Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-12-24
WORKING OUT DETAILS
OF NEW CURRENCY LAW
Continued from First Pase.)

those five places it is not known In
| Washington.
The first step to be taken by the
secretaries will be the selection of
cities where Federal reserve banks,
the backbone of the system, are to be
located. The law provides for not
less than eight, and not more than
twelve. The organization committee
| is empowered to employ counsel and
summon witnesses and papers, to go
deeply in the location of the reserve
| banks.
Its decision is not subject to review
except by the Federal reserve board.
! Il Is possible that before the ques-
ton of cities is decided the organiza-
ton committee will visit cities sug-
gested and base it's report on infor-
nation gained at first hand.
Several In Tentative List.
Cities that can hardly be kept off
tentative list would include New
York, Chicago, ST. Louis, San Fran
cisco and New Orleans, with Denver,
Atlanta and Seattle or Portland, Ore,
near the top. Philadelphia, Baltimore
| Washington, Boston and several
others are asking for designation.
| The organization committee is en-
powered to prescribe regulations for
membership in the system. Applica-
tons from all over the United States
| have been flowing into the treasury
| for several days. An unusual flood,
I however, arrived today, and one of
the first duties of the committee will
| he the PRONUNCIATION of rules for their
acceptance. National banks have
sixty DAYS in which to file applica-
tions, but under the law can remain
in existence for one year without
joining the system.
Secretary McAdoo said he expected
to actually begin formal work on Sc
Letting Federal reserve cities tomor-
row.
I'VE expect to consider the problem
In the light of what will most bene-
fit the entire country and local in
| terests will not be regarded" said
he. I'VE will probably outline the
districts first and then choose the cit
les in each district where the Federal
reserve bank will be located"
Mr.. MeAdoo did not know, he said,
whether there would be eight or
twelve districts. That point he re-
garded as one of the most perpleXing
before the organization committee.
He expressed great satisfaction with
the way in which the banks have re-
sponded to the law.
Predicts Unexpected Success.
1.-THE law has been accepted" he
said, ''in a thoroughly patriotic man.
ner. / have never had any doubt,
and have none now, that most of the
national banks of the country will en-
ter the new system. l believe it will
prove an unexpected success and the
greatest thing that has happened to
| the country in many years"
| Many applications have come from
| individuals for positions on the feder-
/ al reserve board, but Mr.. McAdoo said
he had not looked them over, and in
! dictated that they were likely to re-
ceive seant consideration.
! President Wilson signed the cur
rency bill at 6:01 o'clock last night,
making the measure a law.
After signing the currency bill Pres
ident Wilson arose from his desk and
said:
First of Constructive Measures"
THE most significant fact in the
passage Of the currency bill by both
the House and the Senate was the
team work evident in both chambers.
One of the most pleasing and crafty
ing results was the great number of
Republican votes cast for this meas
ure.
II need not tell you that feel very
deep qualification at being able to
sign this measure, and the very deep
est esteem for the men who made 1t
possible for me to sign 1t.
There have been currents and
counter-currents that have threatened
the existence of the bill. but it has
come through safely. Especially to
the chairmen of the two committees
and then to the members of the COM
mittees themselves / wish to tender
tlIla finng for hrif1piy1cr fl1fo
bill safely into being.
This is the first of series of con-
structive measures which the Demo-
cratic party means to pass IN order
better to serve the people. In saying
this 1 do not wish to cast any re-
Election upon the tariff bill, but that
was passed in order to remedy exist
ing evils, This is strictly a construc-
tive measure. I consider 1t happy
omen that it has been made a law
just fifty years after the passage of
the national banking act in 1854
New Epoch in Business Prosperity.
1--WE have come to the end of the
day of criticism. What we have been
trying to do is to engage in peace
full fight for the betterment of con-
ditions. This day of peace has ar
rived. Business men have come to a
better understanding of conditions,
and criticism has been entirely oblit-
Grated. Today marks the constitution
of peace.
I'VE have simply been seeking to
serve the best interests of the coun-
try I believe that the passage of this
bill will mark new epoch in the
business prosperity"
The President was surrounded by
members of his family, his Cabinet,
members of the Senate and House
committees that framed the measure
and other distinguished Democrats
when he affixed his signature to the
bill
Let me do the deed first" OBJ
served Mr. Wilson, as he smiled upon
the crowd that stood eight or ten