The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-08-25

country, which can alone be had from
general participation of banks of all
classes; and believing that the bill
as now drawn, will, by its enormous
provisions prevent state banks and
many national banks from joining the
system,s and earnestly desiring to CO.
operate with the administration In
bringing about the adoption of the
most hlghly efficient plan, therefore
be it
Resolved: That we recommend +be
Following changes in the bill as now
puollshed, convinced that while not
rendering the plan ideal, these cflan@es
would render organization more prob
lsaple, would avoid a credit disturblnea
and provide a system that would
gradually develop into a bulwark for
tie protection Of our whole commerce.
benetiting alike, and. in equal Inea sure
the laborer, the farmer and the busi-
ness man. ~
Summary Of Changes.
A summary of the important
changes in the currency hill proposed
by the resolutions adopted by the
bankers conference follows: ,.,a
That there should be established
one central federal reserve bank under
the new currency and banking plan
lneXpedtent, the number should not
exceed five with as many branches
as may be required in all parts of the
country
That membership in the federal
reserve banks be made voluntary in
stead or compulsory on the part OF
national banks, the same as provid-
ed in the case of state banks
That the amount of the subscrip-
ton to the capital stock of the federal
reserve banks be reduced from 20 to
l0 per cent of the capitalization of
the bank applying for membership.
THAT in order to remove the con-
tro! OF the federal reserve banks from
political influence, direction of the
institution be vested in a board of
seven members composed of the secre-
tary OF the treasury as an ex-officio
member, three members to be appoint
ed by the president of the United
states, who shall give due regard 10
geographical territory of the country
and three members to be selected by
the member banks. The terms of Of
nee are fixed at three. six and nine
years at the beginning and nine. wears
for all members after the first term.
The salary is fixed at $4,000 a. year
with an allowance of necessary travel
ing expenses. "
THAT three Of the directors of the
regional banks shall be experienced in
banking and live in the district.
That the directors of the regional
banks be authorized to elect their own
officers who with the federal agent
designed by the federal reserve board
shall manage the institution.
That the appointee of the federal
reserve board shall not act as chair
man of the board OF directors of re-
gional banks but shall transact the du-
ties OF government representative.
That the advisory board of the fed
eral reserve bank be abolished ais nm
der the plan proposed the bank
members would have representation on
the regular board of the reserve bank
That the authority of the federal
reserve board to compel one member
bank to rediscount paper of another
member bank be made optional instead
Of mandatory.
That the cumulative dividends Al
lowed member banks out of the earn {
ings on their shares in the federal re-
serve bank be increased from s to q
per cent.
That state banks accepting rnen. !.
hership in federal reserve banks be raa
Continued oD Page SIX.