The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-10-14
OWen-Glass Currency Measure
Receives the Endorsement
OF the Chamber of Commerce
of the United States.
AMENDMENTS ARE SUGGESTED
Seven Changes Are Submitted
to a Referendum Vote
And Adopted Almost Unani-
mOusly by Members.

Detroit, Oct. 14.-The constituent
members of the chamber of commerce
of the United States of America, in
Guiding local chambers of commerce,
national trade organizations in all
parts of the country, have approved
by referendum vote the report of it's
banking and currency committee on
the Owen-Glass currency bill now
pending in congress. The board of di-
rectors of the chamber, in session
here, completed the canvass of the
ballots today and found the sentiment
or the business mems organization
strongly in favor of the report of the
committee, the vote cast being 303 for
and IL against. The committee in its
report, which was made the basis of
the referendum, stated:
1t regards the measure as a piece of
constructive legislation and believes
1t embodies in a large degree elements
necessary to provide the nation with
a safe currency and banking SYSTEM
I'm view of the fact that the trainers
OF the measure invite friendly criticism
and suggestions We are prompte,l TO
point out where the proposed act may
be materially improved and strength
ened"
In accordance with this statement
seven recommendations were submit
ted for separate vote All have beer
approved by large majorities. The sep
arate recommendations are:
Amendments Favored.
I'm FAVOR of the increase of the
FEDERAL reserve board to nine mem
bers, the two additional members to
be chosen by the original seven mem
bers, subject to the approval of the
president The compensation of the
governor and vice governor to be
fixed by the board itself
The creation of the federal re-
council fn hn oil
giona1 reserve banks; the president
and vice president of the council to
reside in Washington and to sit at
meetings of the federal reserve board
but without vote; their salaries to be
fixed and paid by the banks
3-That in the creation of the new
system of regional banks a begin
ming be made with the present CEN
trail reserve cities (three in number),
the number to be increased gradually
by the federal reserve boards as in
their judgment conditions warrant.
4-Concerning note issues: That
restriction of the issues of federal re-
serve notes to 100000 be elm
mated; that interest on federal re-
serve notes be eliminated; that it be
made unlawful for any federal re-
serve bank to pay out any notes when
the notes issued are given an identi-
flying number.
5-That federal reserve notes
should not be obligations of the gov
eminent, but should be guaranteed by |
the United States and that they shall |
be redeemable by federal reserve |
banks and not at the treasury of the |
United States.
6-That the federal reserve banks |
mutually guarantee the federal re-
serve notes by providing that said |
notes shall become first and perma- |
nent lien upon the combined assets of |
federal reserve banks.
THAT the reserve requirements of
the Owen-GIas bill be modified and |
reduced for both country banks and |
banks in reserve cities.
The board of directors has request |
ed an opportunity to be heard before |
the senate committee for the pur-
pose of presenting the opinions re-
corded.