The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-08-23
Mr., BRYAN WRITES
N URGING SUPPORT
Of CURRENCY BILL
Letter Read as Climax to a
Speech in Caucus by Rep
resentative Glass
SPEAKER CLARK IN
ROLE OF INSURGENT
Casts His Vote Against the
Administration and Lead
ership of Oscar
Underwood

: WASHlNGIoN, AUG. ia leNeA
written by william J. Bryan, secretary
of state, read In the caucus OF the
house Democrats today. endorsing the
administration banking and currency
bill, and expressing disapproval OF
proposed amendment by Representa-
tive Henry, OF Texas. and other radi-
Gals, caused big stir.
The letter was read as the climax
OF a speech made by Representative
Glass, of Virginia. in charge or the
BILL who dashed the insurgents while
the conservative element applauded.
While Mr.. Bryan was appearing in
the role of regular" Champ Clark.
speaker of the house, and candi-
date for the presidential nomination
before the Baltimore convention, last
year, however. was taking his place
among the insurgents. He voted
against the administration, and the
Underwood leadership.
Prohibit Intcriocking Directorates.
But while the Underwood leader
ship aided by Bryan was successful
in defeating the attempt TO incorpor-
ate in the banking bill legislation
aimed at interlocking directors. 1t
was obliged 10 make concessions wnich
commits the party to such an enact
ment resolution introduced by
Mr.. Underwood was adopted by. the
caucus, which Ins,ructs the house
committee on the judiciary TO report
a bill prohibiting interlocking diree-
tors not only in national banks. but
in railroads. industrial and other cor
porations that are engaged IN inter
state commerce. Tie enactment Of
such a law will compel changes In the
dIrectorates of many OF New York's
big financial institutions, and in the
directorates of many railroads and In
dustrial corporations There is little
likelihood of such legislation at this
session, but 1t will surely come up In
December.
n Speaker Ciark.s vote as~snss tiseaad-
administration and the Underwood lead
ership was the subject OF good
deal of comment. just what prompt
ed the speaker to side with the insur-
gents is matter of speculation.
Underwood Wins Out.
The fight today was over the Medley
amendment prohibiting any person
from serving as "a director in more
than one bank. or other financial IN
sti.ution. President Wilson and the
house leaders were opposed TO this
amendment. taking the position that
the subject should be treated indie
pendently Of the banking hill
Today's debate was the lveilest
that has marked the banking and
currency caucus. MIR. Henry Insist
ed that the Medley amendment was
in harmony with the Baltimore plat
form. and that II II failed of adop-
ton II would lay the party open TO
charge of bad faith.
The debate had waxed very warm
when Leader Underwood offered an
amendment providing that the house
judiciary committee should report a
bill aimed at interiocking director
ates In al; Interstate corporations.
Representative Neeley. of Kansas.
moved that the Underwood resoln~
tion be laid on the table. This was
defeated. and the Underwood reso-
luton was then adopted by vote
OF 13e to so.
Mr.. Bryan's Letter.
Bryan's letter, which was addressed
10 Mr.. Glass. was in part as fol-
lows:
Replying to your inquiry. l beg
To say that I have for many years
advocated law preventing a dupli-
eating of d.rectorates. While the
principle applies 10 hanks. rs well az
TO trusts~~although l think In less
degree-~-the plan has been considered
mainly as a means of dealing with
the trust evil. Competition cannot
be effectively prevented when the
same mon act AZ directors of COM
petiting companies. but do not think
II wise to make II a part OF the
pending currency bill. In attempt
ing to secure remedial legislation,
care must be taken not to overload
a good measure with amendments.
however, good these amendments may
he In themselves. A boat may be
sunk II you attempt to make 1t
carry too much, however. valuable
the merchandise"
Mr.. Bryan here says the present
tentative measure was prepared at
ter extended Investigation.
Triumph of People.
ssThe provision I'm regard to the
government issue Of the notes to he
loaned to the banks" he continues.
as the first triumph Of the people
In connection with the currency leg
islation In a generation. 1t is hard
to overcstimate the value Of this
feature of the bill. In the second
place the bill provides for govern
ment control of the issue Of this
money--that Is. control through
board composed Of government off,
cials, selected by the president, with
the approval Of the senate. This Is
Hrotirpr distinct triumph for the -peu--
pie, one without which the govern
ment issue OF the money would be
largely a barren victory. The third
provision in this bill. which ! regard
a one Of the first Importance, Is the
CONTINUED on Second Page.)