The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1913-10-09
i. S. BANKERS AGAIN
DECLARE OPPOSITION
TO CURRENCY BILL
Ratify Action of Conference
inDemanding Amendment
to the Pending Measure.
No Dissenting Vote

Boston, October s.-The bankers of the
United states again today declared their
opposition to the proposed federal reserve
plan of reform in the currency and bank
ing system. .sz.
With only one dissenting voice on the
maj vote, more than 1000 bankers from all
sections or the. country gathered at the
frst days sessions of. the annual conven-
tion of the American Bankers associa ton
ratified the action of the conference of
bankers in demanding amendments to the
federal reserve act now pending in Con-
gress. The ,financiers also approved the
work of their own currency commimssion.
which earlier in the day had reported the
system of governmental control proposed
In the Glass-Owen. bill to be socialistic
and imposing .'unwise- hardships on the
the general public"
Administration Commended
The resolutions in which this ratifica-
ton and approval were contained also in
cluded commendation Of ''the President
the Secretary Of the Treasury and Con-
gress for their efforts to create In this
country an elastic as we'll as safe cur
rency," and pledged them hearty sup
port for the enactment of proper legisla-
ton to that end
The addition of this paragraph as an
amendment to the resolutions was pro-
posed at the afternoon session by former
Congressman Joseph III. ONeil of BOSTON
Mr.. O'Neil was one of several speakers
whose remarks had been audibly booted
from the floor during the forenoon He
and former Congressman Thomas G..
Macrae of Arkansas, together with H. A.
Moehlenpah of Brewster, Wis, president
of the Wisconsin Bankers association.
had rallied to the defense of the adminis
tration which had been attacked by most
of the previous speakers.
Acting President Arthur Reynolds of
Des Moines in his annual report had
criticised the currency bill, and for
mer Congressman Ebenezer Hill or
Norwalk. Conn.,. had attacked the good
faith of the administration and intro
duced resolutions against the bill when
ex-Congressman Macrae took the floor
His attempted defense of the govern :
ment was treated with derision Dell
egates tried to howl him down with
cries of mo. no-question, question. -
Mr.. Macrae stood his ground and asked
for a hearing. saying. Il am. a tanker
myself. but l am unwilling to sanction
the language of Chairman Hepburn of
the currency commission waen h..
charges the President and Congress Of
this republic with being a pack of so
cialists.
Don't Sidestep Issue
Don't sidestep the issue. The oues-
tion really at stake in the CURRENCY
bill Is this: Shall the bankers OF the
United States control the currency OF
the country, or shall the government az
the United States control it?"
From hundreds of voices there came
a reply to the question:
"We should"
Congressman Macrae then exclaimed
Yes: in Just the same way every
criminal would like the right 10 be the
judge of his own offense SO that he
could deliver a verdict of not guilty. .
Some kissing was. heard as Mr. Mac
rae finished
Congressman Hill in introducing the
resolution had characterized the bill Is
| it now stands. providing for legal
/! tied government combination and
monopoly as substitute for the indi-
vidual competitive enterprise of 25Opo
| Independent banks organized Under ths
| existing laws of the states ana nation
and in which billions of dollars OF the
peoples money have been invested in
good faith"
He said the recommendations Of the
Chicago conferences should be follow al.