Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1913-09-10
Chairman Glass, One of the
Fathers Of Currency Bill
Bitterly DenOunces 0ppOsi-
tiOn.
NO POLITICS IN THE
MEASURE, HE DECLARES
Whole Purpose of Act Is to
Cure Evil of Speculation;
Cannot Be Abused, Speaker
Alleges.
lBy leased wlrp ~ E,enlne Herald. J

Washington. Sept. 10.--The admin
lstration currency bill today started on
its devious way To the statute books
when Chairman Glass. OF tho house
banking committee and one OF the
fathers Of the measure, opened the
currency debate In the house.
Mr.. Glass replied at length TO the
criticisms that the federal roseryc
board, placed by the bill In control OF
the proposed financial system. would
with its wide powers. be subject TO
political influences.
There II no politics In this mat
ter: there can be none. IL IL my ear
nest conviction baFed on long and SER
iOus reflection that no man can con-
celve. as none has yet pointed out,
how any part Of this system can be
perverted to polltlcas uses" said he.
II happened TO be present when an
eminent banker suggested such pos
sihillty Go the present occupant Of the
executive chair. and heard this bank
er vniuly challenged 10 show how u
might be- done. 1 shall not soon for
get the emphasis with which the pres
ident of the United states declared
that no man would ever be found who
would be willing 90 imporil his repu.
tation or tarnish his fame by so nag.
rant prostitution OF his high office.
The whole fight of the great bank
ors ~ to drive us from our firm resolve
to break down the artnclal connec-
ton be woen the banking business Of
this country and the stock specula-
tive operations in the money centers.
The avoWed purpose ~ this bill Is
To cure this evil They do not want
existing arrangements disturbed. they
desire 10 perpetuate fictitious. un-
scientific system, sanctioned by law.
but condemned by experience and bit-
terry offensive 60 the American peo-
plea system which everybody know $
encourages and promotes the worst
description Of stock gamhling."
Representative Hayes. Of California,
ranking Republican member OF tho
banking committee. opening debate
for the Republicans endorsed part OF
the bill but attacked the provision all
lowing national banks only five per
cent profit on their investment In tho
federal reserve banks.
MAJORITY Leader Underwood put
through "A resolution closing general
debate when the house adjourns Sat
urday.
with tho tnrim bin practically out
of the way. President Wilson took up
the currency situation early today
/ with the senate steering committee.
Senators Kern, Hoke smith. clarke
Lea. O'Gorman, owen, Chamberlain.
| Martin, Thomas ana Bacon were pres
ent.
senator Bncon expressed desire
that the senate should take few
weeks rest before undertaking the
passage OF currency bill but the
president, II was said, was determined
TO continue his lnsistence that the cur
roncy bill be disposed Of as soon as
possible
The president received from sena-
tor owen poll OF senate Democrats
which showed. it IL said. practical un'
animity of going ahead with the cur
rcncy with all y ssible speed.
senator Kern, chairman OF the
steering committee, announced tha'
the committee would meet later today
to determine on a course er action.