Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-10-14
TRADE ORGANIZATIONS
APPROVE GLASS Bill
MEMBERS OF AMERICAN CHAM.
eER OF COMMERCE ENDORSE
CURRENCY REFORM.
SEVEN RECOMMENDATIONS
FOR IMPROVEMENT MADE
Referendum Vote Shows Large Ma
iority in Favor Of Administration
Measure AIthe Some Changes Are
Urged = President Reynolds Ex-
presses Opposition.

-
Detroit Mich, Oct 1.-THE consti-
tuent members Of the Chamber Of
Commerce Of the United states of
America, including local boards Of
trade. commercial clubs and national
trade organizations in all parts of the
country. has approved by referendum
vote the report of its banking and
currency committee on the Owen
Glass currency bill now pending in
congress.
The board Of directors OF the cham
ben in session here completed the
canvass Of ballots today and found the
sentiment Of the business mems or
ganizaticns strongly in favor Of the
measure, the vote being 500 for, and IL
against.
The committee in its report, which
was made the basis OF the referendum.
stated:
TT regards the measure as a piece Of
constructive legislation and believes 1t
embodies in a large way elements
uSCCSSdTy " pAVSANO SA0 AoSAOAA "ASA.
a safe currency and banking measure.
In view Of the fact that the members
Of the committee invite suggestions
we would point out where the act may
be improved and strengthened"
Seven Recommendations Approved.
In accordance seven recommenda.
tions were submitted for separate vote.
All were approved.
m. Generate recommendations are
as follows:
lin favor Of the increase OF the
federal reserve board to nine members
the two additional members to be
chosen by the original seven members
subject to the approval OF the presl-
dent: the compensation Of the gov
ernor and vice. governor to be sdxed oy
the board itself.
2.-The creation Of the federal re-
serve council to he elected by the re-
x1onal banks, the president and Vice
president Of the council to reside IN
washington ana to sit at meetings OF
the federal reserve board. and without
vote: their salaries to be fixed and paid
by the banks.
3.-That in the creation Of the new
system Of regional reserve banks
beginning be made with the present
central reserve cities (three in NUM-
ber.) the number to be Increased
gradually by the federal reserve board
as in their judgment conditions war
rant.
4.-Concerning note issues: That
restriction Of the issue of federal re-
serve notes to $500,o00,0o0 be elimin-
ated: that interest Of federal reserve
notes be eliminated: that 1t be MADE
unlawful for any federal reserve oank
to pay out any notes but Its own, the
notes issued being given an Identifying
number. :,
5.-That federal reserve notes should
not be obligations. Of the government
but should be guaranteed by the unl.eo ,o
states and that they be redeemable
nv federal reserve banks and not at
the treasury Of the United states.
6.-The federal reserve banks mutu-
al1v guarantee the federal reserve
notes by providing that said notes shall
become a first and permanent lien on
the combined assets Of federal reserve
banks.
7.-That the reserve requirements OF
the Owen-Glass bill be modihed ana
reduced for both country banks ana
banks in reserve cities.
The board Of directors has requested
an opportunity to be heard before tne
senate committee for the purpose OF
presenting the opinions recorded.
REYNOLDS Expresses Opposition.
New York, Oct. A.-Opposition 10
fundamental features OF the Glass
owen currency bill now before con-
gress was expressed today by Artnur
REYNOLDS, president Of the Des Moines
National Bank. and president OF the
American Banking Association.
Speaking on the mobilization OF re-
serves" before the second national con-
ference on currency reform. held under
the auspices Of the New York ACADEMY
Of Political Science, Mr.. Reynolds ad-
vocated the establishment OF q CEN
trail bank as opposed to tho twelve re-
gional institutions provided In the
Glass Owen bill.
1.-THE error In present popular con.
ception relative to central bank.
he said. arises from tho fact that the
people regard the main features OF
ixation and fear its power: whereas.
whcr, properly organised and adminfs-
tered It becomes representative OF re.
sccnsibility and disinterestcd public
service.
"The weakness Of our present sys-
tenn has many times been charged to
want Of concerted. action between 30
many isolated banks. each striving 20
care for Its own interest without re-
gard to the common good. If. there
fore. this want Of unity has proven a
defect in the past, what good reason
can be adduced for repeating the fall
lacy In tho establishment OF twelve
competing banks. concentrating cap-
ital and reserves, when single insti.
tuition would furnish greater stability
| q more economical manner?''
! censross Leaders In 0sSsnse.
Three members Of congress, all Of
them prominently identified with the
administration's effort 10 enact the
pending currency reform bill. vigorous
" replied today to criticism leveled at
the bill. particularly by the American