The Washington herald., 1913-08-23
bryan ENDORSES
CURRENCY BILL
CONTINUED FROM PAGE ONE.

bill to prevent the duplication and inter-
locking OF directors Of corporations In
compliance with an expression OF the
Democratic party in its last platform.
Such legislation, the leaders say VIII
be embodied in a bill that will be passed
at the December session Of Congress.
Text of Bryan Letter.
The text OF the Bryan letter follows:
August %, 1913.
Hon. Carter Glass, H. R., Washington,
D. C.
"My Dear Mr.. Glass: Replying TO your
inquiry i beg TO say that have Tor
many years advocated law preventing
a duplicating of directorates. While the
principle applies to banks as well as to-
trusts-although, think, in less degree
the plan has been considered mainly as
a means of dealing with the trust EVIL.
Competition can be effectively prevented
when the same men act as directors OF
competing companies.
81 am as much in favor of the rene-
dy now as 1 was when 1 began to ad-
vocate it; in fact, more so, because recent
disclosures have given further proof OF
the employment of this means of elimi-
mating competition, but / do not think
il wise to make il a part of the pending
currency bill. In attempting to secure
remedial legislation, care must be taken
not TO overload a good measure with
amendments, however good these amen1-
nents may be in themselves. A boa
may be sunk IL you attept to make IL
carry too much, however valuable the
merchandise.
"A bill is usually the result of a COM
promise: the President and Secretary
NcAdoo in conjunction with the chair
men Of the Currency Committees of the
House and Senate, have formulated a
tentative measure. 1t was prepared afteI
extended investigation and the compari'
son OF views. 1t embodies certain pro-
visions OF great importance. and is,
| believe, fundamentally sound.
The provision in regard to the gov
ernment issue of the notes to be loanec
| to the banks is the first triumph Of tn
! people in Connection with currency legis
| lation in a generation. 1t is hard t
/ overestimAte the value of this featur
| OF the bill. In the second place, the bill
| provides for" government control Of tn
| issue of this money; that is, contro
| through a board composed of govern
| ment officials elected by the President
| with the approval of the Senate. Thi
| is another distinct triumph for the peo
ple-one without which the governmen
| issue of the money would be largely
| barren victory. The third provision i
! .hIs bill. which I regard as of the frs
importance. is the one permitting Stat
banks to share with national banks tn
advantages of the currency system pro
posed.
These three provisions are, to m
| mind, OF such transcendent importanc
that 1 am relatively but little concerne
as TO the details OF the bill l do nc
mean to say that the details are unim
portant. but whatever mistakes may b
made in details can be corrected eas!l
and soon; a wrong step in the matter q
principle would be more difficult TO II
trace. There are doubtless differences {
opinion over matters OF detail, and
was TO adjust these that the caucus wa
held; but 1 take it for granted that n
one who is really in favor OF the bi
will permit a difference of opinion on
matter of detail to lead him to JeoparC
ize the bill