The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-09-22

Special dispatch to Chicago Inter
Ocean. Springfield, H., Sept. ia
unanimity Of opinion in criticism of
many features Of the currency bill
now pending at Washington developed
today at the conference of rural bank
ers OF Illinois with Senator James
/ Hamilton Lewis.
Some fifty bankers prominent in the
down-state financial field told Senator
i Lewis that the country bankers would
| not receive much benefit from the pro-
i posed law unless changes were made
with respect to the commercial dis
counts and the loans on real estate
Nearly all agreed that the bankers
should be given representation on the
central reserve board as a guarantee
that some practical banking man
would be there to advise with the poll.
ticians who would be named by the
President.
The ninety day provision with re-
spect to commercial paper was con-
demned by the conferees, as was also
the limitation Of one year placed on
real estate loans
Ninety Day Clause Joke.
! The country bankers, said Edward
! Keyes, president OF the Farmers Ma
tional bank OF Springfield. looked up
on the ninety day provision as a joke.
I In handling commercial paper with
the reserve bank the pending bill pro-
vides that this paper shall mature in
ninety days. This feature Of the BILL
4 If enacted into law, would not only
prove joke, according to the senti-
ments expressed today, but would dis
hearten the rural bankers and result
in their taking little interest in the
success of the proposed law
The provision In the bill fixing
| limit OF one year on farm loans also
was held to be absurd. This provision
should be amended, Senator Lewis
was told, to read Ave years as the min
imum instead of one year as the maxi
num-
Urges Five Year Loan Limit.
Latham Souther of the Sangamon
Loan and Trust company spoke In
favor OF extending the limit on farm
and real estate loans to five years. He
declared that little benefit would ac-
] crue either to the bankers or to the
| farmers with the imposition of the
one year limitation.
Henry Merriam, representing the
4 II,
insisted that the administration would
not have behind it the confidence of
the banking world unless 1t. made pro-
vision for some practical banking men
as members of the central reserve
board He did not think that the bank
much confidence in reserve board
made up of men who were not thor
oughly familiar with all the ramif1ca-
lions of the banking business.
Only One Favors Bill.
Edward Payne, president of the
State National bank of Springfield,
was elected chairman of the meeting,
and he expressed his displeasure with
Lie lol LII Vi LhC pCuuiuS luCdSuIC lie
was opposed. he said, to both the
ninety day Limitation on commercial
paper and the one year Limitation on
farm loans. He spoke In favor of
practical banking men serving on the
central reserve board in order that
the banking interests as well as the
public might have confidence in the
efficacy of the new law.
But one man in the conference ex-
pressed his willingness to accept the
bill in It's present form.
He was A. B. Hoblit. vice president
OF the State National bank OF Bloom
ington. Mr.. Hoblit was opposed to the
bill until the House committee struck
J from the measure the free silver
Joker"
Gold Standard imperative.
He said that the maintenance of
the gold standard overshadowed in
importance every other feature of the
currency question and was In fact a