Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-27
PUTS
VET D On
CENTRAL
B A \ K
Father of Money Bill Hints at
Sinister Motives Behind
Vanderip Suggestion.

WASHINGTON, Oct. 25.-Chairmsn
Owen, Of the Senate Committee on
Banking and Currency, to-day an
uounced his purpose to end any at
tempt Of his committee to provide for
central bank in the measure now
| under consideration. Mr.. owen has
made an address on the currency
question.
The Democratic party always has
been against a central bank" declared
Mr.. Owen. I'm everything he has
said and done the President, in line
with his party. has opposed that sug
gestion. Were he now to accept this
plan so suddenly precipitated upon
the committee, he would stultify HIM
self President Wilson will never do
that.
docs It not seem strange that here
| almost on the very last day Of the
| hearings before the Senate committee
| this central bank plan, under its cloak
of public ownership should be drag
ged In? What is the purpose? Is 1t
to force the situation and complicate
matters in the hope of postponing
legislation or Indefinitely delaying ac-
ton by Congress?
Against Central Bank.
81 do not think the sentiment OF
the majority of the committee is for
the proposed central bank plan. can
speak only for myself. II such plan
is reported to the Senate l shall fight
1t with all the power l have to the
bitter end However l do not an
ticipate such a contingency. believe
we shall have a bill that will meet
with favor in both Houses, one which
the President will approve and that
will afford the country the relief 1t so
| badly needs"
Although a majority OF the mem
bers of the committee believe that
a publicly owned central bank. as
| outlined by Mr.. Vanderlip, with sufh-
cient branches to care for the needs
of so large a territory as is embraced
| within the 4s States of the Union
would be a satisfactory solution OF
the pending problem, 1t is not probA-
BILE that such provision will be writ
ten into the bill. Expediency alone
will compel this T the President
and the House will not accept It, and
currency legislation of a proper char
| acter is wanted by the Senate just
as zealously as by the Executive AMI
the House.
Public Ownership Sentiment.
To-day, however, there was a
strong and rapidly crysta llizing SEN
timent in favor OF applying the public
ownership principle to the regional
banks that will be provided for. THIS
will relieve the bill rom many OF the
criticisms Of the banks relative to
compulsory subscription to the cap
ital stock and drawing upon their
stores for the purpose OF financing
the new system. Also it would, Sen
ators who favor the plan say, make
1t impossible for bankers to insist
upon having a voice in the manage
ment of the affairs of these region Il
b~nks. These Senators believe they
can abandon the central bank plan
and avoid friction with the Presi-
dent.
II. Parker Willis, OF New York, con-
tinued his statements before the COM
mittee to-day. Replying to questions
by Senator Nelson, he admitted that
twelve regional banks was not fea-
ture of the bill what was needed
was a sufficient number to take care
of the business OF the country, he de-
clared. He opposed vigorously the
central bank plan. Among his reaa
sons he assigned one that the central
bank idea would not permit OF
proper degree OF local control.
Banks Object to Bill.
Edward e. Shields, OF West Chcs-
ter, Pa, submitted kilograms from 81
national banks and eleven trust COM
panies. All but two in each class OBJ
jected to tho bill In It's present shape.