The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1913-08-29
DOES NOT LOOK
ON BANKERS KICKS
WITH SERIOUS M[|N
PRESIDENT WILL PAY NO AT1EN.
TON TO THEIR CURRENCY
OBJECTIONS.
ITS SUPPORT IS PLENTIFUL
Floods of Messages From Bankers En-.
dorse Thing These Bankers Are Pro.
testing Against-caucus Adopts
Amendment.

WASHINGTON, Aug. 26-President
Wilson does not regard objections
raised by the Chicago conference of
bankers as representing the view OF
the rank and file of bankers through.
out the country. He indicated today
to callers general opposition to the
various proposals of the Chicago con.
ference, though he has not examined
them all in detail
The President told callers he had
received expressions of hearty sup.
port for the administration bill not
only from business men generally, but
from the rank and file of bankers
throughout the country, and would
not compromise on it's essential fea.
lures.
The caucus overwhelmingly voted
down an amendment to abolish the ad
visory board of bankers, provision for
which was incorporated in the bill to
meet the criticism that the BANKERS
were being ignored.
The caucus without a dissenting
vote adopted an amendment agreed
to by the "insurgent" contingent and
the banking and currency committee
to put paper based on agricultural pro.
ducts on the same basis as CONNER.
cial paper for banking purposes |,
also would extend the maturity CT
notes and bills admitted to disooun.
under the amendment to ninety days,
instead of the originally proposed SIX
ty days. This action disposed Of the
last Of the big controversial issues in
he bill.
Upon the endorsement of any mem.
Der bank, any federal reserve bank
may discount notes and bills of ex.
change arising out of commercial
that is, notes and bills of
exchange issued or drawn for agricul-
tural, industrial or commercial pur-
poses or the proceeds of which have
been used or may be use dior such
purposes the federal reserve board to
have the right to determine or define
the character of the paper thus eligi-
BILE for discount, within the meaning
OF this act. But such definition shall
not include notes or bills issued or
drawn for the purpose of carrying or
trading in stocks, bonds or other in
vestment securities, nor shall anything
herein contained be construed to pro-
hibit such notes and bills of exchange,
secured by staple agricultural pro
ducts or other goods, wares or mer-
chandise from being eligible from
such discount.
Notes and bills admitted to dis
count under the terms of this para.
graph must have maturity of not
more than ninety days."
We have won all we contended
Tor" was the comment of representa-
tive Nicely, of Kansas, in charge of the
opposition to the bill.
The Glass amendment" added
representative Henry, of Texas,
comes practically to the amendment
have advocated during the last three
The rediscount section, as thus
replied Chairman Glass,
does not comprehend single one of
he wild and absurd suggestions which
had been proposed. Mr.. Henry sur
rendered solely and simply because he
wa sbeaten. He jumped after the
boat left the wharf"
Other members of the committee
made similar Statements.
Chairman Glass said tonight that
he amendment did not discriminate
either for or against the farmers;
acturer or clothing maker. .Ha5c. T
nat the New England shoe manufact-
lrer or clothing maker could present
lis goods for discount as much as the
armers could, and in the final analy-
lis the whole thing is left to the fed
'rai resolve board Of the regional re-
'erve bank which does the discount
ng.
During today's session the caucus
defeated an amendment by Represen-
alive Wingo. Of Arkansas, to exclude
rom rediscounting at federal reserve
'anks notes or bills intended for deal
ng in futures Or for marginal trading
n agricultural products.