Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-24
GEORGIA BANKS
ASK CHANGE IN
MONEY BILL
States Delegation in Congress
Besought to Work for Nine
important Amendments.

Georgia's Representative and Sen
ators are due to get great baskets
full Of letters within the next few
weeks. seeking TO convince them of
the wisdom Of the changes the bank
ers want made IN the owen Glass
currency bill now before Congress
conference Of the American
Bankers Association in Chicago sug-
gested important changes in the cur
Iency bin and named a committee to
Tedraft the bin. A committee also
was named 10 present the view Of
the bankers 20 the Senate committee
which had the bill in hand
r. F. Maddox. who attended the
conference in Chicago and who spoke
before the Senate committee. with
Joseph A. McCord, Of the monetary
commission Of the A. B. A, appeared
before the executive council OF the
Georgia Bankers Association at Ma
con Tuesday They explained the sit
gation, and the Georgia body took
their view Of It.
Resolutions were adopted indorsing
the stand Of the national body and
each bank in Georgia is asked to
write to Georgia Congressman solic-
ting their assistance in getting the
desired amendments.
Know Need of Reform.
Tho resolutions recite that the
bankers realize the need OF a cur
rency bill and see good features 'in
he present measure. but that they be
lieve certain provisions in II Will
serve to keep some national bank
rom participating In the regional re-
serve banks. and certainly viii not
make the plan sufficiently attractive
10 get state banks cooperation
The resolutions then say:
We respectfully request the
Congressman and Senators from
Georgia TO recommend the fol-
lowing changes I'm the bill which
We believe viii he Of especial i'm
portance in perfeCtinR the bill:
That the circulating notes
Of the regional reserve banks be
redeemed i'm gold instead Of in
gold or lawful money"
. That the national banks he
required TO subscribe only 10 per
cent Of their capital stock in
stead ~ 20 per cent.
s. That the banks throughout
the country who are expected 70
subscribe the entire capital stock
oF the Federal reserve banks he
permitted TO name at least a mi
noritv of the Federal reserve
hoard
4 That tho par point feature 81
the bill which virtually takes
away from the country banks
their exchange income. which is
now an important part of their
revenue he eliminated
Savings Rules Unwise.
r That the section requiring
national banks having "a savings
department to set aside 20 per
cent Of their capital and surplus
and seErerate this amount. to-
Eather with their savings depos
ifs is unnecessary and Unwise.
and we further believe that there
should he no restrictions upon
loans made hy u1tional banks ~
funds arising I'm their savings de
partmcnts for the reason that
these funds are now loaned out
in the regular course Of business
and doing great service I'm faCil-
Eating the commerce Of the Coun-
try. and any restrictions upon the
hav6uur Of these savings funds
viii work am unnecessary hard
ship upon the banks and the peo-
pie Of this state.
6. We believe that the redemr-
tion fund or por cent now re
quired 90 be deposited with the
. Treasurer OF the United States
should continue to he counted as