New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-26
Will Not Oppose Gradual Re.
tirement of Existing Bank
note Circulation.
FINANCIERS SEE HIM
Their Plea for Membership on
Reserve Board and In
crease in Size Prob
ably Futile.
From The Tribune Bureau. !

Washington. June 2j.-President Wilson
conferred tonight with the members OF
the Senate Committee on Banking and
Currency. and while no definite agree
ment was reached, it is practically Ger
tain that one fundamental change I'm the
administration currency bill will be made
before IT passes through both Houses OF
Congress.
These changes contemplate the gradual
retirement OF the existing banknote circu-
lation and the refundng of the per
cent bonds. There is no prospect for an
increased membership and bank repre-
sentation on the Federal Reserve Board.
upon which representative bankers insist
ed at conference to-day with the Pres
ident and his close advisers.
Following the conference tonight.
President Wilson indicated that he would
not oppose any amendment to the bill re-
storing the provisions for the retirement
OF the present national bank circulation.
IN this respect concession may be made
TO the bankers. but il was intmated that
there was little sentiment at to-nights
conference in favor Of bank representa-
tion on the Federal Reserve Board.
Three Republican members OF the SEN
ate Committee, Senators Weeks. Bristow
and Nelson. were present al the confer
ence tonight. II Is understood that they
voiced their opposition to a federal re-
serve board. which might turn out 20 he
a political body. because its members
are appointed by the chief Executive.
Indications were that the chief Repub-
lican opposition TO the measure will come
because OF the Bryanesque provision OF
the measure
The Republicans. II is understood. are
not so hostile toward the proposition 70
refund the per cent bonds and retire
the circulation based upon them. and
there Is more likelihood OF agreement
on this score than upon the personnel OF
the Federal Reserve Board. which Is
characterized not only by Republicans.
but by certain Democrats as "a political
board 90.
Wilson Open 10 Conviction.
Following the conference the President
said there had been gsnraI interchange
Of views without definite conclusion re-
garding fundamental changes IN the adj
mlnistratlon bin. The President Indicated
that he would not arbitrarily oppose
amendments backed by sentiment tn the
legislative branch Of the government and
this Is taken 20 mean that eventually. as
tho bin progresses after its formal intro
duction. there will be a provision for re-
firing the existing bank note circulation.
IL was also suggested 20 the President
hv tho banking representative that tie
emergency currency should not be linn
tied arbitrarily 10 an issue of iJ'o@oo
and there is now q possibility that the
limit may boz Increased. one other rec
oumsudatiou made by the bankers. the
fate % which is still in doubt. seeks au-
thority for the banks 10 retain a part OF
their existing reserves. leaving them with
tho present reserve agencies and not 70
curing 100 automatic transfer 20 the new
reserve associations.
with the exception OF Senators Mclean
and Crawford. all the members 4 the
Senate Banking and Currency Commit
tee we're present AT the conference to-
night
Previous 10 the conference tonight the
President this afternoon saw four bank
ers on the legislative committee OF the
American Bankers Association. Who
strongly urged several important changes
in the administration bill Secretary No
Adoo. Senator owen and Representative
Glass also mot with the bankers at the
White House.
The bankcrs-George VI. Reynolds. Of
Chicago. Fostus j. wade. OF ST Louis;
John Perrin. Of Los Angeles. and Sol
WeNler. Of New Orleans-made sugges-
tions in their individual capacities. but
understood 20 be representative OF sent-