The Birmingham age-herald., 1913-10-21


non, President George G. Reynolds of
Chicago-to enumerate only some of the
greater bankers of the United States, and
John Clafiin, who IL not banker, but a
great merchant and some of the students
or expert authorities on finance and
banking have asserted are the details
which must be corrected If the bill is to be
satisfactory.
The American bankers representing
practically all of he banking interests of
the United States at their recent conven-
ton in Boston were united in their crit
icism of these details. These bankers
represented all shades of political opin-
ion. There were probably as many demo-
Gratis as republicans among them They
spoke for various sections of the country
and it is probable that when they return
to their homes they will see to it that
members of Congress are informed that
the position which they took at Boston
reflects practically unanimous American
banking sentiment.
What Are The Details
The first of the measures contained in
this bill which has been criticised by
American bankers, by prominent business
men and by expert authorities Is the one
which authorizes complete government
control. Another measure which Is criti-
cised is the one which makes membership
compulsory upon national banks. A third
measure now contained in the bill 20
which practically unanimous opposition IS
concentrated Is the one which provided
for a government issue of currency
Still another measure contained in the
bill which is especially obnoxious is the
one which would give to the federal
hoard power to compel one regional bank
to discount for another.
The belief Is general that at least two
of these objections can be easily over
come. for 1t Is asserted that compulsory
membership can be made attract by
making 1t profitable and by offering rea-
sonable inducements for the conversions
of the government 2 per cent bonds.
Appointments of this kind would, 1t is be-
leved. persuade all the banks willingly
to come in.
Then again, the feeling is sincere and
widespread rejecting the majority public
opinion--if the actions taken at Boston
and In the statement made by prominent
bankers and influential business men are
to be taken as sound-that the federal
board would not be regarded with sus-
picion or fear If there were reasonable
banking representation upon 1t.
1t should be reported that In this city
the hope is becoming strong belief that
before the measure goes to the President
for his signature II will be amended In
such manner as to meet the sincere OBJ
jections of the American bankers.
Already the force of public opinion has
been strong enough to prevent hasty ac-
tion upon the measure in the Senate. No
one here is able to explain why il is
Imperative or even expedient to send the
measure to the President before the reg
ular session of Congress begins in Decem-
ber If s. per cent of the bill, as Presi-
dent vanderlip says is the case. is good.
then the amendments which will improve
or perfect the 20 per cent of the bill which
remains ought to be secured without diff
ficulty. although, as was the case when
the present national banking law was
under discussion. some minor compro-
misses may be necessary. since all legis-
letion represents some spirit of compro-
mise.