The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1913-08-29
ASK VITAL CHANGES
BANKERS CONFERENCE ADOPTS
RESOLUTIONS URGING CUR
RENcY BILL Be AMENDED.
AGREE TO AID LEGISLATION
Policy Of Cooperation With the Ad-
ninistratt9n Wins on Final Day of
Sessions Held In Chicago-Want
Five Reserve Banks.

Chicago. Aug 25.-The currenc
conference, called by the America
Bankers association to consider tn
Glass-Owen bill now before congress
tremendously finished it's labors a
the Hotel La Sale by unanimousl
adopting resolutions calling for impor
tant changes in the measure, and Gu
thorizing the appointment of a com
mittee of seven to present them a
Washington.
The personnel of the committee 1.
as follows:
James b. Forgan. president FRS
National bank of Chicago; George Nj
Reynolds, president Continental anc
Commercial National bank; E. ]. Hill
vice-president National bank of Nor
walk, Conn; r. F. Maddox, vice-presi
dent American National bank, Allan
ia. Ga; Sol Wexler, vice-presideni
Whitney central National bank, New
Orleans; Joseph Chapman, vice-presi
dent Northwestern National bank
Minneapolis; Festus ]. Wade, presl
dent Mercantile National bank, ST
Louis
Trip to Washington Waits.
None of the seven was named def
niteiy as chairman, but 1t is expected
the head will be assumed by Mr.. For
gan as first on the list and also as
vice-president of the currency COM
mission of the bankers association.
Neither was the time for the confer
ence at Washington fixed.
Though the bankers-who repre-
sented AZ states-have no hope that
their suggestions will be embraced in
toto by congress, they do think they
VIII win many notifications. The
conflicting Chicagoans-George NJ
Reynolds and James b Forgan-
agreed upon it, and Mr. Reynolds
summed up the general opinion when
he termed Il:
An able. dignified, and courteous
set Of recommendation which will en-
courage further attempts at legisla-
ton on the part of the bankers"
Forces Of Cancellation Win.
Chairman A. Barton Hepburn of
New York reminded the delegates
that approval Of the resolutions did
not alter the bill, and urged a large
at the national convention
Of the American Bankers association
at Boston on October 6. At that time
he expected the Glass bill would still
De before congress.
Agree to Five Reserve Banks.
As forecast by the Reynolds ad-
1ress. the committee held to the plan
Of one central reserve bank, but, real
zing that this recommendation would
all, named as an alternate not more
han five reserve institutions, as
lgainst the even dozen provided in
he bill.
1t was also provided that national
nd state banks and trust companies |
nay subscribe to reserve bank stock |
the compulsory feature OF |
he Glass bill.
In this same connection alterations |
Iere made in the amounts of stock |
he banks should subscribe to the re-
erye institutions. The bill provides
per cent. of the unimpaired CAPT
ii. and this was rerudecd to 10.
Change Reserve Board Personnel.
Radical changes in the personnel OF
lie federal reserve board were fore
ast by the Reynolds address of Fri
ay. and the committees report amply
llfilled expectations.
The board. as before. will comprise
wen members, and the secretary of
e treasury will retain an ex-officio
embership. The secretary OF agri-.
llture and the controller OF the cur
ncy are eliminated, however.
Instead of four members being Sc
cted by the president. he Is allotted
rec. and the remaining trio are to be
osen by the directors of the federal
serve banks
All state banks which accept mem
rship must use the word national In
injection with their corporate name.
The Glass bill provides that all $
oney now In the national treasury 6
all be distributed among the re-
rye banks within year of the acts I
ssage. "
Aug. 26.-President
llson told White House callers that v
much OF the recommendation of C
Chicago bankers conference pro- s
sing amendments to the administra- Y
n currency bill as related to the t,
of that bill as now drawn
uid not be entertained by the adj
The president made il )
ar that any recommendation hay-
to do with transfer of the power y
the federal reserve board. or i'm
way impairing the full powers
v conferred upon it. would be fatty
approved by him.