New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-10-24
National City Bank Head Pre-
sentS Scheme for One Reserve
Institution, Under Gov
ernment Control.
SATISFIES MANY SENATORS
Republicans of Currency Com
mittee and Several Democrats
Approve Proposed Solution
of Problem, and Declare 1t
Meets Wilson's Ideas.
rFrom The Tribune Bureau. ]

Washington, Oct 23.-A basis for the
solution Of the currency problem was
laid before the Senate Banking and
Currency Committee to-day by Frank
A. Vanderlip. president of the National
City Bank of New York.
Mr.. VaAderlip's plan provides for a
single federal reserve bank, with
branches, under the management OF a
board Of directors appointed by the
President. The stock Of the bank Is
70 be thrown open to public subscrlp-
ton. II the public fails to subscribe
the full cmount Of $1O0,OO0.OOO, the
hanks are to take over the unsold por-
tion.
Discussion Of the plan before the
committee disclosed to the satisfaction
of most of the members of the commit
tee that 4 eliminated the objections
made to the pending Glass-Owen bill,
passed by the House, met most OF the
criticism Of the bankers and safe
guarded the fundamental principles for
which the administration had con-
tended.
All Of the Republican members CT
the Currency Committee, with Senators
Reed, Hitchcock and O'Gorman, ex-
pressed themselves as being generally
in favor of Mr.. Vanderlip's plan. This
plan was proposed at the suggestion
OF several members Of the committee
who discussed the question with Mr.
Vanderlip after his appearance before
the committee a week or more ago, and
was designed to meet as far as possi-
bic the views Of the members and the
bankers without VIC 2ting the funda-
mental principles on which the admin
istration has insisted.
Approved by Democrats.
Even the Democratic members Of the
committee who have sided with the
President in the currency controversy
were disposed to look with favor on
;he plan and TO find in 1t no apparent
cause for opposition. such as the Glass
5ill has encountered. II is probable
that Senator owen will oppose the
Vanderlip plan. and he may be sup
ported by Senators Hollis and Shaf-
roth. although the latter sees in 1t
much merit and would probably sup
port il if the single bank idea should
meet with the approval Of the Presi-
dent
The President has been opposed to a
central bank, on the ground that II
would constitute a violation Of the Bal
timore platform. 1t is contended by
Senator OGorman, however-and this
view has been presented to the Presi-
dent-that the Baltimore platform con-
demns only central bank under the
control Of bankers, which, it is pointed
out is very different from central
reserve bank under the control Of the
government or of the people, such as is
proposed by Mr.. Vanderlip.
Supporters Of the Vanderlip scheme
declare that IL the President contends
for the principle of government control,
as distinguished from bank control, he
would be hard put to it to justify his
rejection OF the Vanderlip plan for the
Glass owen bill. The latter, they say
gives the bankers control Of the boards
Of the regional reserve banks, a feature
which was to be made the target for a
Continued on fourth page, third column.