The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-06-23
SECRETARY BRYAN
|. WARMLY ENDORSE
CURRENCY measure
No Longer Has Doubt Of WI
dom of Action at This
Session ssIl
|CENSURE OF BANKERS
CAUSES NO WORRY
Owen and Glass Think Crit
cisms Are Unfounded---Al-
ready Considered, Says
the Latter

WASHINGTON. June 22.-s5ecro-
tary of State Bryan tonight In = 1or-
NAL statement warmly endorses the
currency bill In every particular ana
urges both the Democrats ana Re-
publicans to support 1t. He says In
part:
1T is a much better bill than !
supposed 1t possible to secure at this
time. Conflicting opinions honestly
entertained. and strongly adhered TO,
have been reconciled with a success
hardly to be expected. l have doubt
ed until recently the wisdom Of At
tempting currency legislation NJ this
session, but my doubts were largely
due to the fact that I feared tho dff-
flcuities in the way would prevent N
agreement upon plan.
The plan which the president now
urges, confers great advantages upon
the banks, while 1t preserves to the
people acting through the governmene
all that Is essential for the projections
of the public.
Helps State Banks.
1.-The regional reserve banks arc 70
represent not only the national banks
of the district, but such State bank9
as are willing to put themselves On
footing which will be eqaitable NJ
the national banks. This Is IN I'm
portant provisions, and gives TO thu
State institutions a protection which
they deserve, for they share with the
national banks the responsibility ok
furnishing banking facilities to the
business of the country.
1.-The great point of ADVANTAGES 10
the banks-an advantage that ought
to make them willing to accept this
bill without questions that it fur
nishes a currency which they can 90
cure in time of need without hayirx
to put up bonds. as security.
1.-THE business interests will think,
welcome this bill as an unnlloye0
blessing. 1t gives them through their y
banks a promise OF relief In any tins
of stringancy and 1t gives this prone
Use without putting in the hands a
the banks power that might be used
against the public. The bill Is =
made in the Baltimore platform.
Mr.. Bryan quotes the Baltimoro
platform in standardization, and closes
as follows:
Il feel sure that the Democrats Of
the senate and the house will rally
to the support of the bill. and ] ana
sanguine enough to believe that Il
will receive a cordial support from
Republicans. as we'll
Authors Not Worried.
Some of the authors OF the pre-
posed new banking and currency leg.
islation as embraced by the McAd00~
Owen-Glass administration bill dt0 Il
not manifest any concern today over
the criticisms heaped upon that meas
ure by bankers in New York or ~
others who objected to certain fe4-
lures of the bill. Secretary McAdoo.
one of the joint fathers OF the meas
ure. was in Baltimore. but Senator,
Owen and Representative Glass, the
respective chairmen of the senate and
l. 49, lit z<< Ap%R&&
tees, refused to admit that they took
the New York criticisms seriously.
Before leaving today for a week.
end visit to his home in Virgins,
Chairman Glass said that the tdeAa
embraced in the comments made by
New York bankers had been con9id-
cred during the framing Of the BILL,
and that those who were responsible
for the features OF the measure which
vest the federal board of reserve with
absolute control over the new federal
reserve banking system felt confident
that more State banks would becQuaN
a part of the new financial SYSTEM
than there would be national BANKS
seeking State charters to avoid par
ticipating in 1t. Mr.. Glass expressed
the belief that the advantages to tho
national banks under the mea4Qxe
would prove great enough 70 dNlets
them from surrendering their chart1xo
as national banks. Ss SSa *S SsSsNss
Virginians Endorsed II.
Senator Owen, another of the 3n(@
authors of the measure. retutnA454
day from Old Point Comfort 10y b
Newport News. Va, where he III
terday attended the meeting q 1M
Virginia Bankers association.
ator Owen was told of some ofst1S~#
CRITICISMS. leyeled at the bill by 6MG2ss
ers in New York and other lm11
cities. 1t was explained to hfm thM&3
objections were being raised ~ tAMss
absolute government control oxAk 31%
count rates and loans frop 6n
serve section to another. Is SS is3
IAN / care to be quoted A. e&S
in response to criticisms OF tho
rency bill made by some New 1T n
bankers" he said, lis that en-
ed the new banking and cuTreHG &
in detail yesterday to eco W.
bankers at their meeting In Vttx
and they Endorsed the principle H.
bill unanimously. / am conndeMt y
the criticism from these New M
bankers will abate when thA2e
read and studied the measure u
ficiently to understand X. and
Is framed in the public tntexoGC
for the general wefxilfa r1fhGH&
for the promotion Of my SpEtl
terests.n X 5s3S2S5
NEW YORK. June 11.
States Senator Robert l. OW0
as chairman Of the senate Ct
tee on banks and currenc
charge OF the new curfancy
his branch of congress. NAg2
day conference at the Wa1
day with eleven OF the nkte4
hers of the American HxnkSn
ciafinn.s currency commit
At the Waldorf conferene
49, - ~
attitude. and promiaoA .2N9
that every objection ax1
they have made, VIII II