The Washington times., 1913-12-16
DISTRICT BANKERS
SUBMIT THEIR VIEWS
Send to Congress Committees
Unanimously Adopted 0pin-
ion on Currency Bill.

John Poole, secretary of the Bankers
J Association of the District Of Columbia
will send today to the members Of tht
House and Senate Committees on Bank
ing and Currency the views Of the as
sociation upon the pending currency
| bill
These views are expressed in the re.
port Of a special committee composed
Of William T. Galliher, president Of the
American National Bank. chairman; III
H. Mckee. cashier of the National Capt.
tai Bank; and Robert N. Harper. presi-
dent of the District National Bank II
was adopted and ordered forwarded to
Congress without a dissenting vote at
the regular meeting of the association
at the New Willard last night
While there was no vote against the
adoption of the committee report or
against the motion of George 0. Wal
con, cashier of the National MetropoI-
tan Bank, that the report be stnt to
ton upon the pending legislation, Mr..
Harper, who had previously publicly de-
Tended the measure now before Con-
gress, explained his reasons for not
signing the report. though he declined
to submit minority report or to vote
against the adoption of the report sub
mitted. Mr.. Galliher, chairman OF the
committee, upon presenting the report,
acknowledged 1t as having been drawn
by Mr.. Mckee and concurred In by him.
self.
The Recommendations.
In substance, the recommendation OF
the report were:
1. That the bank members of the
Federal reserve banks should be per-
mitted to select two members Of the
Federal reserve board. which two MEM
bers should not be connected other
wise in any way with any bank or
business of banking.
2 That the Federal reserve notes
should be issued and be the direct obli-
cation Of the Federal reserve banks
which are to receive the benefit to be
derived by such issue. and it should
be clearly understood that the issuing
bank must redeem the notes In gold, II
demanded. and not have the option of
redeeming them in any other kind OF
money.
8. That the plan Of redemption should
be extended to all banks |hich hold
the per cent bonds, whether they be-
come members of the Federal reserve
system or not.
4. That IL the reduction of reserves
as proposed Is to be effective, and IL
established relations between banks In
various parts of the country are to be
maintained to the benefit Of business
member banks should be per-
mitted to keep from to per cent OF
the required reserve with banks In re-
serve cities.
). That the maximum number Of Fed
eral reserve banks should be six. one
to be located in each OF the present
central reserve cities. and the remainder
to be placed In other parts of the coun-
try. after a careful study of the needs
Of business in the South and West.
Mr.. Harper's Objections.
In differing from the conclusions of
the committee, Mr.. Harper pointed out:
L That in regard to membership In
the Federal reserve board, the associa-
the Aldrich bill, in substance, and to be
consistent would have TO support the
provisions of the owen bill.
2. That the Government should issue
the circulating letters, inasmuch as the
operation of the proposed law is a gov
function, though he admits
that the question is subject to honest
of opinion.
3. That per cent bond redemption
privileges should be withheld from these
banks hat do not come into the Fed
eral reserve system, for the reason that
the system will have to make a solid
front, and those banks assisting the
to this end should be re-
and the others penalized to this
extent.
4. That he is so nearly in agreement
with the other members of the commit
Zee in respect to location of reserves