Devils Lake weekly world., 1913-11-07

tiuHlIHlSlIdtlou CuIicuCJ dCt. 4ACoo
opinions are quite varied, some being
opposed to the measure, while others
are favorable to it.
The opinions cited follow:
Sees Loss to Banks
Karl J. Farup, cashier Firs1 Ma
tional bank, Park River, N. D: The
Owens Glass currency bill, if it be-
comes law will in my opinion mean a
direct money loss to the national
banks of North Dakota. 1t compel"
us to invest an amount equal to 20
per cent Of our capital at 5 per cent
and confscates considerable part OF
our reserve without paying any inter.
est whatever. I see no advantage in
the borrowing or re-discounting piiy.
ileges offered. I do not believe in :he
finances of the nation being controller
by political body.
Condemns No Representation.
II. II. Graves president, the James
i'K,vcr National bank, jamestown, \
u: T am not iii favor Of the Gla IS
till for tho following reasons: Re
discount privileges not available toC
northwestern country banks, haven I
the paper required, loss of interess ''n
rcsr- &C Geresited with federal reser1e
banks, less of exchange, double liabil'
ity on enc, forced subscription to ulo
ital s;ccl of federal erserve banks
insufficient returns on the money IL
vested (ouly 5 pc rcent) and no rep
rescntation for the bankers in LIE
, man" cement of federal reserve baazs
Glass Of Paper Scarce.
, Ii. S. Adams, president, First Ma
: tiona, bank, Lisbon, N. D. fail tt
y see how the currency bill, as passe'
. By the house Of representatives, ca,
be of any possible advantage to th'
), country banks for the reason that tn
: average country bank has very littl
if any Of the class Of paper required
as security for loans; on the othel
hand, the holding up of from 10 to q
4 per cent Of the banks capital and :
4 share Of its legal reserves without an.
II interest on the reserve balance ant
q only bare possibility of dividends Of
k the capital invested for years to come
!. places the bank at disadvantage
r. not only in earning power but in tn
k amount of loanable funds.
4 The measure discriminates agains
r. national banks and in behalf Of tn
g country bank will be obliged to carr,
with its eastern correspondents sur
20 equal to its present average balanc
t. for working purposes. Thus tn
l. amount of reserve deposited with tn
federal reserve bank will be dead fo
practical purposes. The fact that til
entire control Of the federal reserv
bank is to be in the hands of til
government and subject to politics
change is in my judgment dangerou
to its stability and to the interests q
> the banks who have contributed it
capital. The banks who contribute
the capital should have some voic
in the management of the feders
- bank.
- Country Banks at Disadvantages.
II G. B. Little, president, First N:
> ,, tional bank, Bismarck, N. D.: I al
opposed to the measure mainly b.
80 cause it provides for political contro
a. which in my opinion, will prove 8
hBtsofvseeBarBp cmfwy shrdl cmfy
"a unsatisfactory as it did in the days c
:. Andrew Jackson. The bill also place
81 the country banks at great disadva,
,e tage.
"a See Gorgeous Funeral.
IS J. E. Phelan, president, First NJ
tional bank, Bowman, N. D.: Th
banking interests Of this country g
e, they are now suit me and have serve
the country we'll.
Our wise men want elastic currenc,
If We ought to have it but it must b
re prudently handled.
as Over $5oo,ooo,ooo American none
Il invested in Canada. Much, more tha
a. that in Mexico now on the tobogga,
VI Millions going into investments i
ID South America. We ought to Be gel
# ting some Of it back.
The Owens. Glass bill means infis
tion and widening Investments a
8. home and abroad. This, coupled wit
" free trade and reduced revenues
is means glorious wake and gorge
10 GUS funeral.
nj J. J. Nierling, president, Cavalie
;o| National bank, Jamestown, N. D.:
consider the currency and bankin