The Birmingham age-herald., 1913-08-23
BANKERS ANXIOUS
TO CHANGE PRESENT
CURRENCY MEASURE
Spirit of Cancellation and
Compromise Pervades Chi
cago Gathering-COnfer
With McAdoo

Chicago, August ga spirit of con-
ciliation and compromise toward the
Owen-G Glass currency bill as it is be-
lieved will be amended, was manifested
at conference of leading bankers from
all parts of the country held here to-
day. Before the conference adjourns
tomorrow ii is expected that resolutions
recommending several important
efanges III tle asrrensy bill now pend :
ing In Congress win be adopted and
that the bankers will use their in
fuence to assist President Wilson in
obtaining currency legislation.
The change In the attitude of the
bankers developed after George NJ
Reynolds, president of the Continental
and Commercial National bank, had
addressed the meeting and told of an
important conference he held in New
York yesterday with Secretary of the
Treasury McAdoo, at which amend
ments to the currency bill desired by
the bankers We're discussed and as
surances given that the administration
was willing to remedy every reasonable
objection to the measure.
Discussed Attitude
Mr.. Reynolds was summoned to New
York to confer with Secretary McAdoo
last Wednesday to discuss the attitude
of the bankers toward the proposed
Legislation. Mr.. Reynolds outlined the
bankers principal objections 10 the
measure.
In addressing the conference today
Mr.. Reynolds said:
IF we act wisely. / believe we will
be able to obtain material notifications
in the Owen-Glass currency bill now
pending in Congress.
Il spent yesterday with Secretary
McAdoo in New York enos we oalked
about the bill and ou, objections to it
and he assured me the administration
desired to do all in its power in rem
edying defects of which We have COM
planned, Many amendments to the origi-
nal bill already have been made Sew
eral important defects pointed out by
us have been corrected and l think we
can get other concessions if we go
about it in a spirit of cancellation ard
compromise and express a Willingness
to meet the government half way.
Willing to Listen
nave Hdu fcOHSluefaDle contact with
those in control of this bill in Congress-
and | have found they are willing to listen
and want to be fair. ] predict that if we
meet the government in the proper spirit
that deal reasonably satisfactory to the
bankers and business men may be passed
at the present session.
We probably will not be able to get ey-
erything we want, but L believe President
Wilson can put through some kind of a
%,
him in securing the best measure that
political exigencies will permit
Il believe we can get the number of
federal reserve hanks reduced from " to
five or six; that we can have changes
made in the clause referring to the chair
man of the federal reserve board which
will remove it from politics, and that we
can have the advisory committee of bank
ers clothed with the power veto in connec-
ton with the management of the reserve
banks"
Mr.. Reynolds was vigorously applauded
and moment later the attitude of. the
bankers toward the new currency bill ap-
parently had changed from opposition TO
willingness to compromise.
Policy of Conciliatibn
T. J. Wade Of st. Louissalso urged a pol
icy of conciliation and indorsed everything
Mr. Reynolds had said.
IF we cannot agree among ourselves in
regard to the kind of currency law that Is
needed what can we expect OF Congress- Z
he said 1--WE indorsed the A1drich cur
rency bill by unanimous vote, and it never
got out of committee. Now we have a
chance to get a bin passed and we should
endeavor to get the best measure possible
under the circumstances. There already
have been 500 changes made in the pill
since it was introduced and / believe we
can get many more If we go about it in
the right way
Other speakers urged the adoption Of
the same policy in discussing the meas
ure.
James p. Forgan Of Chicago opened the
discussion by introducing set of reso-
lutions pointing out what be considered
defects in the bill and advising that Con-
gress be asked not to pass any cur
rency legislation at the present session,
(Continued ON Page Eightl