The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-09-04
SEE|K|S..DE[AY N
ACTION ON THE
CURRENCY BILL
Weeks, Introduces Resolu-
ton, Directing Postpone /
rnent Until December.
TO DISCUSS IT IN.
SENATE TOMORROW
Committee Hears Further Criticism Of
Administration Measure-Festus !.
Wade. Chicago Conference Repre-
sentative, Gives His Opinion. 4

Wo0cs NuaC88O COn1e&enCo Nopfos
sentative, Gives His Opinion. :
Warrington. Sept. "a resolution
to direct the senate banking COM
mtttee to withhold final action on the
administration currency bill until the
December session of congress was In
troduced by Senator Weeks, republi-
can. today. Suggestions by Reed,
Owen and other democrats on the
committee that they would like to dis
cuss the resolution. resulted in Mr..
tomorrow without action. He said
that he. would endeavor to force the
senate to decide whether: It wants to
proceed now on the currency revision
or allow the banking committee to
conduct hearings until December:
Festus j. Wade Of the Mercantile
Trust company OF ST. Louis and rep
administration bill put the, whole
burden OF the organization on the
Commercial banks" of the country.
Hearings to Continue.
The senate hearings. will continue
throughout the, week with the MEM
bers Of the bankers committee as
chief witnesses. 1t is expected that an
effort will be made by republican
the senate to go on record on a motion
to defer all currency legislation until
December. Senators who favor such
ia plan will ask that the committee
give extensive hearings up to Decem-
Der i.
Yesterdays session Of the senate
committee was interrupted by bank
er not member Of the Chicago con-
ference committee who opposed many
suggestions made by the bankers
committee. This witness. John 7. M.
Johnston. president Of the National
Reserve bank of Kansas City, said the
Central bank idea advocated by many
OF the bankers, tended to "centrali.a-
tion Of power" He favored the adj
ninistration plan asa "decentraliza-
tion Of power"
Festus J.. Wade. president Of the
Mercantile Trust company Of st. Louis,
the chief representative Of the bank
ers' conference before the committee.
country ought not to bs compelled
to surrender Sne -tenth OF Their capitaa
and one-half of. their reserves to the
proposed governmental system, II they
were to be denied representation on
the federal reserve board that will con-
troll the entire, banking system.
seForce Bill" :.
Mr.. wade repeatedly charged that
the administration bill was force
bilr':, and that it would accomplish
far lest In bringing about q a"satisfac-
tory reorganization Of the banking
system than would a plan that was
more attractive to the banks. He In
sisted that the new plan would give
! 10 t>>~ a A~yn ia Not
they would not enjoy under state bank
charters; and that many Of them
would retire to the state bank field.
"As to trust companies and state
banks that would be- admitted under
this bill to participation in the new
SYSTEM" he said, 'I think most OF us
will stand back and wait to zee what
the national, banks gain by being
members Of the federal reserve banks -
The witness declared the banks did
not care to own the stock OF the re-
entirely willing that 1t should go into
the hands Of private subscribers; but
he did not believe such a plan could
be worked out without pulling the gov-
ernment into the general banking
business. -. ..s e:
Bankers Won't Care."-.
I'VE don't want It; we will take It
II you don't force US to and make the
plan attractive enough; but no banker
would care whether he got the stock,
or whether 1t went to the public" !.
the national banks in the. different
sections Of the country to Join the pro-
posed system. would make It impossi-
BILE to secure the necessary 36,000,-
600 capital for regional reserve. banks
In the middle states and In the Pa
citic coast states, said Mr.. Wade. He
added. however, that he had figured
out the larger national banks as
among the number that might with
draw from national bank charters.
1T ii my opinion" he said. that
II the present bill would pass today. 1t
would be absolutely imperative to-
morrow. You have discouraged by its
force provision, men who have built
national banking UP to its present de-
velopment. II you attempt to put this
bill through, calling for the organisa-
tion Of twelve reserve banks each with
q minimum capital Of $b.o0o.ooo. and
conhne the subscriptions to stock to
national banks. 1t is our judgment that
the plan will be unsuccessful"
Mr.. Wade endorsed a suggestion
made yesterday by Senator Weeks, q
republican member Of the senate COM
mite for the selection Of a list Of fifty
or more men by the banks from which
list the president might approve the
four members he selects to serve on
the federal reserve board.
what we want is banking expert
ence, credit experince and financial
wisdom on that board" he said. 1--WE
dare not trust the entire control Of the
financial structure Of the country to
cabinet officers. whose time is already
occupied from dawn to dark with mat
ters Of routine administration Of their
departments"