Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-08-01
South Carolina Senator De-
cIareS Delay VIII Cost Cot
ton Growers More Than One
Hundred Million Dollars
COMMITTEE SHOULD
FINISH SQUABBLING
Move on Foot to End Inter-
locking DirectorateS in Ma
tionaI Banks; An Advisory
Board May Be Created.

tuy soRslss JOURNAL SPECIAL ltAstn wiarI
Washington luly 3l.- Senator TIL
man. In public statement tonight
f declared that unless congress ptotid-
ed relief within sixty days southern
cotton planters would "be robbed ot
Ia hundred million dollars or more
T ON account Of the inability of SOUTH
ern bankers to get money from New
York pirates. He urged that some
kind of resolution De put through
Immediately to afford temporary re-
lief and that the house banking and
currency committee "stop squabbling'
and allow permanent currency lcesla-
tion to be- enacted.
The senator hoped the committce
would work out a scheme that would
inspire business people 10 lend 90 the
banks at 3 per cent.
Secretary McAdoo is we'll informed
as 10 business conditions am will
ing to leave 1t 10 his good Judgment as
10 what collateral shall be required, %
said the senator. "Unlcsa congress
acts promptly within the next sixi
days, the southern cotton planters wiz
be robbed of a hundred million do1-
lars or more by the fan in price OF
their principal crop. due to the iu-
ability ON the purt OF the southern
banks to get money from New YORK
at any price or on any collatcral. The
New lorKcls nave our people by tao
throat as they have had them an
& g Il 3D.
congress can give relief.
"lf something IS not done, I see no
way of saving the people of the soutl
from great loss, unless the banks taxi
the Jaw into their own hands. as they
did IN 1907, and form clearing louse
associations and issue certificates as
they had 10 do then. for one. am
tired Oh seeing our people held MP and
robbed by the New York pirates. who
appear willing TO seuttle the ship
rather than lose their grip on the far
mcrs of the country"
Events crowded upon each other t.
day in the progress toward completion
OF the Glass currency bin in the house
committee ON banking and currency
Chairman Glass, following out bs
agreement Yesterday with Secretary
McAdoo, secured the adoption of an
in the democratic caucus
for the creation of an advisory
board of twelve bankers, whose priv
ilegc shall be to confer at regular I'M
ierNals with the federal reserve board
that would DE created under the new
currency plan
Chairman Glass ALSO presented his
proposal to prohibit intcrlockmg dl-
rectorates among national banking IN
'tltutions This amendment prccipi-
ated discussion and was finally car
lied over without action until tomor-
cw
Efforts viii c made at the commit
ee meeting tomorrow to perfect the
measure as nearly as possible but
evcral majority members OF the conn
nittec are radically opposed to its
provisions.
Representative Eagle of Texas. one
If these democratic members, issued
oday long digest and criticism OF
he bill, declaring Il was "fundamcnt-
lily bad" that it would sacrifice the
ountry banker to the city banker and
hat 1t would place dangerous control
# the countrys welfare iu the hands
II few men
MY experience ass member Of ZIP
money trust committee conyinces me-
hat Secretary McAdoo was correct in
lis statement that there s q deliber-
t. conspiracy to depress government
onds on the stock exchange said
representative NeclN i'm statement
lat accompanied the publication of
lis resolution for an Investigation 9f
ocretary McAdoos charge of q New
'ork bankers conspiracy against the
i'll
Representative Eagle. who appaf-
ntly has broken entirely with the
Importers Of the Glass lll, declared
} his st,deIaent the measure uu-
lately would force All banking inter
SIS of the country into gigantic
Ian to conrr0l the election of tn
resident Of the United States since
ach senator in the future win tie part
{ the appointive power Of the feder-
board Of directors"