Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-08-23
Outline of Amendments They
Want Made to GLASS;
Owen Measure.
NO FIGHT IS PLANNED
AGAINST. ITS PASSAGE
Committee May Come to Washington
to Urge Views Upon Congress
and President.

CHICAGO. August 23-When the
committee on resolutions Of the meet
ing OF banks to discuss the currency
bill resumed its work today there was
little prospect that it would be able to
report its findings until afternoon. 1t
was said that the committee had
agreed to suggest certain amendments
to the Glass-Owen bill as follows:
Discriminating the controller of
the currency and the Secretary Of Agri-
culture from the federal reserve board
and fixing the personnel OF the board
at seven members. composed OF the
Secretary of the Treasury. three men,
bers appointed by the President of the
United States and three members
chosen by the bankers.
Two-Removing the management OF
federal reserve banks from politics by
limiting the powers of the federal
agent or chairman of the board and
clothing the bankers advisory board with
a veto power.
Three-Making membership Of ma
tional banks in the federal reserve
banks voluntary instead Of compulsory.
Four-Lmiting the number OF GEN.
trail federal reserve banks to five in
stead of twelve. as provided in the bill.
May Send Committee.
It is regarded as probable that the
meeting will result in the selection of
a committee to go to Washington in
the interests Of the amendments to
which the bankers expect to agree upon
before adjournment
George NJ. Reynolds Of Chicago, a
member Of the resolutions committee,
In a a X
ers and newspaper men before his COM
mittee convened. that the issue OF
Treasury notes. as proposed by the
Glass-Owen bill and sanctioned by Sec
reiary of State Bryan in letter yes
terday. was regarded as a near approach
to fiat money.
Il suggested to Bryan when 1 was in
Washington that in case of war with
Mexico ne might test the scheme by
paying the soldiers with these notes.
said Mr.. Reynolds.
Opposed by Country Banks.
Country bankers addressed the meet
ing in opposition to the authorization o
federal reserve banks to act as clear
ing houses. as they said 1t would depriv,
the banks of large sums in exchang,
charges for the cashing of checks ant
would facilitate "kiting'' George w
Rodgers Of Little Rock. Ark. declared
tuAl Country UdukeTS WOulQ T6Iner nave
no currency law at all than one contain.
ing the Objectionable clause.
Chairman A. Barton Hepburn of New
York declared this feature Of the bill was
of great Importance to bankers and
should be eliminated. w. 7. Fenton OF
Chicago declared that this clause was
objected to by city banks also and tina,
they were not responsible for its appear
ance in the bill. Festus J. Wade of St
Louis expressed the opinion that the
clause would benefit country banks and
there would be no more "kiting' OF
checks than there is at present. Others
were heard on the subject and radical
difference of opinion developed.
No Obstacle to Legislation.
There will be no effort by the
bankers to prevent currency legisla.
tion at the present session of Con-
gress. as advocated in resolutions offer.
ed yesterday by James B. Forgan OF
Chicago. Instead, they will present 9
friendly criticism of the administra-
tion's bill. with willingness to com
promise on those questions which are
in debate.
This was decided by the resolutions
committee. which took a recess at mid
night, and today the conference eagerly
awaited it's recommendations. In as
suming this attitude the committee fol-
lowed the advice Of George NJ Reynold:
OF Chicago. who Thursday conferred
with Secretary of the Treasury Nc
Adoo.
mittee decided not to present to the
conference the resolutions of its chair
man. Mr.. Forgan, and then took up the
Glass-Owen bill section by section.