The Washington times., 1913-08-01
GLASS-OWEN BILL
SCORED BY EAGLE
lnsurgent Congressman Says
Measure Gives Too Much
Power to Banks.

a statement asSailing the Administra-
ton currency bill as one which is fun
damentaIly bad" has been issued by
Congressman Joe Eagle, a Democratic
member of the House Banking and Our
rency Committee. The insurgent Mr..
Eagle points out sixteen particulars
wherein he believes the Glass-Owen bill
is an imperfect measure.
"A bill of numberless curses" is one
of the characterizations made of the
Glass-Owen measure.
Mr.. Eagles statement comes at a
time when the Banking and Currency
Committee is making fair progress with
the currency reform program. The bill,
it is hoped by Chairman Glass, will be
ready for a final vote in the Demo-
cratic conference late today or tomor-
row and will be sent to the caucus on
August II.
The Democrats yesterday afternoon
adopted an amendment providing foI
an advisory board of bankers which
shall meet with the Federal reserve
board. The bankers board will not
have votes but will be entitled to ad-
wise tia Federal reserve board concern
ing the great powers of the latter Or
ganization. The writing in of this
amendment is a concession to the banks,
which are without representation on the
Federal reserve board proper.
Caustic Criticism of Bill.
Congressman Eagles analysis of the
Glass-Owen bill is a caustic one. Sum
ming up the sixteen reasons why he
shall oppose the measure, the insurgent
Texan says:
'Sixteenth-There is practically no
difference in principle, and there is no
difference in the objects sought to be
accomplished, between the AIdrich bill
recently proposed by the Monetary
Commission, upon the one hand and the
said Glass bill upon the other hand
for that, the object of each is to per-
nit the banks of the country to avail
of their reserves for loaning purposes
and to be guaranteed against loss by
the establishment of paternalistic re-
lationshiP or private partnership with
the Government; and, If the said Glass
measure shall be enacted into law en-
bodying itS existing fundamental prin-
ciples, it will require only a simple
amendment at some later time pro-
yiding o. for the establishment of one
central or head bank over the twelve
regional banks, and ~ giving such CEN
tral bank itself the power to issue the
currency upon bank assets, to change
the thin disguise of said Glass bill into
the actual substance of said Aldrich
measure-because both the Aldrich
measure and the Glass bill make the
assets of the banks the security for
the issuance of the currency"
Believes Power Too Great.
The keynote of Mr.. Eagers lengthy
criticism is that the Glass bill is an
eral Government alone has the power to
issue and coin money; that 1t cannot
delegate this power; that it is "a cheat
and fraud upon the taxpayers of the
United States to refund the 2 per cent
bonds for 3 per cent bonds, and that
the powers of the Federal reserve board
will be greater than conferred upon any
similar number of men in all the his
tory Of time"
The carrying out of the Federal re-
serve board system, Mr.. Eagle says,
depends in its infinite ramifcationS
upon the actions of one man chosen as
President, who may make or ruin the
prosperity of the masses, according 10
his degree of character. experience, fore
sight, and wisdom-the whole scheme as
constructed of necessity effecting an oil
garchv of boundless wealth forced into
controlling the politics of the nation
in order to protect its own proper in
terests as well also as to govern the
financial destiny of the nation"
Mr.. Eagle says he cannot conceive
how just and sane men can embark
upon such perilous anG untried enter
prise when all that is needed now is
to provide a currency sufficient in
volume and distributable under terms
and conditions to effect the movement
Of crops. unusual developments in COM
merce. and the stress OF panic condi-
tions-which NAV be done by principles
so ancient, safe and democratic hat
each man NAV know what has been
done may understand the system set
Up. ard may have no advantage over
snv other mana system which Will
confer every needed benefit without Tn-
falling airy of the numberless curses
proposed by the Glass bill