New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-28
VANDERBILT DEFENDS
HIS CURRENCY PLAN
Declares Proposed Amend
ments Would Make Admin
iStrarion Bill Workable.
DENIES DESIRE FOR DELAY
Not Trying to Confuse Politi-
cal Situation, He Says, in
Reply toNRepresentative
Chassis Charges.

If regret that the chairman Of the
House Committee ,on Banking and Cur
rency feels that have drawn red her.
ring across the path Of currency legisia-
ton" said Frank A. Vanderlp yesterday
in reply TO the statement Of Representa-
tive Glass that ne hsd shown remarka-
bic inconsistency i'm his currency plan
submitted TO the Senate Committee on
Banking and Currency. Mr.. NanderHp
explained at length THAI the plan submit
ted bv him was not one of his own 'olI-
ton hut was purely am effort TO comply
with the reouest of the Senate committee
IN formulate a currency measure when
would embody the demands OF the admin
;stration and still meet with the approval
of the bankers.
IF 9 plan for a government controlled
central bank is a confusing factor in the
political situation. the men who are re-
sponsible for it are members of the Sen
ate Committee on Banking anG Currency
added Mr. Nanderlip. II have been merely
acting at their request TO dSatt plan
which would embOdY principles whlch
they firmly held. The principle OF gov
eminent controlled bank, giving 10 all Dor
rowers the same rate, originated Win
members of the Senate commttee-not
with me. Nothing can be further from
my purpose than to confuse the leSlsla-
tive situation. My whole aim is 10 DO
cooperative and to do what | can 10 help
work out a plan that will be both sound
Ia
tenet that the dominant party hold.
Bill Not Workable Now.
u believe no one regards sound cur
rency and banking legislation as more
desirable than | do and nothing can be
further from my wish than to prevent
such legislation. l believe that the rdll
that has passed the House can be amend
ed so as to become a workable plan. 1t rs
not workable now, and | think not d
single member Of the Senate committee
believes that il is workable. | dlsclaim
absolutely, however, coming into the situ-
alton at this time with any intention OF
blocking the course OF legislation. When
first appeared before the Senate Banking
and Currency Committee | was requested
by that committee TO prepare a complete
set Of amendments to the House bill, so
as TO make il conform 10 what l believed
would be sound economic lines. as we'll as
TO make II a practical working measure.
| devoted myself TO the task and sub
mitted the suggested amendments, with
the reason for each amendment. to the
committee.
AT the time Of the first hearing was
also asked by three Senators 10 engage
my mind with the problem as TO whether
or not a plan for a government controlled
central bank could be worked out. Imme-
diately after ! completed my recommen-
dations for amendments to the House bill
set to work In answer TO the second re-
quest I engaged in this solely as re-
suit of the request made by members
Of the committee. In no sense did | vol
unteer the suggestions that resulted.
II went to Washington without the
slightest intention of going before the
committee, but only to hand to the MEM
bers of the committee the result of the
work which they had asked me TO do. The
committee preferred that | should go be-
fore II and elucidate the plan. That is
what have done. and am not respon-
SIDE Tor the TACT tndl lHe pan StelItu W
appeal 10 the intellectual judgment OF
every member OF the cOmmitte that heard
II. although i'm some cases their political
Judgment found barriers in the way of
accepting IT.
Denies Being inconsistent.
The suggestion that l have been in
consistent has not been borne out by the
facts. | explained to the committee that
up to the time that | had undertaken 10
prepare this plan ! had always felt that
no central bank could be organized under
the control of public officers. because a
variation in rates for different sections OF
the country would be necessary, and tho
political pressure upon public board
from Il community where a higher rate
was charged would be such that no public
board could successfully resist such