The Birmingham age-herald., 1913-08-23
BRYAN INDORSES
CURRENCY BILL AS
FRAMED BY GLASS
Action Wins Signal Victory
For Administration
Supporters
PRESIDENT DOES NOT
WANT AMENDMENT
Vigorous Assertions of Bryan in Let
ter Breaks Down Defense Of "In-
snrgent" Leaders-Under-
wood Resolution Adopted

wood Resolution Adopted
Washington. August % supporters Of
the administration currency bill scored
an important victory in the House demo-
cratic caucus today. when they brought
TO their aid an unqualified Endorsement Of
the measure from Secretary Bryan and
defeated the proposed "insurgents amend
ments that would have prohibited inter-
locking directorates in national or state
banks Incorporated under the proposed
new law.
Secretary BRYAN in a letter addressed to
Chairman Glass of the currency conlmit-
tee approved the bill as Il stands. declar-
ing President Wilson had recognized fun
damental rights of popular control in It's
provisions. He asserted that the plank OF
the democratic platform against interlock-
ing direetorates was aimed chiefly at
trusts. and he urged democrats to stand
by the President and not to load down
the currency bin, with any amendments
which might endanger its early passage.
Make Counter Proposal
Fortified with the backing of one OF the
makers of the Baltimore platform, Rep
resentatiyes Glass and Underwood met the
demand for an amendment to prohibit In
terlocking directorates with counter pro-
posal that the democrats of the Houes
take up general legislation against inter-
locking directorates at the next session.
resolution by Representative Under
wood, adopted by a vote of 130 to 60, re-
ferred the entire subject to the demo-
cratic members of the judiciary committee
of the House and directed them to bring
in bill at the next session of Congress
that would prevent interlocking director
ates of all kinds
Administration leaders tonight said the
large vote that supported the Underwood
motion and the hearty approval that
greeted Secretary Bryan's Endorsement
of the bill. assured the approval of the
complete Glass bill with but little change.
There remain several important amend
ments to be considered, but it was de-
clared that the only important modifica-
tion would be a change to MAKE it. clear
that the agricultural paper viii be given
the same credit - eommereias Or indus
trial paper.
The amendment over which the fight
waged throughout the day had been Of
fered by Representative Neeley Of KAN
sas, one of the so-ealled 'insurgent" men,
bers of the banking and currency com
mittee. 1t was not until near the close
of the session that Chairman Glass, after
declaring that President Wilson did not
want such an amendment Incorporated In
the bill brought forth the Bryan letter
10 ale III
him by Samuel Untermyer, who was
counsel for the Pujo money trust commit
tee. saying he did not believe the inter-
locking directorate provision should be in
the currency bill
Directing members who had questioned
Mr.. Glass Interpretation of the Presi-
dents attitude. gave way before the vig-
orous assertions of Secretary Bryan and
vote quickly settled the question
In his letter Mr. Bryan declared that
for MANY years he had advocated a law
preventing a duplicating of directorates.
While the principle applies to banks
as well as to trusts-although / think
in a less degree, the Sescretary wrote
the plan has been considered mainly as
means of dealing with the trust evil.
Competition cannot be effectively pre-
vented where the same men act as di-
rectors of competing companies
II am as much in favor of the rem
edy now as / was when l began to adj
vocate 1t; in fact, more so, because re-
cent disclosures have given further proof
of the employment of this means of
eliminating competition; but | do not
think it wise to make 1T part OF the
pending currency bill. IN attempting to
secure remedial legislation, care must be
taken not to overload good measure
with amendments. however good those
amendments may be in themselves A
boat may be sunk If you attempt to make
it carry too much, however valuable the
merehandise.
"A bill is usually the result Of a com
promise. The President and Secretary
McAdoo in conjunction with the chair
man of the currency committees of the
House and Senate. have formulated a
tentative measure. II was prepared after
extended investigation and the compari-
son Of views. IL embodies certain provi-
sions of great Importance, and is + be-
lieve, fundamentally sound The provi-
sion IN regard to the government issue
of the notes to be loaned TO the banks
is the first triumph of the people i'm con-
nection with currency legislation in gen-
GRAFTON. Ii is hard TO overestimate the
value of this feature of the bill
Provides Government Control
In the second place, the bill provides
LII S0NNAHiiNHt toilliOi VI TIE ISSUES Oh
this money-that is. control. through a
board composed of government officials
appointed by the President with the an
proval of the Senate. This is another
distinct triumph for the people. one with
out which the government issue of the
money would be largely barren victory.
The third provision in this bill- which [
regard as of first Importance, Is the one
permitting state banks to share with ma
tional banks the advantages of the cur
rency system proposed.
These three provisions are, to my
mind, of such transcendent Importance
that I am relatively but little con-
cerned as to the details of the bill
do not mean to say that the details
are unimportant but whatever mistakes
may be made in details can be COR
rected easily and son. A wrong step
In the matter of principals would be
more difficult to retrace. I take 1t
for granted than one who really Is in
favor OF the bill will permit a diff
ference of opinion on matter of de-
tail to lead him to jeopardize the bill
May Be Exaggerated
The papers have. I'm few case, re-
ported members of Congress as pre-
sentlng views Of which were. alleged