The Barre daily times. (Barre, Vt.) 1897-1959, 1913-10-15
The National Association of
Chambers of Commerce
Favors 1t
PRAISE GLASS
OWEN MEASURE
Offer Seven Suggestions and
Ask to Be Given
Hearing

Detroit, Mich, Oct. 15-The constit-
uent membership OF the Chamber OF
Commerce OF the United States of Amer
lea, including local chambers of com
merce, boards of trade, commercial clubs
and national trade organizations in all
| parts of the country, has approved by
referendum vote the report of its bank
ing and currency committee on the
Owen Glass currency bill now pending
in Congress. The board of directors Of
the chamber, in session here, completed
the canvass OF the ballots yesterday
and found the sentiment of the business
mems organizations strongly In favor OF
the report of the committee, the vote
cast being 303 for and II against. The
committee in its report, which was made
the basis of the referendum, stated:
1t regards the measure as piece OF
constructive legislation and believes that
it embodies in large degree elements
necessary to provide the nation with a
safe currency and banking system. In
view of the fact that the trainers or
the measure invite friendly criticism and
suggestions, we are prompted to point
out wherein the proposed act may be
materially improved and strengthened.
In accordance with this statement,
seven recommendations were submitted
for separate vote. All these have been
approved by large maiorities. The sep
arate recommendations are as follows:
|. In favor OF the increase OF the fed
A. n 4 4.
two additional members to be chosen by
the original seven members, subject to
the approval of the president; the COM
pensation of the governor and vice gov
ernor to be fixed by the board itself
2. The creation of federal reserve
council, to be elected by the regional
reserve banks, the president and vice
president of the council to reside in
Washington and to sit at meetings of
the federal reserve board, but without
vote; their salaries to be fixed and paid
by the banks.
8. That in the creation of the new
system of regional reserve banks a be-
ginning be made with the present cen
trail reserve cities three in number) /,
the number to be increased gradually by
the federal reserve boards as in their
Judgment conditions warrant.
4. Concerning note issues that restric-
ton of the issue of federal reserve notes
to $500,00o,o00 be eliminated; that in
terest on federal reserve notes be elm
mated; that it be made unlawful for
any federal reserve bank to pay out
any notes but its own, the notes is
sued being given an identifying num-
Der.
5. That federal reserve notes should
not be obligations of the government
but should be guaranteed by the United
States, and that they shall be redeem
able by federal reserve banks and not
at the treasury of the United States.
6. That federal reserve banks nut
tualIy guarantee the federal reserve
notes by providing that said notes shall
become first and permanent lien upon
the combined assets of federal reserve
banks.
Z. That the reserve requirements OF
the 0wenGlass bill be modified and re-
duced for both country banks and banks
in reserve cities.
The board of directors has requested
an opportunity to be heard before the
Senate committee for the purpose of
presenting the opinions recorded.