The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-25
Reiterates Endorsement
of Main Features of
GlaSS-OWen Bill.
WILL NOT RECEDE
FRO NJ POSITION
Course of Several Members Of
Senate Committee Probably
Will Be Determined Finally
by Attitude Taken by Pres
ident and Party Leaders
as to Expediency.

Washington. October 2i-Nhether
there shall he one Federal reserve
bank with branches throughout the
United states, or several banks. as pro-
vided for in the administration bill
promises to he the chief issue Of the
final currency reform fight In the Sen
ate committee that is to open up Mon
day. The hearings of the committee
viii conclude tomorrow night.
The President made it known in en-
phatic terms to-day that he was op-
posed to the central bank plan, as sug-
gested yesterday by Frank A. Wander
lip, Of Tie National city Bank OF New
York. and as indorsed Informally by
several members of the Senate COM
mittce. lie reiterated through Secre-
tary Tuinulty that the Glass Owen bill
with its system of twelve regional re-
serve banks was admirably suited" to
the needs Of the country.
While members OF the Senate COM
mittee. including several Democrats.
were drawing out witnesses in further
support of the singlebank idea. Presi-
dent Wilson talked at length witt
other Senators. outlining his desire
that the GlassOwen bill be left un-
changed in this particular.
1t was apparent tonight that the
course of several members OF the com
mttee probably will be determined fin
ally by the attitude taken by Presi-
dent Wilson and other party leaders, as
TO the eNpediency of the single bank
plan. Senators O'Gorman, Hitchcock
and Reed. Democrats, all favor the
idea Of n single Federal reserve bank,
but II Is believed their advocacy of the
plan may be abandoned in committee
II the Democratic leaders insist that
such measure could not he passed
through the House.
Confer with President.
senator Reed visited the White
House early to-day with Secretary
McAdoo and urged the President TO
withhold Judgment on the single bank
idea until its details had been more
fully worked out by the Senate com
mittee Later Senator Kern. Demo
cratic leader, and senator stone con-
ferred with the President for some
time.
The President made it clear that he
did not believe the Senate committee
should attempt to disturb the founda
ton 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 oppo-
sition to the single bank idea
While the plan concretely before the
committee is that outlined yesterday
by Mr.. Nanderlip. many suggestions of
the same kind have come from com
mittee members. Questions directed
to-day To III. Parker Willis, of New
York. an expert who helped frame the
original Glass bill. indicated the eX-
tent TO which Senators O'Gorman.
Hitchcock, Bristow. Weeks and others
approved OF the scheme of one CEN
trail reserve bank under complete Fed
eral control.
White House Views.
Secretary Tumulty expressed the
White House views in this statement:
When inquiries We're made at the
White House as TO what the President s
attitude was towards the Droposa s
made by Mr.. Vanderlip, of the National
city Bank, to the currency committee
OF the Senate, il was stated with the
expected emphasis that the Presiden 1T
would not reccde in respect from the
position he had already so clearly
taken and which the whole country
understands.
He has warmly and unQualifietlly
lndorscd all the main features of the
Glass-Owcn bill. He regards the plan
provided for in that bill as cXcellcntly
suited to the existing conditions of the
business OF the country. and in every
essential particular sound and calcu-
lated to render the business men OF
the country great and immediate
service, and he believes that the early
enactment Of the bill into law is eX-
pected and demanded by the most
thoughtful business interests The
evidences which have reached him of
the support of the country are unmis-
taxable and overwhelming"
Willis Suggests Changes.
Mr. Willis was the chief witness be-
fore the Senate committee during the
afternoon. He did not ndorsc the
single bank idea, but suggested many
perfect the bill Among these changes
were:
That national banks could not open
savings departments: that State banks
could not enter the new currency sys-
TEN unless they conformed Co the strict
requirements made OF national banks:
that the Federal Reserve Board CON
tain no Cabinet officer but the Secre-
tary of the Treasury. and that the
commission that organizes the new
ba anking system shall have the power
to determine the number OF regional
reserve banks TO be established.
1t became known to-day that the
committee had been considering the
central bank plan for weeks In addi-
tion to Mr.. Vanderlip's proposals.
members OF the committee have asked
two other currency experts to formu-
late central hank nlanS