The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-10-25
OVER THE
CURRENCY BILL
BEGINS MONDAY
President Wilson Makes
Known in Emphatic Terms
His Opposition to Cen
trail Bank Plan.
THREE DEMOCRATS
FAVOR THE SCHEME.
May Defer to the Wishes of
the Majority and Join in
Perfecting the Glass
Owen Measure.

WASHINGTON, Oct. 24-Whetbe1
there shall be one federal reserve bank
with branches throughout the United
States, or several banks, as provided for
in the administration bill, promises to
be the chief issue Of tho final currency
reform fight In the sentae committee
that is to open up Monday. The hear.
ings Of the committee will conclude to.
morrow night, and the committee mem,
bers will begin Monday the arduous
task Of attempting to agree upon a re.
vision of the Glass bill that will prove
acceptable to President Wilson and the
house.
The president mado it known in en-
phatic terms today that he was opposed
to the central bank plan, as suggested
yesterday by Frank A. Vanderlip of the
National City bank Of New York, and
as Endorsed informally by many mem
bers Of the senate committee. He reit-
Grated through Secretary Tumulty that
the Glass Owen bill with It's system of
twelve regional reserve banks related
only through the functions Of one fed
eral reserve board sitting at Washing
ton was admirably suited" to the
needs Of the country.
May Follow Majority.
1t was apparent tonight that the
course Of several members Of the COM
mittee probably would be determined
finally by the attitude taken by Presi-
dent Wilson and other party leaders as
to the expediency Of the single bank
plan. Senators O'Gorman, Hitchcock
and Reed, Democrats, all favor the idea
Of single federal reserve bank, as op-
posed to many separate ones, but 1t is
believed that their advocacy Of the plan
Democratic leaders insist that such a
measure could not be passed through
the house.
Senator Reed urged the president to-
day to withhold judgment on tho single
bank idea until it's details had been
more fully worked out by the senate
committee. Later Senator Kern, Dem
ocratic leader, and Senator Stone con-
ferred with the president.
President Emphatic.
The president made it clear to the
senate leaders that he did not believe
the senate committee should attempt
to disturb the foundation of the bill
that passed the house to the extent that
it would have to be remodeled to pro,
vide for single bank Senator Stone
on leaving the White house expressed
his personal opposition to the single
bank idea.
While the plan concretely before the
committee is that outlined yesterday by
Mr.. Vanderlip, manv suggestions OF the
same kind have come from committee
members.
Secretary Tumulty expressed tho White
house views in this statement.
When inquiries were made at the
White house as 10 what the president 8
attitude was towards the proposals made
by Mr.. Vandsrlip, of the National City
bank, to the currency committee OF the
senate, It was stated with emphasis that,
OF course. the president would not re-
cedo in any respect from the position he
hBd already so clearly taken and what
the whole country understands.
Upholds Glass Bill.
He has wa armly and unquelificdly In
dorsed all the main features OF the Gla ss-
Owen bill. He regards the plan pro-
vided for In that bill as excelIently suit
ed TO the existing conditions of the bus
mess OF the country and In every essen
tial particular sound and calculated to
render tho business men of tho country
q great and immediate service. and he
believes that the early enactment of the
bill into law In expected and demanded by
the most thoughtful buainoas interests.
The evidences which have reached him OF
the support Of the country are unmis-
taxable and overwhelming.
II. Parker Willis was the chief witness
did not indorse tho single bank Idea, but
bili.
Public ownership Of the stock Of the
regional reserve banka WAS conceded to
toned on this point by Senator o'dor.
man. He expressed the belief. however,
that ownership of the stock by the mann
Der banks would stimulate their interest
In the currency reform plan,
Mr. Willis recommended that the house
bill be changed to provide;
That national banks could not open
savtugs departments: that state banks
could not enter the new currency system
unless they conformed TO the strict re-
auirements made Of national banks: that
the federal reserve board contain no ca >.
met officer but the secretary OF the
trcasu and that the commission that
organizes the new banking system shall
have the power 10 determine the number
llglied.