Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-10-24
WILSON IS UNM0VED
VANDERBILT PLAN
Central Bank Proposal Win
Result in Support for
House Bill.
COUNTRY is EXPECTED
TO STAND BY PRESIDENT
White House Hope Now Is That the
Senate Committee Will Act and
Take Fight to Open.

House to change Its position fayorinr the
main features of the House currency bill.
mere was no denouncing of the Wander
ilp pian no fnsinuatfon that it's enanation
from Wall street will not be received
with eclat by the country generally. but
there was a simple reiteration, from high
authority. that the President believes the
House currency bill to contain all the
relief the business Of the country wants
or demands
suggestion upon the Senate committee
on banking and currency the President
and his advisers feel today, 1t is stated
that the House bill will now get
stronger backing than ever and that
the issue will become q pointed one
between the Presidents proposition, az
passed by the House, and the Vanderlip
idea, as apparently favored by a ma
Jority of the committee. That the
country will stand by the President al
against what Is sure to be termed a
Wall street scheme, no matter how
good 1t ia, is confidently believed by
friends of the President. who claim to
be elated at the turn In affairs.
What the President and his friends also
hope. 1t was indicated today, is that the
Senate committee will now act and re-
pert some sort of n bill to the Senate
where the whole thing will be In the open
and the country can watch all move
ments without the suspicious that attach
to repeated delays in committee, and
the work that is done there about which
there Is little or no publicity.
Reed Sees President.
Senator Reed of Missouri, who has been
quoted as favoring the Vanderlip propo-
sition. accompanied by Secretary McAdOo
had a conference OF m hour and half
with President Wilson today about the
Vanderlip idea and the situation In the
currency COMMITTEES. Both men reached
the Presidents offices through the rear
grounds of the White House and returned
the same way, thereby missing the re-
porters who were gathered to make in
quirieS.
The submission by Frank A. vanderlip
president of the National City Bank OF
New York, OF definite plan, worked out
In detail. for a central government bank
has crystallized the sentiment in favor
OF such plan among members Of the
Senate banking and currency committee,
1t was said today. Members OF the com
mittee have been in favor of such a
plan for some time. and have asked, be-
sides Mr.. Vanderlip. several other wit
nesses at the hearings on the currency
bill to submit plans for central gov
ernment-controlled bank. including Prof
jerks Of the University of the City of
New York; former Representative Daw-
son of Iowa. and Charles A. Conant OF
New York.
But while majority of the committee
may be in favor of central bank con-
trolled absolutely by the government
doubt was expressed by a member OF
the committee today as to the ACCESSIBILITY
of the committees reporting out bill
for a central bank If 1t was known In ad.
vance that the President would not &C.
cept such plan.
House Would Not Agree.
with the President irrevocably against
such q plan, II would be impossible to ge,
the House to agree to such substitute
for the administration BILL" said this sen
ator. II believe that we have reached q
point where 1t Is possible to obtain legis
lation which will give us a better banking
and currency system than at present ex
lists, and / do not believe that we should
,, do anything which would prevent legisla
ton at this time. I. myself, however. be-
lieve that central bank would be better
than the regional system
1t Is apparent however, that the gov
ernment-controlled central bank plan
with the stock of the central bank in
the hands of the people Of the COUNT y
| will receive much support in the SEN
| floor of the Senate, even should the com
| mittee not report 1t. 1t was declared
today that such q plan is far more
popular and progressive than that In
| the administration bill, and that IL the
| administration refuses to consider 1,
the administration may find that it has
| lot Of explaining to do before the
| people. Merely because the plan has
the support of Mr.. vanderlip, one Of the
| big bankers" Of the country. will no,
| upon 1t when the popular nature of the
plan Is known by the people.
Views Of Bristow.
Senator Bristow said today that he ant
other members of the committee had fol
some time been in favor of a federal re-
serve bank, with regional branches. HI
added that he believed the committee
would be inclined to report such q plar
to the Senate.
This plan Is very much more to be
desired than the pending bill, which is
practically the Aldrich central bank plar
In disguise. / am in favor Of peoples
reserve bank. rather than the privately
owned regional reserve banks Of the bill
as 1t passed the House."
Senator Bristow said that Prof jerks
Of the University of the City of New
York and Carries A. Conant had been
for q central reserve bank controlled. by
the government. and that these plans
had been submitted as well as Mr.. Van
derlip's. When Informed that Presiden,
Wilson had let 1t be known that he dis
approved Of the Vanderlip plan Senator
Bristow said:
Does that mean that the President Is
in favor Of q privately owned and con-
trOlled bank rather than one owned and
controlled by the people? I know that
whatever anybody else's attitude may be-
am for the principles enunciated by Mr..
VANDERBILT"
Banker Urges Committee.
Frank I. Kent. vice president Of the
Bankers Trust Company of New York.
urged the committee to adopt a central
bank plan instead Of the proposed re-
gionsl reserve bank plan. He discussed
in detail foreign exchanges and declared
that American banks were now at dis
advantage In this matter.
| Bradford Rhodes, a country banker OF
Westminster. N. Y, Endorsed the admins
tration bin. He said the measure would
benefit the bankers by giving them a
place to rediscount paper and secure cur
rency.
Central Bank Meets With Favor.
The plan for central government
controlled bank. laid before the Senate
| committee yesterday by Frank A. Van
derlip, president of the National City
Bank of New York. has made deep i'm
preston upon the committee, 1t was said
today. At least three democratic men,