF the country "a
, such proper uses.
Il do not believe that banking cred
its in this country are restricted. o,
that banks are at the present time
denying credit to those who are legit-
imatcly entitled To it. l believe thai
such credits are now being extended
/ more freely to all classes OF people
/ and business. and in more liberia
I way than anywhere else in the world
, One of the admitted causes of oul
financial disturbances in the past ha.
= been the over extension of credits Il
. the people If amy evils exist in on
present system through the accunlu,
lation of reserves In large cities. i
does not seem Just or fair To lestro,
the good features OF the preseat sNs
!. tenn in an experiment to find Il rem
edy.
~ Is my ueiiei thdt tHlS proposed
meti,od Of redistributing reserves vii
. worl. q large and unnecessary contrac
ton of credits and a consequent hard
ship upon many banks and individ
: uals This would he especially true
with the so-called country bank il
/, the agricultural districts, and witt
q many individual interests in reserv
o cities where deposits would be great
: ~ restricted
MARSHAL FOR TEXAS.
: Washington, Oct. 5. y. Herring. o
II Madisonviiie Tex, has been chosen b.