The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-08-23
BANKERS TO
COOPERATE
Continued From Page one.

Continued From Page one.
prevent interlocking directorates o
all kinds.
Administration leaders last night sale
the large vote that supported thu
Underwood motion and the hearty ap.
prevail that greeted Secretary Bryan's
endorsement of h bill assured tbs
approval OF the complete Glass bill
with but little change. There remain
several important arnendments to be
considered, but 1t was declared that
the only important modification would
be a change to il clear that
agricultural paper will be given the
same credit as commercial or in
dustriaklpaper.
The amendment. over which the fight
Waged throughout the day had been
offered by Representative Neeley, of
Kansas, one of the ssocalled 'insur-
gent members of the banking and
currency committee. 1t was not un-
til near the close of the session that
Chairman Glass, after. saying that
President Wilson did not want such
an amendment incorporated IN the
bill, brought forth the Bryan letter.
He also produced a, letter addressed
to him by Samuel Untermyer, who
was counsel for the Pujo money trust
committee. saying he believed the
interlocking directorate provision
should NOT be in the currency bill.
Directing members who had ques-
toned Mr.. Glass interpretation Of the
presidents attitude gave way before
The vigorous assertions of Secretary
Bryan, and a vote quickly settled the
question.
In his letter Secretary Bryan said
that for many years he had advocated
a law preventing {. duplicating Of di-
rectorates..
while the principle applies to banks
as we'll as to trusts, although / think
In a less degree" the secretary wrote,
"the plan has been considered mainly
as a means of dealing with the trust
evil. Competition cannot be effective
ly prevented where the same men act
as, directors of competing companies.
I am as much in favor of the remedy
now as l was when l began to advo-
cate it: in fact. o so. because re-
cent disclosures have given further
proof of the employment Of this means
of eliminating competition; but I think
1t not wise to make it a part of the
pending currency bill. In attempting
to secure remedial legislation care
must be taken not to overload a good
measure with amendments. however
good those amendments may be in
themselves. A boat NAV be sunk If
you attempt to make it carry too much
however valuable the merchandise. A
bill is usually the result Of a compro-
mise. w>
THE president and Secretary Nc
Adoo. in conjunction with the chair
man Of the currency committees of the
house and senate. have formulated a
tentative measure: It was prepared
after extended investigation and the
tain provisions of great Importance
and I believe Is fundamentally sound.
The provision in regard to the govern
ment issue Of the notes to be loaned
to the banks is the first triumph Of the
people in connection with currency
legislation in a generation. 1t is hard
to overestimate the value of this feat
ure Of the bill. a.. .G
I'm the second place, the bill pro-
vides for government control of the is
sue of this money-that is. control
through a. board composed of govern
ment officials appointed by the presi-
dent with the approval of the senate.
This is another distinct triumph for
the people, m without which the gov
eminent 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 ma
tional banks the ADVANTAGES of the
currency system proposed.
-"These three provisions are, to my
mind. Of such t~ranscendent Importance
that I am relatively but, little concern
ed as to the details Of the bill.
| do not mean to. say that the de-
tails are u~nimportant. but whatever
mistakes MAY be made in details can
be corrected easily and n wrong
step In h matter of principle would
be more difficult to retrace. / take it
for granted that no, one who is really
in favor of the bill will permit a diff
ference of opinion or "a matter of de-
tail to lead him to@jeopardize the bill.
1.-THE papers have. In a few cases,
reported members of congress as pre-
senting views which were alleged to
be- mine. 1 do not know to what ex-
tent these reports may exaggerate
what has been said and done. but you
are authorized to. speak for me and
say that | appreciate so profoundly
the service, rendered by the president
to the people in the stand that he has
taken on the fundamental principles
involved. that | am with him on all
the details.
eff my opinion has influence with
any one who is called upon. to act on
this measure, / am willing to assume
full responsibility for what I do when
/ advise him to stand by the president
and assist in securing the passage Of
this at the earliest possible
moment. / am sure that the presi-
dent will be ready to join in making
any change in detail that can be made
to advantage, and being sure of his
singleness of purpose I am willing to
leave to.2future action the correction
sof any provision which he may now
regard rs essential ito the plan and
purpose of the BILL
Democratic members Of the senate
currency committee today discussed
the a~dvisability Of holding a brief
series of hearings after the bill reaches
the senate. If such hearings are Civ
en- they will be restricted to the testi-
mony of men invited to appear by
the committee.
RiIGSEAN CORN RkIGE m