Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-08-25
opinions Of its officials.

opinions OF IL OFFICIALS.
Change Asssrvo 0eard PssoonMsi.
Radical changes IN the personnsl ol
the federal reserve board were fore
cast by the Reynolds address Of Friday.
and the committees report amply full.
filled expectations. Because Of Mr..
Reynolds interview in New York on
Thursday with Secretary Of the Treas
ury McAdoo the general opinion. was
that the cabinet officer had tentatively
sanctioned such alteration 40 being not
displeasing to the national administra-
ton.
The board. - before. win comprise
seven members. and the secretary OF
the treasury win retain m ex-officio
membership. The secretary Of agri-
culture and the controller Of the cur
rency are eliminated however.
Instead Of four members being Sc
lected by the president, he 10 allotted
three, and the remaining trio are 70 BE-
chosen by the directors Of the federal
reserve bank. Each win receive an
annual salary Of $4,000 and travelling
expenses and will serve nine years
The first board, however. will have two
and two at nine. Tho presidents trio
sections OF the country.
Member, Must osrve Full Time.
The president 10 given the privilege
Of designating a governor and vice
governor Of the board, whose salaries
shall be fixed by the directors Of the
reserve banks. The governor will be
the active executive officer. subject to
the supervision Of the secretary OF the
treasury. Each member must give his
entire time to his official duties.
The powers of the federal reserve
board are recommended to be cur
tailed to some extent. notably in the
rediscounting of their paper by the
federal reserve banks. The bill makes
this rediscounting compulsory, but tho
alteration thinks it should be permits
sible only.
Because Of the suggested alterations
in the membership Of the reserve board
there is not considered to be any ne
cessity for federal advisory council.
1t was Mr. Reynolds. idea that pos
sibIy this advisory board might be
given certain veto power Of the re-
serve board, but this was abandoned.
All state banks which accept MEM
bership must use the word national in
Distribution Of Funds.
The Glass bill provides that all
money now in the national treasury
shall be distributed among the reserve
banks within yea- nf the acts pas
sage. The conference recommends one
exceptions per cent Of the fund for
the redemption of outstanding national
bank notes.
The sections relating to savings de-
partments Of national banks was
stricken out In toto by the committee.
Such practice is now in vogue by per-
mission Of federal officials. tho not
authorized by the present law. The
elimination of the savings department
sections would leave conditions as they
are without further federal interfer-
ence.
Results Satisfy Reynolds.
Mr.. Reynolds appeared fairly we'll
satisfied with the result Of the confer
ence.
The recommendations" he said.
'are dignified. courteous. and concilia-
tory. and ought to be productive OF
great good. This has been the most
representative gathering the bankers
have ever had, and the results should
be beneficial not alone for the bankers.
but for every class in the country.
Joseph A. McCord, vice president OF
the Third National Bank Of Atlanta.
Ca, was inclined to be hopeful.
There Is a spirit Of cooperation.
he said. "and 1t should appeal to con-
gress. The bankers feel strongly on
the principal issues. and have indicated
the most important points at which
the present measure must be amended
to furnish satisfaction and better bus
mess conditions"