New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-23
BRYAN ROUTS HOUSE
CURRENCY INSURGENTS
Amendment to Prevent Inter
locking DireCtorates Among
Banks Defeated.
ENDORSES GLASS MEASURE
Stand by President, He Says IN
Letter to Democratic Cau-
cus-Warns Against
Many Changes.
1From The Tribune Bureau

Iron The Tribune Bureau
Washington, Aug 22.-Putting the in
surgents temporarily TO rout. William j.
Bryan rushed to the defence Of the ad-
ministration currency bill late to-day by
sending a letter TO Representative Glass
which was read in the Democratic eau
Gus and PLAYED an important part in the
defeat of an amendment TO prohibit in
terIocking directorates among national
banks. The alignment in the caucus was
a peculiar one.
The combined influence OF the Secretary
OF State and Representative Underwood
majority leader. was thrown against the
interlockng directorates amendment
Representative Henry and other radicals
who have followed Bryan for years voted
against his expressed wishes and for the
amendment. Speaker Champ Clark voted
with them and against Bryan and Under
wood.
By a vote of 1872 to so the caucus re-
ferred 10 the Judiciary Committee with
instructions. the Nicely amendment to
prohibit interlocking directories. MI
Underwood presented the successful mo-
ton to refer. coming TO the aid OF the
administration just as he did when the
free sugar clause of the tariff was IN
danger.
Glass Bill Fundamentally Sound
In a letter written to-day and hurried
10 Chairman Glass Secretary Bryan
characterized the fundamental principles
OF the administration bill as Sound" and
efr Of hQ
Nicely amendment. The latter evidently
was written for the express purpose OF
caucus perusal, and was read with a
great flourish by Mr.. Glass. stormy
debate ragged in caucus during the entire
afternoon. the session being the most
turbulent thus far held.
Mr.. Bryan said he favored the prncl-
pie OF forbldding interlocking directories
among banks as we'll as trusts but he
suggested that the question was one re-
lated principally TO the trust question
and not to currency.
81 do not think IL would be wise to make
II a part Of the pending currency bill
wrote Secretary Bryan. I'm attempting
to secure remedial legislation, care must
be taken not TO overload good measure
with amendments however good these
amendments may be in themselves"
Revealing the plan TO have Mr.. Bryan
rally TO the defence Of the bill at the
opportune moment, the Secretary added
a postscript. reading:
"P. S.--Since sending you my letter this
afternoon l have examined the platform
OF the party adopted at Baltimore and
n find that interlocking directorates are
spoken of in the antitrust plank. II YOU
have not already used my letter. suggest
you make an addition TO the sentence in
which spoke Of interlocking directorates
The plan has been considered mainly as
means OF dealing with the trust evil-in
fact, il is a part OF the antitrust plank
OF the Baltimore platform"
The text of Secretary Bryan's letter TO
Mr.. Glass reads.
while the principle applies 10 banks
as we'll as 10 trusts-although, | think, in
a less degree-the plan has been consid-
cred mainly as a means Of dealing with
the trust evil Competition cannot lie
effectively prevented where the same men
act as directors of competing companies.
Warns Against Overlooking Bill.
Il am as much in favor Of the remedy
now as l was when l began to advocate
it-in fact, more so. because recent dis
closures have given further proof Of the
employment OF this means of eliminating
competition-but do not think il wise to
make il a part Of the pending currency
bill. In attempting to secure remedial
legislation care must be taken not 10
overload a good measure with amend
ments. however good those amendments
NAV be in themselves
1.-The President and Secretary McAdoo
in conjunction with the chairmen OF the
currency committees OF the House and
Senate. have formulated a tentative meas
ure. II was prepared after extended in
vestigatioD and the comparison OF views.
1t embodies certain provisions Of great
Importance and is. believe fundamen-
tally sound The provision in regard to
the government Issues Of the notes to be
loaned to the banks is the first triumph Of
the people in connection with currency
legislation in a generation. II is hard TO
overestmate the value OF this feature OF
the bill
"In the second place, the bill provides
for government control of the issue of
this money-that Is control through
board composed Of government officials
appointed by the PRESIDENT with the ap-
proval Of the Senate. This is another dis
tinct triumph for the people, one without
which the government issue Of the money
would be largely a barren victory The
third provision in this bill. which regard
as OF the first importance, is the one per-
hitting state banks TO share with national
banks the advantages OF the currency
system proposed
Features Of Transcendent Importance.
These three provisions are 10 my mind
Of such transcendent Importance that
am relatively but little concerned as to
the details OF the bill. | do not mean to
say that the details are unmportant. but
whatever mistakes may be made in de-
tails can be corrected easily and soon-a
wrong step In the matter Of principle
would be more difficult TO retrace. ] take
II for granted that no one who Is really
in favor Of the bill will permit differ
ence OF opinion on a matter OF detail 10
lead him to jeopardize the bill.
'"rhe papers have in n few cases, re-
Bell an,