The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-01-22
Glass Insists That Cur
rency Reform Is
Urgent.
DISA STER NJ A Y
FOLLOW DEL A Y
Lack of Action He Ascribes to
Indifference of Business Pub
lic-Refers to Chief Points
to Be Dealt With in Any
Effective Measure
of Relief.

Washington. JduudlS 81. nv
is not unreasona BILE but wholly IN
accordance with past experience 10
expect "a financial panic similar 70 the
one in 1907 at some time in the future
was the declaration Of Representative
Carter Glass. of Virginia, chairman oil
the subcommittee Of the House COM
rnittee on Banking and Currency
in an address tonight at the convention
Of the National Chamber OF COM
rnerce 40 one could tell. Mr.. Glass
said wnen such d financial disaster
you'd come. but he declared there
are symptoms that should not go IN
observed. (.,.n
At the outset Of his talk Mr.. Glass
called particular attention 70 the
statement made recently before ms
committee by a banker OF the W.
ina. not even during the panic OF iso'
ala he experience greater difficulty IN
meeting the demands upon MIN thah
during the last autumn, when ne was
Obliged to let his reserves run oo"h
70 accommodate his customers.
Il would not commit myself 10 any
definite prediction as 20 recurrence
Of the trouble in 1907. said M. Siia,9
but do say that il would be the neisht
Of folly for US to defer action until IL IS
forced upon us by the imminence OF
Not Preventive of Panics.
Representative Glass ridicuied the
idea that the Aldrich-Nreeldnn cur
rencv act. which expires June 20, 1914
IL a preventive of panics- He declared
that although we have just passed
through a situation almost as critlcal
as that of 1907, not single national
hank in the country was Wiling 10
hoie: the signal of distress that Vouio
be involved in making application Tor
the sort of currency which inc Aior'cn-
Vreeland act authorizes
The speaker insisted tnat currency
reform is urgent and the time ripe TOT
action. "Pos.ponement can result oniy
! Il, embarrassment said he. perhaps
: in actual disaster. He pointed out
7 that urc-r- he business and coD'merclaf
men of the country rests a large par
of the Responsibilities foF ac.ioll -,
inactivity The fact that currency
reform has not yet been accomplished
the sneaker ascribcd TO the indifference
of the business public, and ne gave
warning that unless they act promptly
the remedial legislation SO sadiS
needed will long be deferred:
REPRESENTATIVE Glass attributed the
s,narent iInwi!lingness of Congress to
acf ~, "the refusal OF those who pro-
~; by present conditions TO yield any
thing when a remedy involving sacTi-
hces on their part is proposed
He expressed the conviction that the
chief points 70 be dealt with IN any ell
fective measures of relief are
Provision for rediscounts or sale oil
Iororoarcial uaper in way and TO an
extent that will enable banks 20 get
resources whenever their customers
may require the issue of safe and elastic
paper currency gradually dispiacing
the bond-secured bank notes regulation
Of government deposit Of current funds
with the banks of the country and last
". more stringent inspection OF banks-
Opposes Central Bank Pian'
The speaker thought the central
hank plan of Europe was not adapted
20 the banking or commercial haolts
Of the people of the United states and
he was disposed TO favor some plan
that would unite existing banking IN
st;tutions of the country in way that
-xouId gain the advantage OF JOINT
strength while preserving the inde-
pendence and unity OF each lnsutu-
ton"
secretary OF Commerce and Labor
Sasel. in addressing the convention.
declared that the present methods OF
framing tariff legislation are disor-
ganized. sntiquated and without system
The secretary's statement met with
,-;aorotls answer from Representative
CLAYTON. Of Alabama. who defended the
methods now in vogue in shaping tariH
Hesitation He contended that Con-
gress Is amply able to frame tarif
IeoisIation without the aid of a few
roeu who work behind closed doors
secretary Nagei appealed for tarin
hoard as absolutely necessary for the
framing OF proper legislation; defended
president Taft's administration told OF
.be need of currency reform and dweit
,,-,o,, INC Importance of protecting the
coast wise shipping in designating Pana-
ma Canal tolls
In conclusion. Secretary \agel said
the high cost of living vas due to the
waste. ostentation and display on the
mart Of the American people