The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-23
Spirit of Cancellation and
Compromise Shown
at Conference.
THEIR ATTITUDE
NOT HOSTILE NOW
Change Comes After Reynolds
Tells Them of His Conference
With Secretary McAdoo, and
Probability That All Rea-
sonable Objection to Meas
ure VIII Be Removed.

Chicago, III, August ga spirit of
conciliation and compromise toward the
owen-Glass currency bill. 1t is be-
lieved 1t Will be amended. was mani
tested at a conference of leading bank
ers from all parts OF tho country held
here to-day Before the conference ad-
1ourns Tomorrow. It is expected that
resolutions recommending several i'm
portant changes in the currency bill
now pending in Congress will be ADOPT
cd. and that the bankers Will use their
J Influence TO assist President Wilson in
obtaining currency legislation.
Inc change In the attitude of the
bankers developed after George 81 Rey-
nolds, president of the Continental and
Commercial National Bank, had ad-
dressed the meeting and told Of an
Important conference he held in New
York yesterday with Secretary of the
treasury McAdoo. at which amend
ments to the currency bill desired by
the bankers we're discussed, and assur-
ances given that the administration was
willing to remedy every reasonable OBJ
lection to the measure.
Mr.. Reynolds was summoned to New
YORK to confer with Secretary MoAdoo
last Wednesday TO discuss the attitude
OIL the bankers toward the proposed leg
islation Mr.. Reynolds outlined the
| bankers principal objections to the
measure.
Expects Modiacations.
In addressing the conference to-day,
Mr.. Reynolds said:
II we act wisely, I believe we will
be a bic to obtain material notifications
in the Owen-Glass currency bill, now
lending in Congress-
we probably Will not be able to get
everything We want. but l believe
President Wilson can put through some
Kind OF currency bill. and i favor CO.
operating with him in securing the
best measure that political exigencies
will permit.
Il believe we can get the number of
Federal reserve banks reduced from
twelve to five or six: that we can have
changes made in the clause referring
to the chairman of the Federal reserve
board which will remove II from pcli-
tics, and that we can have the advisory
committee of bankers clothed with the
power OF veto in connection with the
management of the reserve banks"
Mr.. Reynolds was vigorously ap-
plauded. and moment later the attI-
tude OF the bankers toward the new
currency bill apparently had changed
| from opposition to willingness to COM
promise.
T. J. Wade. of ST. Louis, also urged a
policy or conciliation. and indorsed
everything Mr. Reynolds had said
Other speakers urged the adoption
or the same policy In discussing the
measure.
James B. Forgan. of Chicago. opened
the discussion by introducing a set Of
resolutions pointing out what he con-
sidered defects in the bill. and advis-
ing that Congress be asked not to pass
any currency legislation at the present
session. but defer action until a new
a Il i
composed OF representatives OF the
government, the bankers and business
men of all classes appointed by the
National Chamber of Commerce.
VIII Report To-day.
The resolutions were read. and after
discussion. were referred to the COM
mittee on resolutions. The committee
Will submit It's report to the confer
ence tomorrow. The following COM
mittee on resolutions was appointed:
Representing the currency commits
sion of the American Banking Associa-
tion-A. Barton Hepburn. New York;
James B. Forgan. Chicago; George NJ
Reynolds. Chicago: John Perrin. Los
Angeles; Sol Wexler. New Orleans.
Representing the State banking asso-
ciations-E ]. Hill, Connecticut: Ma
than Adams. Texas; George A Holder
ness, North Carolina; H. A. Moehlen-
pax. Wisconsin: r. S. Hawes Missouri
Representing the clearing house as
sociations-R. F. Maddox. Atlanta;
Stoddard Jones. Los Angeles: s. D.
Pitton. Hamilton. Ohio: f. +. Swinney.
Kansas City; Graham C. Lacy, st.
Joseph. Mo-
j. w. Foote. of Hattiesburg. Miss,
introduced resolution suggesting an
amendment authorizing banks to con-
tinue charging exchange fees on
checks. which was referred
andrew j. Frame. of Waukesha.
WIS, expressed the opinion that the
new currency bill did not provide for
the preservation of the gold standard,
as the Treasury notes were reseemablc
in gold or other lawful money.
Il think we should consider the bill,
topic by topic, or section by section,
in the spirit of helpful cooperation,
and see II we cannot aid the govern
ment to accomplish wise and whole
some legislation. that will place our
industries and our people on a par
with other great commercial nations"
This pledge of cooperation by a.
barton Hepburn, in his speech as
chairman. was In evidence of tho at
titude the bankers are to maintain in
their consideration of the pending
currency measure. Mr. Hepburn gave
high praise" to the administration
for Its earnestness in taking up the
subject. He commended many fea-
lures of the bill. but did not hesitate
to indicate that there, were others
which, In his opinion. needed revi-
sion.
Greatest Criticism.
The failure to fully develop the oen-
trail bank idea, which, he said was
recognized in principle. and Its con-
sequent erect on many Of the provi-
sions of the bill. was the criticism of
n naf AMI N10 oil