The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-04
REPORT CURRENCY
BILL INTO HOUSE
ON NEXT MONDAY

Continued From First PaEc)
resentative Wingo. of Arkansas Dem
ocrat, declaring the views of the
American Bankers Association were
fully known and that the amendments
proposed by the recent bankers con-
ference at Chicago had been repeat
eddy suggested to the proponents OF
the bill. and every one of them Sc
riously discussed and carefully consid-
cred b. those responsible to the coun-
try for this legislation"
This action Will result in the conclu-
sion of consideration of the bill By the
House committee late Tomorrow and
the reporting OF the measure to the
touse Monday. Democratic leaders
then Will urge Immediate consideration
OF the bill. In the committee meeting
to-day. Representative Ragsdale. Of
south Carolina. was tho only Democrat
VINO favored the opening OF new hear
!ngs.
Tanker Approves BiII.
Inc senate hearings will continue
throughout tho week. with members
or the bankers committee as chief
witnesses II is expected that Repub-
Ilcan members of the committee will
seek TO defer all currency legislation
until December. To-Gay's session OF
me senate committee was interrupted
oF banker not member of the Chi
cago conference committee. who on
ri a
oy the bankers committee This wit
ness. President Johnston, Of the Ma
tional Reserve Bank OF Kansas CITY
SAID the central bank idea advocated
by many bankers tended to "certrali
zation OF power" He favored the adj
OF power"
restus j. Wade, president OF the
Mercantile Trust Com pany. OF ST. Ionis
ch'ei representative Of the bankers
conference committee. declared the ma.
tionai banks Of the country ought not
DC compelled to surrender tenth
OF their capital and one-haIf OF their
reserves.
Calls 1t "Force Biil.-
ar. Wade charged that the admin
istration bill was a force bill" would
accomplish far less in bringing about
satisfactory reorganization OF tho
banking system thBn would a nI,n
mat was more attractive to the banks
lie sale the plan would give national
banks few advantages that they would
not enjoy under State bank charters.
ana that many of them would retire
TO the state bank field. The witness
declared the banks did not care to own
the stock of the regional reserve banks.
ana would be willing that It should
go Into the hands of private sub
scribers.
The refusal OF but 10 per cent Of the
rational banks in the different sections
u the country TO Join the rronos.d
System. would make IL Impossible to
secure the necessary S5.oOoOO0 can.
, ital for regional reserve banks in Tho
fiddle states and in the Pacific Coast
states. said Mr. Wade.
Would Recommend Bourd.
MI. Wade Endorsed a suggestion made
By Senator Weeks. Republican. for Tho
selection OF list of nifty or more men
ny the banks, from which list the Pres
I ldent might appoint the four members
he selects to serve on the Federal Re
serve Board.
What we want is banking expe-
rience. credit experience and financial
wisdom on that board he said
We believe the notes should be is
sued by the Federal reserve board to
the banks. and by them TO the pub
lie, and that all the Federal reserve
banks should be responsible for the
whole issue OF notes" said Sol Wcxler.
OF New Orleans, one OF the Spokesman
Tor the recent bankers conference ut
Chicago
senator Reed. Democrat. declared
no was welded TO no particular cur
rency plan" and throughout the hear
ing witnesses We're questioned with
freedom, Indicating that the commit
tee would take up the administration
plan With open minds
Senator Reed asked IL the banks
were not responsible for the suspen-
sion OF the Payments in the panic OF
1907
Mr. WeXler replied the banks with
drew their deposits from New York,
and to that extent contributed TO the
stringency
suggestions that the stock or the
proposed regional reserve banks be
offered TO the public were disapDroved
by the bankers
BY a vote OF 10 to 3. the House Bank
ing Committee to-day declined to in
wife representatives OF the American
Bankers Association or Secretary Nc
Adoo TO discuss the currency bill
The majority voted that it would be
ineXpcdient to delay the legislation
TAFT IAIIII IiTAN