The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-11-30
DANIEL ATTACKS
CURRENCY BILL
In Speech Before London Club
Richmond Expert Exposes
Alleged Weaknesses.
HE BREACHES NEW PLAN
His Plea Is Essentially for a
Central Bank, Located in New
York Instead OF Capital.

Robert w. Daniel. formerly Of Rich
mond, in a remarkable address hcfor-
tho American business Mems Club. OF
London. sharply attacked the pending
currency bin as impractical In it's
present form; and suggested two
chahses, which If Incorporated i'm the
duclng universal feeling OF har-
iHonY and confidence.
The first of these alterations would
ncccssitatc the abolition Of tho plan
70 have all or the twelve regional
banks equally independent but I.
amalgamate them, with a bank situated
in New York city. 10 be known as tho
leading regional bank and with tho
other banks as subsidiaries This.
MIR. Daniel thinks. would Toe the in
eevtabie result in any case. since New
York, with it's opportunities OF com
fnerc,c would outstrip tho banks in less
productive regions
The second alteration has to do with
tho national banks. Would these
banks. asks Mr. Daniel. continue M
severe restrictions Of tie new law
have been imposed, or would they give
up their charters and operate under
tn" state laws? TO overcome the oh
lection OF the national banks to these
restrictions Mr.. Daniel suggests that
4 clause bc inserted In tic currency
measure giving national banks the
power to put into operation subsidiary
branches in this country. thus building
up for themselves powerful organiza-
tons lie points 10 the Joint stock
banks OF England as a precedent for
the plan. His speech follows:
Mr.. Chairman and Gentlemen:
1t IT, indeed n privilege for me to
speak before this organization Of my
fellow -countryrnen. ana. as the chair
man has announced. have been re
quested 10 lay before YOU certain points
resulting from my conferences with
leading English bankers. and my two
deductions as TO their views. on that
question OF most vital and pressing i'm
portance TO our country. tho proposed
currency till
You. gentlemen. resident in London.
and representative OF many Of the
greatest Of American businesses can
rot fail but realize the immense i'm
porta To you individually. a : well as
70 those great corporations which YOU
represent, Of a question so vital as the
changes in the currency system Of the
United states which would result from
the enactment Of the proposed bill.
While IN some respects the results en-
suing from the passage OF this bill
may seem somewhat removed from
either the ordinary routine Of your
businesses or of your personal inter
csts, comprehensive understanding
Of what the bill portcnds becomes, not
only a duty on your part as citizens OF
the United States, but a matter of very
!ntinat. concern 10 each one OF you
individually.
II is with the intention OF present
ing Tor your consideration TWO conciu-
sions OF London bankers that shall
ask your iorbcarancc for tho next few
minutes.
beg to remind you that during the
present year the United States. with
the passing OF the tariff bill and AS
We are Informed the passing, in the
near future OF the currency bill. VIII
have undergone two OF the greatest
economic rcadjustmcnts ever expert
enced in the history OF any country.
L. =. In Relation 10 the World
That time was not so many years
ago when the people of the United
states displayed a lack OF interes; in
| English and foreign affairs. due. and
In ali probability with Qualifications TO
the belief that consideration OF other
powers vas unnecessary IN our calcu-
latiOns or our own development.
That this attitude has changed IN
the past decade is generally admitted.
Foi this various causes are responsible
the Spanish American War. our par
ticipation with the other great pow
crs in the quelling OF the Boxer up
ing The !ntcrdependence o: the inter
national money markets, and the uni
verSal influences from the opening OF
the Panama Canal These and other
factors forced our country 10 the reali-
zaton OF her obligations to assume
fair and reasonable share IN the main
tonance OF the political welfare and II
nancial equilibrium OF the world.
We have in the present Mexican situ-
alton q concrete instance or the seri-
Gus nature or this responsibility, and,
in tho opinion OF many. the benefits
which we can derive from consultation
with. and duo regard for the views
OF tho great powers in a matter OF such
grave international and political inn
portance.
Two New Points in Currency Matter.
But more largely developed, and Ger
tainly more universally recognized. is
the necessity for our consideration OF
those matters which do, or may, assume
q world wide significance from Il fnan-
cial standpoint. II is TO this last sub
ject that | call your particular attcn
ton. The two points shall discuss
have not. so far as | am aware, been
brought to the attention of the public
by either the government or our bank
ing interests.
1t would he narrow and provincial
for us or our government 10 believe
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