The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-01
Predicts Dem ands Of
Chicago Bankers Will
Be Rejected.
CONGRESS WON'T
BE TURNED ASIDE
Its Purpose Is to Enact Legisla-
ton in Interest of All the Peo-
pie, Rather Than That Die
tated by Banking Interests.
Populistic Appeals
I Also Resisted.
Especial to Tho Timcs-pispatch.l

Lynchburg. Va, August 3l.--Con-
1gressman Glass, chairman OF the Bank
ing and Currency Committee of the
House. who is spending Sunday at his
home here to day. issued the following
statement in regard to the resolutions
Recently adopted by the bankers at
Fhicago:
y 7 have carefully read the resolutions
which a conference of bankers at Chi
cago adopted last week, asking certain
alterations in the currency bill. nov
under consideration by Congress: and
while i am not prepared to say whether
or not these resolutions represent the
consensus OF banking opinion through
cut the country. do know quite def
nltely that hundreds Of bankers have
indorscd the administration currency
bill without qualification. The letter
files of the Banking and Currency Com
mitteo completely Justify this asser-
tion. Indeed, until some OF the big
banks OF the reserve and central re-
serve cities inaugurated systematic
campaign against the bill among their
country correspondents. approval Of the
measure was quite general.
Firm In Purpose.
Assuming. however. that the bank
ers conference at Chicago did reflect
the banking opinion of the country, /
do not think Congress will be turned
aside from it's purpose TO enact cur
rency legislation In the interest OF all
the people, rather than legislation die
tated by the banking interests Speak =
inE for the Democratic members of the
House Banking and Currency Commit
tee. who have so far firmly resisted
tcpulistic appeals to the prejudice fo-
A. sit;rE a ait. .-t;i. ikciS. we are Just us
In in our purpose not to yield to un-
asonable demands on the part OF
8hnkers. Gracious knows, we have ex-
Bibited little enough respect for dema-
9sogues in our own party. who would
enact unsound legislation along what
they conjecture to be popular lines; but
Il may we'll be understood that we do
not intend to be driven into the other
extreme. which would require us to
enact Legislation for the peculiar ad
vantage OF the big banks, with their
vast stock exchange connections.
81 shall not venture To predict what
the Senate will do with the demands
made by the bankers at Chicago; but
spent several months in dis
cussing every phase OF the subject in
the Banking and Currency Committee
|pf the House, and having gone through
ehe grind of Il Democratic caucus on
every detail of the pending bill. may
safely assume TO say something about
the attitude of the House.
Carefully ConnIdered.
There Is not n demand contained
in the resolutions adopted by these
bankers which was not carefully con-
sidered and fully discussed by the
Banking and Currency Committee and
~ the admin istration hence such OF
H88sse demands rs are not now en-
~ a,ied in the mealure pending before
IA gress were rejected after due de-
ration. Some of the alterations pro-
s$ksI by the bankers have already
ade, not because they were de-
I'd by the bankers, but because
seemed to tho committee wise and
~ -able. They were agreed upon be-
the action taken at Chicago by
H$f& bankers We have provided n
ers' council; have reduced the re-
requirements of country banks
Is to IL per cent and of reserve
M and central reserve city banks
1 25 to is per cent; have author
The Federal reserve board to pro-
graduated penalty on all banks
S4h fall below reserve requirements:
&8t raised the limit of farm loans
IVh nine to twelve months; have
yHAed the dividend limit to mem
b9Y BIS AXIS by readjusting the provision
OF the bill relating to earnings, and
have, because 1t seemed right, done
other things that radicals opposed
while the banking interests approved.
In addition to the things done by the
committee and the party caucus in CON
structing a banking and currency bill
we have resisted every effort to impair
he strength and sancncss OF the
Measure by loading it down with wild
md dangerous eXpedients. OF this fact
the bankers seem to have taken little
note or to have shown no apprccia-
tion whatsoever
.They come forward now with re-
newed demands. threatening to defeat
the bill il they are not complied with.
AS. already stated, the proposals have
repca tedly been considered by the ad-
and by the Banking and
Currency Committee of the House, act
ing in concert with the chairman of the
BANKING and Currency Committee OF
the Senate They were pressed upon
us by some of the most eminent bank
ers in the country and rejected because
they were regarded as neither wise nor
expcdient Only two of these many
proposals were stated to be fundamen-
tai. One related to banking represen-
,Sation on the Federal reserve board.
nd 'rhe other to counting balances with
Reserve and central reserve banks as
4s,serve for country banks. The first
these, objections is partially met by
10 appointment of an advisory coun-
: of bank kers, while the second is par
80 LILY met by n considerable reduction
81 reserve requirements.
No Further Concessions.
HIT is my very firm conviction that
further concessions should he made
Twill be made. 1t Is my belief that
bill, embodying these additional de-
~ Ids by tho bankers could pass the
euse, nor Is 1t my Judgment that any
billi containing these further demands
(Continued On Second Page.)