Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-11
MONEY MEASURE
NOT WORKABLE,
BRiSTOW SAYS
Kansas Senator Declares Authors
Ignored Needs Of Country
at Large,
By JOHN TEMPLE cRAvza

WAShlNGION, oct. 11.-SenaAnr
Bristow of Kansas is a dauntless ana
hard-headed radical who never sas-,
to speak his mind. With Senate,
Bristow, diplomacy 10 direct spesoh
His State has been a, radical Stat.
for 80 years, and Senator Bnissov
holds his place by the fact that h.
consistently represents the rSsoE
sentiments.
1 propounded to him to-day ia
questions I have asked the oxhov
Senatorial members OF the Currency
Committee, and his answer Is charao-
teristic and forceful.
THE hearings have impressed no.
with the fact that the present BIZ
was prepared with a view to cor
recting abuses in Wall street and
that very little consideration has
been given to the interests Of ths
country outside of q few commercial
centsPs.
Country Not Considered.
Tho authors of the bill apparently
were undertaking to reform the prac.
toes Of the banks in the large cities
that loan money on Stock EXCHANGE
securities, and apparently had little
knowledge or gave little care as to
the methods of business in other SEQ
tions Of the country.
1T seems to me that the bill in its
present form L. utterly unavoidable
and If passed unanended would never
become operative because there would
not be a sufficient number Of banks
go into It to create twelve regional
reserve banks, as required by law.
You can not compel men to go into a
business they think unpn ontabls
THE bitter complaints that come
to me are from the country banks, not
the city banks. The hearings to my
mind have conclusively demonstrated
the utter ineffectiveness Of a few
theorists getting together and evolv-
ing, In the secrecy of private Office
rooms in Washington, a general law
affecting the commercial, industrial
and financial affairs of a great ma
ton and handing 1t out to the legis-
lative branch OF the Government, with
an order from the Chief Executive
that II be passed without material
amendment.
Not a Political Question
my prediction. Is that the authors
OF tia bill will learn before this cur
rency question Is settled, that even
they oan learn something by taking
counsel from the great rank and file
Of the American people. This Is not
q political question.
"As to the changes that are de-
sirable in our currency system, / am
not prepared to set forth fully my
opinions. What Is chiefly needed is
the providing Of some fiexibility-
the principal change desirable in our
banking lays Ia provision for the
rediscount Of paper when business
conditions require 1t, and opportunity
for securing a temporary emergency
currency when 1t is necessary to have
1t.
This could all be cared for under
InS plan suggested py senator " GO4
man. do not want 1t to be inferred
that I am welded to the O'Gorman
suggestion. am searching for light
Something better may be disclosed.
Should Rewrite Bill.
IT believe the bill should be re-
written, and am more favorably i'm
pressed with the suggestions made
by Senator O'Gorman and by Mr.
Fowler of New York than any
others that have been presented as
yet to the committee. O'Gorman sug-
gests a Federal reserve and discount
bank supervised by Federal board
appointed by the President and con
f1rmed by the Senate, the stock to be
subscribed by citizens under proper
suggestions SO as to distribute II as
generally as possible.
Such bank should be a bank OF
issue, a bank for reserves and a bank
for rediscounts, and the good paper
Of any banking institution in the
United States should be eligible FOR
discount.
'Mr, FowieRs idea OF a credit cur
renoy IL very attractive to me. Othsf
suggestions have been made that
have genuine merit, ono by SenaAor
Hitchcock. and others by gentlemen
who have appeared before tho com
TEnttee, that would greatly improve
the bill"