The Birmingham age-herald., 1913-06-23
President Will Go to Capitol
Today to Deliver Sec
Ond Message of His
Administration
SECRETARY BRYAN
HEARTILY INDORSES
PROPOSED MEASURE
Declares Plan Wilson Now Urges
Confers Great Advantages Upon
Banks-Believes Business In
terests Will Welcome Bill
as Great Blessing

Washington, June 22.-The President Of
the United States will go to Congress
again tomorrow to deliver his second
message of his administration. AS when
President Wilson submitted his views on
tariff reform, Congress will meet In joint
session in the chamber of the House to
near his message on currency legislation
For the second time in more than a
hundred years upon such an occasion
the Senate will march in body to the
House chamber at 12:So o'clock in the
afternoon. The front rows viii be re-
served for the senators, members of the
House crowding into the rear seats. Presi-
dent Wilson will arrive at clock and
being presented by Speaker Clark will
deliver his message urging currency leg
islation before the close of the special
session.
Bryan Indorses Measure
On the eve of this extraordinary occa-
sion, Secretary Bryan tonight issued =,
statement on the currency bill prepared
by Chairman Glass and Owen, of the
congressional banking and currency COM
Adoo and the President Secretary Bryan
gave his unreserved Endorsement to the
proposed measure and removed all doubt
as to his position with reference to cur
rency REFORM the ideas of President Will
son and the necessity for immediate ac-
ton.
Il am glad to indorse most earnestly
ana ignore reservedly the currency bill
which has been prepared by the chair
man of the two congressional commit
tees in conjunction with the President
and Secretary McAdoo,' said the Secre-
tafy 1T is much better bill than
supposed it possible to secure al this
time. Conflicting opinions. honestly en-
tertained and strongly adhered to- have
hcen reconcled with success hardly to
be expected. l have doubted until re-
eenty the wisdom OF ATTEMPTING cur
rency legislation at this session, but my
doubts were largely due to the fact that
l feared the difficulties in the way would
prevent an agreement upon a plan.
Great Advantages for Banks
''The plan which the President now
urges, confers great advantages upon the
hanks, while 1t reserves to the people
acting through the government all that is
essential for the protection of the public.
The notes are to be treasury notes issued
by the government and loaned to the re-
gional reserve banks. This is in harmony
with the democratic contention. There is
no surrender of the government right
issue money The board of control is
appointed by the President. Thus, the
=,
are in entire control. This is necessary
for the protection OF the publics inter-
ests and ought not to be objectionable
to the banks. The duties of this central
board are so important that they could
not with justice to the public be COM
ritted to men representing private in
terests.
1.-The regional reserve banks are to rep
resent, not only the national banks of the
district but such state banks as are will
ing to put themselves upon footing
which will be equitable to the national
banks. This is an important provision
and gives to the state institutions pro-
lection which they deserve for they share
with the national banks the responsibility
of furnishing banking facilities to the
business of the country.
Currency Available
THE great point of advantage to the
ochhss Oil dds uHtdSc lfldt ousIll W f1ldke
them willing to accept the bill without
question: is that 1t furnishes a currency
which they can secure in time of need
without having to put up bonds as Sc
curity. The bond requirement largely
neutralizes the advantage of the money
Issued on them, as security, because the
banks cannot draw back more from the
government than they have already in
vested in the bonds, but where bank
can put up its good assets it is able at
all times. without sacrifice, to secure ad-
ditional circulation that the community
may need and the governing board can
be trusted to issue its treasury notes to
the regional reserve banks on teams that
will be fair and just. s
1.-THE business interests will. / think
welcome this bill as an unalloyed bless
ing. 1t gives them through their banks
a promise of relief in any time of strin-
gency and it gives this promise without
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