Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-08-26
Concessions az to Rsssrvs Capital Will
30 Made Bat Congress 10 Determined
to Aav. the Governmen Control the
Bank. In Fact a. We'll a. In Name
MeAdoo Unyieidins.


known 10 Wis: tors yesterday, and Sec
rotary McAGoo, just returned from
New York, expressed himself In
manner indicating that there was no
foundation for the assumption OF
compromise as the result OF his con-
ference in New York last Thursday
With George NJ. Reynolds. OF Chicago.
one Of the leaders among the bankers
who are striving to have the currency
measure amended before enacted into
law
Senator Owen. chairman OF the sem
ate committee on banking and cur
rency. also gave out an interview yes
terday in which he combated the res
olutions adopted at the Chicago bank
ers conference, and declared that the
differences over the currency measure
al. mainly az 70 whether the govern
ment or the bankers shall control the
currency system Of the country. He
compare control by the bankers to
fox's control Of q farmers chicken
yard.
Accept Farmers' Paper.
PAPER based on agricultural products
was placed on the same basis as COM
mercial paper for banking purposes by
an amendment to the currency Din
adopted without dissenting vote oy
the house democratic caucus yester-
day. The amendment. agreed to by
both the "insurgent" contingent and
the banking and currency committee.
also would extend the maturity OF
notes and bills admitted 20 discount
under .he amendment to ninety days
instead Of sixty days. al originally
proposed.
This action disposed Of the last OF
the important issues in the administra-
ton currency bill in controversy before
the democrats Of the house.
Reject Three Change.
REPRESENTATIVE Gray, Of Indiana, IN
effectuaIly sought to have the federal
reserve districts divided into four geo.
graphical divisions Tho caucus also
rejected Representative Wingo's
amendment to exclude from redis-
counting at federal reserve banks notes
or bills intended for dealing In futures
or for marginal trading In agricultural
products.
Another amendment. to abolish tho
advisory board Of bankers. which has
been Incorporated to meet the criti-
cism that the bankers were being ig-
nored also was overwhelmingly voted
down.
MeAdoo Denies Concessions.
II has been assumed that the resolu-
tons Of the Chicago conference were
predicated on an understanding with
the administration thru Secretary NC
Adoo that certain concessions In cur
rency legislation urged by the bankers
would receive favorable consideration.
nDfa inod
yesterday the following declaration
apropos Of newspaper reports regard
ing the message conveyed to the bank
ers conference by George N. Reynolds
at it's session on Friday last:
"Mv attention has been called to the
following statement attributed to Mr..
Reynolds:
~ spent Yesterday with Secretary
McAeoo In New York, and we talked
abou. the bill and our objections to 1t,
and he assured me that the ADMINS
tration ceeired to do all In Its power
=, remedyinr the defects Of which we
have complained
81 do rot believe Mr. Reynolds made
| this statement. What said to him at
our conference in New York was that
/ any constructive suggestions or criti-
| clSYQ0 6uOL1lIICu Ny VIC OssAA@NS~- -
reference to currency legislation would.
I wa. sure, be carefully considered by
| the committees Of congress and the
president II submitted to them. Any
| statement or inference that have
made any promise Of any sort to bank
!! ers or any one else with respect 10 cur
rency LEGISLATION is unfounded."
Ask Much, Expect Little.
1 in tho QdnfniStfa-
/ ton circles that the bankers are ask
ing much and expect to get q little.
| According to the administration view
there il q strong possibility Of amend
ments affecting the reserve provisions
Of the measure. These are declared
to be matters for legislative considera-
ton. and It 10 admitted to be an open
question whether the reserve provided
for may not be too high both as to the
central reserve and country banks
1t IN declared that II tho bankers OBJ
tain changes In this feature Of the bill
they will be comparatively well salts
aed-tilat they really expect nothing
more.
No Compromiss On Control.
A. for the government control feat
ures of the bill and the provision re-
leardinR the issuance Of notes by the
federal government, It il declared there
can be no compromise.
Not only - federal regulation essen
tiaI. It II declared, but practically fed
eral control must be provided for b1
; reason Of the fact that some 100000,
loco. constituting the money In tn
United States treasury, will be place'
with privately owned banks under tn
proposed new currency sytem. It i
contended that the people Of the who'll
country will have an interest in the re
serve bank as well as the banking in
! stitutions that furnish the workinl
! capital.
0ankorS Small Peoportion.
The only thing about this matte
{ that seems surprising" said Senate
iowsn yesterday. ",s that the benkssI