The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-17
satire for Home Bankers.


boys"
Satire for Home Bankers.
Mr.. Glass spoke thinly yelled satire
Of the action of the Virginia Bankers
Association in first ndorsing the
Glass bill and then. Il few months
later, taking other counsel and with
drawing their support.
'Alcn of NirGinia." ho said. don't lot
others DO the thinking for you-thinll
Tor yourselves Let me warn YOU not
TO emulate the example of tho Nir-
Gnia Bankers Association. which NJ Its
annual meeting At Old Point Comfort
Endorsed the bill and congratulated tho
Commonwealth of Virginia upon being
tile mother state Of the President OF
the United States. anu the chairmcn
Of the House ard Senate Banking and
Currency Committees, and commencing
their wisdom and courage in framing
sUch {, bill, ana then little later
At this point the audience. per-
cciNinE the drift OF the speakers
Thought. broke into an uproar OF
laughter in which tho large representa-
ton from the banking fraternity joined
rs heartily as the laymcn 1t lasted
Il fun minute.
Aid n lt,lc later" resumed tho
speaker when somebody else did tho
limiting for them, called an emergency
convention and found that we weren't
after all 50 courageous. and that
weren't so wise and that we hadn't
done the right thing"
SmnI-To,vu Bankers Fooled.
The fac; Is that there has been an
Influential force At work miseducatins
his Siuall-town bankers OF the country.
Ny tilcs arc crowded with letters from
country hankers-all received before
Tho influence | refer TO began to be-
come fclt-indorsinE the administration
lii. They stopped coming when the
oarapaien or iaiscducation began
spreading the belief that the country
banks did not have the kind of COM
lnercial paper required by the bill as a
basis for rcdiscountiu- at the regional
reserve banks
Tho speaker arraigned the tactics Of
the minority party in the Senate. who Z
in the hope cf delaying action. he said. /
arc making loud plea for extended (
Tbulic hearings. Their cry Of open /,
The doors 10 the people" nc said, came
fifty wears late. !, was not the prac- /.
tice OF the Republican party in tho I
haif-century that II dabbied with cur
rency reform.
II challenge the minority party In
inc Senate to name a single proposed |
amendment developed during tho pres |
nj discussions in that body that hasn't
been FULLY discussed and acted upon BY
1he House Banking and Currency Com
,uittee
History represents Nero as Kidding
div while Rome burned To my mind
there is little difference between Nero's
proceeding ana the filling OF the Con-
Record With idle rhetoric on
currency reform while tho business in
terests Of the country stand helplessly
Icy and suffer In the absence OF decisive /.
action
Predicts Victory.
Tie currency bill, Mr.. Glass assured
The business men assembled. will pass
IL the form in which IL is now pending.
With isolated exceptions. he said. even
The larger bankers Of the country are
admitting its wisdom and are retract-
NJ from their original position that
'he Federal board ot control should
have banking Representation.
y challenge any banker present who
sii!! holds that view 10 point to a sin
Ele government commission in this or
any other country that has rcprcsen-
talion Of private interests There Is
% more reason why the banks OF IL.
country should lie represented on the
Federal board OF control designed 10
rv!se and direct the rediscountinr-
"id uctc-isSuing functions OF tho re-
E!oral reserve banks than there is
nat the railroads Of the country should
lave representation on the Intcrsint.
onIherce commission. which regulates
"hl prescribes rates Tor the country's
railroads
The power Of tho Interstate Com
'nerc' Commission over the nations
railroads IT, tonfold greater than tho
lower over IT, regional banks TINT VIII
he vested H. the Federal board cr con
,rol -.
u myself 'pas.st lt;st OF the opinion
'Hat the banks should ba represented
'n the board J went so FAR as 10
write to tho President. when he hcld
Ec opposite view. that thought that
Us position IN the matter involved AN
ajuSt'ce TO the banking Interests, ana
mat u was furthermore inexpcdient
ON governmental standpoint.
president Converted Him.
Tho President converted me in three
e"Es II wasn't : saul or Tar.us shaft
gi-Nght-from- Heaven conversion either
- convinced me that the banking in
ierosts had no claim TO Representation