Clearwater Republican. [volume] (Orofino, Idaho) 1912-1922, 1913-08-29
BANKERS'PROPOSALS
CRITICIZE CURRENCY BILL NOW
BEFORE CONGRESS FOR
CONSIDERATION.
SEND DELEGATES TO PRESENT THEN

Glass Measure Ends Two DAYS
Debate at chicaao-Desire to
Eliminate Politics.
Chicago.-Bankers from all parts of
the country at the end of two days
conference at Chicago Saturday agreed
on a number of important amendments
to the Owen-Glass currency bill now
pending in congress and appointed a
committee OF seven to go to Washing
ton and endeavor to have the changes
incorporated in the measure. Mem
bers OF the conference expressed the
belief that the administration forces
In Washington will be convinced by
the arguments they will present and
modify the bill SO that it will be rea-
sonably satisfactory to the banking
and business interests of the country.
The Resolutions.
The resolutions adopted at the con-
ference follow:
Resolved, That we recommend the
following changes in the bill as now
published. convinced that while not
rendering the plan ideal, these changes
would render organization more prob
able, would avoid credit disturbance
and provide a system that would grad
ually develop into bulwark far the
protection of our whole commerce.
benefiting alike, and in equal measure.
the laborer. the farmer and the bust
ness man."
A summary of the important changes
In the currency bill proposed by the
resolutions adopted by the bankers
conference 6ollow:
That there should be established one
central federal reserve bank under the
new currency and banking plan, in
stead of IL, and II this is found mex
pedient the number should not exceed
five, with rs many branches as may
be required in all parts of the ooun-
try.
Want Membership Voluntary.
That membership in the federal re-
serve banks be made voluntary instead
OF compulsory ON the part Of the ma
tional banks. the same as provided in
the case Of state banks.
That the amount of subscription to
the capital stock OF federal banks be
reduced 20 to Is per cent Of the CAM
talization Of the hank applying tor
membership.
That in order to remove the control
OF the federal reserve banks from DO
ntical influence direction of the insti-
tuition be vested In q board of seven
members, composed OF the secretary Of
the treasury as an ex-officiO member,
three members to be appointed by the
president of the United States, who
shall give due regard to geographical
territory OF the country, and three
members to be selected by the member
banks. The terms of office are fixed
at three. six and nine years at the be-
ginning and nine years for all men,
bers after the first term. The salary
is fixed at $4,000 a year, with an al
lowance for necessary travelling ex-
penses.
That three Of the directors OF re-
gional 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
designated 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
duties Of government representative.
Would Abolish Advisory Board.
That the advisory board Of the fed
eral reserve. bank be abolished. as un-
der the plan proposed the bank men,
bers would have representation on the
regular board OF the reserve bank.
That the authority Of the federal re-
serve board to compel one member
bank to rediscount paper of another
bank be made optional instead Of man.
datory. A
That the cumulative divisions al
lowed member banks out of the earn
lngs on their shares In the federal re-
serve bank be increased from 5 to
per cent That state banks accepting |
In federal reserve banks
be required to adopt the word ma
tionap In their corporate names.
That all government moneys be de-
posted in federal reserve banks ex-
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