Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-10-14
Commerce Chambers
Over u. S. Recommend
Currency Bill Changes

DETROIT, Mich, October IA. The
constituent membership Of the Cham
Der of Commerce of the United States
of America, including local chambers
of commerce, boards of trade, COM
mercial clubs and national trade Or
CARNATIONS in all parts of the coun-
try, has approved by referendum vote
the report of its banking and currency
committee on the Owen-Gla currency
bill now pending in Congress.
The board of directors of the chamber
In session here completed the canvass
of the ballots today and found the
sentiment Of the business mems or
CARNATIONS strongly in favor of the re-
port of the committee, the vote cast
being 800 for. and II against.
Committee Report.
The committee in it's report. which
was made the basis of the referendum,
stated:
'It regards the measure as a piece of
constructive legislation and believes
that it embodies in a large degree ele-
mentsl necessary to provide the nation
with a safe currency and banking sys-
tenn. In view of the fact that the franz
ers of the measure invite friendly
criticism and suggestions we are
prompted to point out wherein the
proposed act may be materially I'M
proved and strengthened"
In accordance with this statement, seven
recommendations were submitted for sep
arate vote. All these have, been approved
by large majorities.
Seven Recommendations.
The separate recommendations are as
follows:
]. In favor of the increase of the fed
eral reserve board to nine members, the
two additional members to be chosen ny
the original seven members, subject 10 the
approval Of the President: the compensa-
ton of the governor and vice governor
to be fixed by the board itself.
2 The creation of the federap reserve
council to be elected by the regional re-
serve banks, the president and vice presi-
dert of the council to reside In WASH
ington and to sit at meetings OF the ied-
eral reserve board, but without vote; their
salaries to be fixed and paid by the
banks.
g. That in the creation of the new sys-
tenn of regional reserve banks pesln,
ming be made with the present centrai
reserve cities Ghree in number), the NUM-
Der to be increased gradually by the led
eral reserve board as In It's judgment
conditions warrant.
Question of Note Issues.
a Concerning note issues: That re-
striction of the issue of federal reserve
notes to $500, 100000 be eliminated;
that interest on federal reserve notes
he eliminated; that 1t be made unlaw-
full for any federal reserve bank to pay
ont any notes but its own. the notes Is
sued being given an Identifying num-
Der.
s. That federal reserve notes should
not he obligations of the government,
but should be guaranteed by the United
States, and that they shall be redeem
a BILE by federal reserve banks and not
at the Treasury of the United States.
6. That federal reserve banks mutual
" guarantee the federal reserve notes
by providing that said notes shall be-
come q first and permanent lien upon
the combined assets Of federal reserve
banks.
T. That the reserve requirements or
the Owen-Glass bill be modified and
reduced for both country banks and
banks in reserve cities. The board of
directors has requested an opportunity
to be heard before the Senate commit
tee for the purpose of presenting the
ODfniOnS recorded.