The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-06-18
PRESIDENT WILSON
QUITE ANGRY OVER
STORY OF TROUBLE
No Disagreement Concern
ing Framing of the Cur
rency Bill, He States.
HE EXPLAINS DELAY
Wants @. O. P. Leaders to In
spect Measure-A Sum-
mary of Currency Bill.
HE EXPLAINS DELAY
(National News Association

| WASHINGTON, June 1S.-Ihere
is absolutely no disagreement among
any of the men concerned in the franz
ing of the currency bill. The report
| that Secretary Bryan has interferred
i in the currency reform measure is
| without a shred of truth
This emphatic statement was made
by President Wilson today in answer
to a query concerning rumors of dis
agreement among the men who have
drafted the currency bill to be intro
duced within few days.
Desiring to spike the report of dis
agreement the president left his Of
flee today and spoke to a number of
newspaper men in Secretary Tu-
multy's office. The president seemed
much wrought up and said he did not
see how the report could have gain
ed circulation since there was not the
slightest foundation for it. The presi-
dent added that currency matters have
been entirely completed and that the
only hitch in the program is a delay
of few days to permit the Republi-
can members of the house currency
committee to study the bill and digest
it's details. The president hopes to
read his message to congress on Mon
day, but this date will not be decided
definitely until after a conference with
Representative Oscar Underwood.
Summary of Provisions.
Summarized, the bill is as follows:
The secretary of the treasury, the
attorney general and the controller of
the currency are formed into an Or
ganization committee for the purpose
of dividing the United States into not
less than twelve districts, each dis
trict to contain federal reserve city.
In each federal reserve city the or
ganization committee will organize a
federal reserve bank.
Every national bank within a re-
serve district must subscribe 20 per
cent of it's unimpaired capital to the
capital stock of the federal reserve
bank of that district. the capital stock
to be not less than $5,000,00O.
Limit on Branch Houses.
Each federal reserve bank may es-
tablish branch Offices, the number of
which must not exceed one for each
100000 of the capital stock of such
federal reserve bank.
Every federal reserve bank shall be
controlled by a board of nine directors
holding office for three years, three
of whom shall be chosen by the stock
holding banks, three representing the
general public interests of the reserve
district, and three designated by the
federal reserve board. Shareholders
in a federal reserve bank shall be en-
titled to an annual dividend of per
cent on the paid up capital.
Raising of Surplus Fund.
One-half of the net earnings shall be
paid into the surplus fund until that
fund amounts to 90 per cent of the
hanks capital, and the remaining half
shall be paid to the United States.
When the surplus fund amounts to
20 per cent of the capital and the
shareholders have received their 5 per
cent dividends, all excess earnings
shall be paid to the United States.
Any state bank, banking association |
or trust company may subscribe to the |
stock of federal reserve bank.
A federal reserve board is created |
consisting of nine members, the secre-
tary of the treasury, the secretary of |
agriculture, and the comp troller of the |
currency, three members chosen by !
the president of the United States by |
anG with the advice and consent of
the senate, for a team of six years, |
one of whom is to be the governor, an
other the vice governor, and the third |
the secretary; and three members |
chosen by the electors of the federal |
reserve banks.