The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1913-10-25

early today with Secretary McAdoo ana
urged the President to withhold iudg-
ment on the single bank idea. until It's
details had been more fully worked tout
by the Senate committee. Later Senator
Kern, democratic leader, and Senator
Stone conferred With the President for
some time.
The President made it clear to the Sem
ate leaders that he did not believe the
Senate committee should attempt to dis
turh the foundation OF the bill that passed
the House to the extent that it would
have to be remodeled to provide for a
single bank Senator Stone on leaving
the White House expressed his personal
opposition to the single bank idea.
Numerous Suggestions
While the plan concretely before the
committee is that outlined yesterday by
Mr.. Yanderlip, many suggestions of tie
same kind have come from committee
members, and requests have been make
by the committee of several witnesses
who recently appeared to outline their
views on the subject. Questions directed
today to H Parker Willis of New York
an expert who helped frame the original
Glass bill. indicated the extent to which
Senators O'Gorman, Hitchcock. Bristow
Weeks and others approved of the scheme
of one central reserve bank under COM
plete federal control, instead of several
scattered ones.
Secretary Tumulty expressed the White
House as to what the Presidents attitude
was towards the proposals made by Mr.
Vanderlip of the National City bank 10
the currency committee OF the Senate,
1t was stated with the expected emphasis
that, of course, the President would not
recede in any respect from the position
he had already so clearly taken and
xrhf al, he b11A
He has warmly and unquali1edly in
dorsed the main features of the Glass
Owens bill. He regards the plan pro-
vided for in that bill excellently suit
ed to the existing conditions of the bust
ness of the country and every essential
particular sound and calculated to rem
der the business men of the country a
great and immediate service, and he be-
1ieves that the early enactment of the
bill into law is expected and demanded
by the most thoughtful business inter
ests. The evidences which have reached
him of the support of the country are
unmistakable and Overwhelming.
Willis Chief Witness
Mr.. Willis was the chief witness before
the Senate committee during the after
noon. He did not indorse the single
bank idea but suggested many other
changes that might be made to perfect
the Dill.
Public ownership of the stock of the
regional reserve banks was conceded to
be possible by Mr.. Willis, who was ques-
toned on this point by Senator .0Gor-
man. He expressed the belief, however,
that ownership of the stock by the mem
Der banks would stimulate their interest
in the currency reform plan. y
Mr.. Willis recommended that the House
bill be changed to provide:
Hl1E ff......
savings departments; that state banks
could not enter the new currency sys-
TEN unless they conformed to the strict
requirements made off national banks
that the federal reserve board contain
no cabinet officer, but the Secretary of
the Treasury, and that the committee
that organizes the new banking system
shall have the power to determine the
number of regional banks to be estab-
lished.