The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-23
Secretary Gives His Ap-
prevail of Admins
tration Measure.
ENDORSEMENT IS
VERY EFFECTIVE
Important Victory Immediately
Scored in Democratic Caucus,
Which Votes Overwheln-
ingly to Postpone Lcgisla-
ton Against Interlock-
ing Directorates.

Warrington. August 22.--Supporters
OF tho administration currency bill scor-
ed an important victory In tho House
Democratic caucus to-day. when they
brought to their aid an unqualified in
dorsement OF tho measure from Secre-
tary Bryan. and defeated tho proposed
insurgent amendments that would
have prohibited interlocking directo-
rates In national or State banks incor-
porated under the proposed new law
Secretary Bryan in letter address,
cd to Chairman Glass. OF the Currency
Committee approved the bill as Il stands.
declaring President Wilson had recog-
nized fundamental rights Of popular
control in Its provisions. He asserted
that the plank OF the Democratic plat
form against interlocking directorates
was aimed chiefly at trusts, and he
urged Democrats 20 stand by the Pres
ident' and not TO load down the cur
rency bill with any amendments which
might endanser its early passage.
Counter Proposal Made.
Fortified with the backing of one of
the makers of the Baltimore platform,
Representatives Glass and Underwood
met the demand for an amendment to
prohibit interlocking directorates with
counter proposal that the Democrats
OF the House take UP general legislation
against interlocking directorates at the
next session.
resolution by Representative Un-
derwood. adopted by vote OF 1870 TO
SO. referred the entire subject to the
Democratic members OF the Judiciary
Committee OF the House and directed
them to bring In bill at the next ses-
sion OF Congress that would prevent
iiiterlocking directorates OF all kinds
Administration leaders tonight said
the large vote that supported the I'm
derwood motion and the hearty ap-
gnI r1,pt fAI
Endorsement OF the bill assured the ap-
proval OF the complete Glass bill with
but little change. There remain sew
eral important amendments TO be con-
sidered, but II was declared that the
only important modification would be
a change to make II clear that agricul-
turai paper will be given the same
credit as commercial or industrial pa
per.
The amendment over which the fight
waged throughout the day had been
offered by Representative Neeley. OF
Kansas, one of the so-called "insur-
gent" members OF the Banking and
Currency Committee. 1t was not until
near the close OF the session that Chair
man Glass. after declaring that Presi-
dent Wilson did not want such an
amendment incorporated in the bill,
brought forth the Bryan letter. He
also produced a letter addressed to
him by Samuel Untertnyer. who was
counsel for the Pujo money trust com
mittee. saying he did not believe the
interlocking directorate provision
should be In the currency bill.
Opposition Gives Way.
Objecting members who had oue.-
toned Mr.. Glass's Interpretation of the
Presidents attitude gave way before
the vigorous assertions of Secretary
Bryan and vote quickly settled the
question.
In his letter. Mr.. Bryan declared that
for many years he had advocated a
law preventing a duplicating of direc-
torates.
While the principle applies to banks
as well as to trusts-although I think.
In less degree" the secretary wrote.
the plan has been considered mainly
az means OF dealing with the trust
evil Competition cannot be effectively
prevented where the same men act as
directors of competing companies
i am as much in favor of the rem
edy now as I was when ! began to
advocate 1t; In fact, more 30, because
recent disclosures have given further
proof OF the employment of this means
or eliminating competitions but don't
think 1t wise to mike it a part of the
pending currency bill.
In attempting to secure remedial
legislation, care must be taken not To
overload measure with amendments
however good those amendments may
be in themselves. a boat may be SUM,
II you attempt to make it carry too
much, however valuable the merchan-
disc.
"A bill Is usually the result of a com
promise. The President and Secretary
McAdoo. In conjunction with the chair
man of the Currency Committees of the
House and Senate, have formulated n
tentative measure 1t was prepared
after extended investigation and the
comparison of views. 1t embodies GER
tain provisions of great Importance.
and is. believe. Fundamentally sound
The provision in regard to the govern
ment issue OF the notes to be loaned
to the banks is the first triumph of the
people in connection with currency leg
islation In generation. 1t Is hard TO
uverestimate the value of this feature
Of tho bill
Triumph for PeopIe.
In the second place, the bill pro-
Vides for government control of the is
sue of this money-that is, control
through board composed Of govern
ment officials, appointed by the Presi-
dent. with the approval of the Senate
This is another distinctive triumph for
the people, one without which the gov
ernment issue Of the money would be
largely barren victory. A third pro-
vision In this bill which I regard as
of first Importance is the one permit
ting State banks to share with ma
tional banks tho advantages Of the cur
rency system proposed.
These three provisions are, to nv
mind, of such transcendent Importance
Continued on Second Page.)
81 8I.bO.--NORFOLK AND RIsTITRN-s,n no