Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-06-27
HEARINGS PLANNED
ON CURRENCY BILL
Senate Committee to Get Ex-
pert Views, Beginning
Next. Week.
ANSWERS TO QUESTIONS
SUBMITTED BY BANKERS
Representative Glass Makes Defense
Of Measure in Reply
to Critics.

Open hearings are to be started by the
Senate banking and currency committee
late next week upon the new admins
tration currency reform bill introduced
in Congress yesterday by Senator owen
and Representative Glass. The Senate
committee has received answers from
bankers all over the country to its list
of questions asking for opinions as to
needed changes in the monetary laws of
the country.
The hearings will be designed to bring
out expert views from business men and
bankers and financial students upon the
plan proposed in the new currency bill
Senator Owen said today that under no
circumstances would the federal reserve
board be increased or representation
given to the banking interests upon that
board.
Defends Currency Bill.
While protests and criticisms against
certain features of the currency bill are
pouring into the House of Representa-
tives, Chairman Glass of the committee
came to its defense today
II am told" he said, that the so-called
exclusive government control of the fed
eral board appointed to supervise the re-
giOnal banks will antagOniZe bankers and
keep them out of associations. The state
ment is also made that the provision for
the appointment of members Of the board
by the President Is dangerous delega-
ton of power to the executive. These
critics forget that the Supreme Court of
the United States has the last word in
matters of vital importance to the ma
ton. Members Of the Supreme Court
are appointed by the President. Mem
h<rc &c HI@ fy,t4r 70 nnyray1
sion are appointed by the President. We
propose to have at least one banker on
the board appointed by the President.
There is no arrangement for the appoint
ment Of railroad man to the interstate
commerce commission
Senator Weeks of Massachusetts. a
republican member of the Senate cur
rency committee, and a former member
of the national monetary commission. is
sued a statement. in which he urged i'm
mediate action toward currency reform,
but criticized certain features Of the
new administration bill.
Opposes Reserve Board.
az think the worst feature of the bill
is the federal reserve board, as it is
and the extravagant powers
given to it, he said. Il am unal-
terably opposed to anything which sayors
nection with our banking system.
"There is vested in this board greater
power, and of centralizing tendency,
than has ever been proposed for any
by any party at any time,
either in this country or abroad
Il have been, and am now, extremely
desirous of supporting the Prestdent in
this legislation, which should from every
standpoint be non-partisan with this
idea in mind / took occasion nearly
month ago to say to prominent mem
Der of the administration who has been
active in the framing of this bill that l
thought the minority members of the
banking and currency committees of the
Senate and the House should nave an OPP
portunity to inspect the proposed leglsla-
ton before the administration has put
it's stamp of approval on it.
Minority Members Ignored.
This request has not been granted.
The bill has been framed and repeat
edly revised without any minority
of Congress having an oppor-
tunity to inspect it. The President as
far back as June 19 invited the men,
bers Of the banking and currency COM
mittee of the Senate to conference
to be held the evening Of June 25 at
the White House, and about the same
time the proposed bill was given to
the pubic.
Having this invitation, the members
of the banking and currency commit
tee were not in a position to discuss
or criticise the bill until they had at
tended the conference to which they
had been invited. But in the mean
time the chairman of the committee on
banking and currency, the Secretary OF
State and the President himself. have
taken occasion to commend this propo-
sition and announce that 1t is the
policy Of the administration to push 1t
To passage so they have done all
they can do. it seems to me, to make
an administration or partisan meas
ure Of it
SIRE TO SIGN BILL.