Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1913-11-17

. serve association, lie urged =
= early action on currency lesisla- =
. ton. y
SNN~~~~N~A~~~~~N~~~
The strenuous objections of the
banks 90 provisions of the proposed
currency bill are emphatlcaliy set
forth la the following circular issued
/ ny the National city bank OF Chi
cago.
Tho Bankers ana the BlH.
Tho attitude of the bankers 90 thc
currency bin Us not clearly under
stood by the people. nor accurately
represented In the press. Some icnd-
ers among them are quoted as eu-
dorsing the measure I'm principle
ana others as ohjectlng To it in some
detail Consequently they are zee
garded as divided on the question.
The fact IL. however. that they are us
unanimous az any body OF men can
ever De regarding an important meas
ure Their attitude WAS definitely sei
forth in the resolutions adopted
unanimously al the Chicago confer
ence in August. and since endorsed
with practical unanlmity by bankers
conventions In every part OF the
country.
The bankers recognize the neccs-
sity for Improvement In the currency
and banking system. They have not
met reform With opposition. They
and only they. have advocated % for
many years Moreover. they believe
that tho administration is sinCcrcl
seeking 20 give wise law Co inc
country But they think they UNDER
stand the matter from practical
standpoint better than anyone e,ss,
and they wish 10 contribute the
knowledge. acquired go tho hard
school OF daily experience. towards
the solution of the problem. TaCy
know that the modern crcuit system.
which b. their daily ufc is matter
0f such delicacy that Go change SOL
operation aa radically as even tho.
themselves advocate viii require
time, Skill and the hearty co-opera-
ton of an concerned. They there
fore. ask for q measure that not only
national banks will gladly accept. hut
thnt viii attract large numbers of
state banks. and they believe that
nothing short OF such unificatl0n VIII
settle the problem.
They endorse the main principle
Of the BILL which is the Capitalization
of reserves as "a basis for nm olasiI
currency ana credit system. Thcy be-
iicve that such elasticity is the oniN
cure FOR the periodical panics from
which this country alone. among
great nations. suffers. They also fl-
Vor many of tho minor provisions
int they strongly object 90 cort"n
features of the plan as being unfair
60 tho banks unsound In principle
or unavoidable iu practice Tho
amendments which they suggest are
clear and definite.
First Tho bankers object To- The
cucrcivo method OF the propose
change, They believe the now fed
ernl reserve banks should Doc given Is
charter, and be- permitted Go prov
their right by demonstrating the
usofulnCeg subscriptions Co their
stock, ana business relations with
them, should Doc voluntary not com
pulsory on the part OF the existing
banks. 40 th'y arc q good thing thcy
VIII live and grow. and gradually Da,
their proper place boo the financial
system. The new order of Trims
should De brought about hy evolution. !
rather than revolution.
Seconds Az thcF arc 10 contribute
all of tho capital to the federal re-
serve banks and an OF thp deposits
teNcept those Of tho government 900
bankers believe that they arc ontitl. |
to representation on tho federal uo-
serve board. They believe m mo ODD |
doctrine from inc inspiration oi
which this country was born emo J
tnXatipn without representation.
They do NOT ask control although an |
.iinrt has been made to make % APP |
pear that thoy do.
The BIN. as originally written hy
he Glass committee. gave Thorn o.
representation of three ON BOARD
lf nine, which was satisfactory Th,
'hnngc 90 political board of seycu
WITH no representation OF mo Woru-
ioidors was an after thought Tho
iankors resent thc Implied want OF
confidence which shows between theI
ines in this and other features of the
,ill.
Tho sponsors for this BIN state
'uhlicly hat thDy are aecEng hy o.
% break up thr connection between
Do banks pud speculation ON the
fFW York stock exchange. Thcy
lain. too, that "thc credits oft tho
ouniY nre not upon equal toyns tQ
Everybody" ana the banking bust
oas is held up 40 tho people af prlc-
lcing abuses requiring the taking Of