Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-08-23
Bankers Have Friendlier
Feeling Toward Currency Bill.

Chicago, Aug. pa spirit of con-
Citation and compromise toward the
Glass currency bill as it is believed 1t
will be amended. was manifested at a
conference of leading bankers from all
parts of the country held here, today.
Before the conference adjourns, to-
morrow, it is expected that the reso-
luton recommending a number of i'm
portant changes in the currency bill
now pending in Congress will be
adopted and that the bankers will use
their influence to assist President Will
son in obtaining currency legislation.
The change in the attitude of the
bankers developed after George NJ.
Reynolds. president of the Continental
and Commercial National Bank, had
addressed the meeting and told of an
important conference to be held in New
York, yesterday, with Secretary of the
Treasury McAdoo, at which amend
ments TO the currency bill desired by
the bankers were discussed and assur-
ances given that the administration
was willing to remedy every reason
able objection to the measure. Mr..
Reynolds said:
Il believe We can get the number of
federal reserve banks reduced from II
Ito 5 or 6. l believe we can have
changes made in the working of the
clause referring to the chairman of the
federal reserve board which will re-
move it from politics. l believe we
can have the advisory committee of
bankers clothed with the power of
veto in connection with the manage
ment of the reserve banks"
Supporters OF the administration
currency bill score an important vic
tory in the House Democratic caucus,
today. when they brought to their aid
an unqualified endorsement of the
measure from Secretary Bryan and
defeated proposed "Insurgent" amend
ments that would have prohibited in
terlocking directorates in national or
state banks incorporated under the
proposed new law.
Secretary Bryan in a letter adj
dressed to Chairman Carter Glass of
the currency committee approved the
bill as it stands, declaring President
, Wilson had recognized fundamental
rights of popular control in its publi-
cations. He asserted that the plank
of the Democratic platform against in
terlocking directorates was aimed
chiefly at trusts, and he urged Demo-
> Gratis to stand by the President and
not to load down the currency bill
with any amendments that might en-
danger its early passage.
Fortified with the backing of one OF
the makers of the Baltimore plat
FORM" Reps Glass and Underwood
incnt the demand for an amendment to
prohibit interlocking directorates with
q counter proposal that the Democrats
of the House take up general legisla-
ton gainst interlocking of directories
at the next session. A resolution by
Rep. Underwood, adopted by a vote OF
100 to so referred the entire subject t.
the Democratic members of the judi
| rected them 10 bring in a bill at the
next session of Congress that woult
| prevent interlocking directorates of al
! kinds.
| Administration leaders. tonight, sale
| that the large vote that supported tht
Underwood motion and the hearty APP
prevail that greeted Secretary Bryan:
endorsement of the bill assured the ap'
prevail of the complete Glass bill witt
but little change. There remain sever
al important amendments to be con
sjdered, but it was declared that the
only important modification would b'
q change to make it clear that agricul
t1Iral paper will be given the sam'
credit as commercial or industrial pa
ler.