The daily sentinel., 1913-12-24
new Law WILL
MAKE DENVER
BANK CENTER
McAdoo and Houston Begin TO
Work Out Details Of the
Currency Laws.
NO APPOINTMENTS MADE
Associated Press.

all the power of law fresh from
the pen of the President behind
them, Secretary McAdoo and Secre-
tary Houston today began working
out details of the new financial sys-
TEN. The two secretaries act as an
organization committee to determine
important preliminary moves to the
actual installation OF the machinery
that is to operate the federal reserve
system. Although It provides that
the secretaries Shall Join with the
comptroller OF the currency in the
preliminary work, this office is va
cant, and it has been decided that
they, forming a majority of the COM
mittee, may go ahead Later seven
mem bers from the federal reserve
board may be named By the Presi-
dent. The secretary of the treasury
and the new comptroller of the cur
rency will be members OF the board.
The others VIII be chosen from pri-
vate life.
selection for the five places II u not
will be the selection of the cities
where federal reserve banks will be
located. The law provides for not
less than eight nor more than twelve.
The committee plans to go into this
matter deeply and may visit the cit
les suggested before selections are
made.
Cities that will hardly be kept off
the tentative list include New York,
Chicago. San Francisco, st. Louis,
New Orleans. with Denver. Seattle.
Atlanta and Port and. Ore. near the
top. PhiIadelplii6, Baltimore, Wash
ington, Boston and several others
have asked for designation. The or
ganization committee Ia authorized to
prescribe regulations for member
ship Applications from all over the
United States have been flowing into
the treasury for several days. Ma
tional banks have so days to file ap-
plications, but under the law they
can remain In existence for one year
without joining the system
Secretary McAdoo said he expected
to begin work selecting federal re-
serve cities tomorrow. He said:
We expect to consider the problem
In the light as to what Is of the most
benefit to the entire country. We
probably will outline districts Of
those cities He does not know
whether there will be eight or IL.
President Wilson in signing the
bill last evening expressed his ap-
probation of the work OF both
houses. and the skill displayed by the
leaders.
1T is a matter of real qualification
to me that In the case of this bill
there should have been q considerable
number of republican votes cast for
it," said the President. "All great
measures under our system of gov
ernment are of necessity party
measures, for the party of the ma
lOrity Is responsible for their origina-
tion and their passage; but this can
not be called partisan measure. II
had been relieved of all intimatton
of that sort by the cordial co-opera-
ton of men on the other side OF the
two houses who have acted with us
and have given very substantial rea-
sons and very Intelligent reasons
for acting with us. So that ! think
we can go home with the feeling
that we are in better spirits for pub
lie service than We were even when
we convened In April.
.'As for the bill itself. | feel that
we can say that 1t is the first OF
series of constructive measures from
which the democratic party Will
show that It knows how to serve the
country. In calling 1t the first OF
series of constructive measures.
need not say that / am not casting
any reflections on the great tariff
bill which preceded It.
"The tariff bill was Intended to re-
move those impediments to American
industry and prosperity which had so
long stood in their way. 1t was q
great piece of preparation for the
achievements OF American commerce
and American industry which are GER
tain to follow.
II myself have always felt when
the democratic party was criticised
as not knowing how to serve the busi-
ness interests of the country. that
there was no use of replying to that
in words. The only satisfactory reply
was in action. We have written the
first chapter of that reply.
I'VE are greatly favored by the
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