Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-09-23
I'm NO HURRY.
Continued from Page One.)


declared emphatiealiy against any at
tempt 10 limit the consideration Of the
bill
Il think other members of the COM
mittee are beginning 10 see" said Sen
ator Weeks, that this bill viii take
up most of the fall, and | propose to
call upon the committee soon the res
olntion | introduced in The Senate to
allow the bill to so over until the reg
ular session, next winter"
senator Reed declared that hearings
We're bringing out points of the bill
Which Showed the necessity for amend
ment and that he was in favor of hear
ing every one who had any important
suggestion To offer. Senator BristeN
insisted that the small country bank
er should be heard, and Senator Weeks
said that he had requests from Massa-
chusetts bankers who wished to appear
before the committee
In his discussion of the bill, Mr. Tn
termyer criticized vigorously the pro-
vision outlining the character of com
mercial paper to be used as a basis for
currency, declaring that the definition
was 'Hopelessly, loose" He said how
ever, il would be advisable to permit
tie issue of certain amount of cur
reacy on cotton and grain warehouse
receipts.
Mr. Untermyer suggested that max
ing good commercial paper a basis for
currency would result in depriving
Stock Exchange spectators of the
funds now sent to New York for in
v-stment by country banks.
Senator's Hitchcock and Bristow
throughout the day. insisted that the
bill should confer on member banks
in the system as at matter of right the
authority to go to the federal reserve
banks ard demand the redirect count
of their paper Mr.. Untermyer opposed
this and also vigorously condemned a
scheme proposed by Senator BristoW
whereby the regional reserve banks
would he eliminated and the member
banks allowed to so directly to the
government to secure currency ON theil
commercial paper.
The lawyer agreed with Senator Mel
son that the reserve notes should be
made redeemable in gold and not IN
gold or lawful money" as provided
by the bill.
Il wish it understood, said Mr.. Tn
termyer. that | am an unqualified
champion of the principles on which
this bill is based-that is, an asset
currency, issued through the banks as
an obligation and under the control OF
the government But | believe the
bill is over generous to the bankers in
freeing them from complications
Mr.. Untermyer criticized adversely
the provisions allowing bankers tc
deal in acceptances given for the ex-
portation or importa ton of goods.
This is a discrimination" he said
against domestic business and would
make money cheaper to men in foreign
trade than to domestic merchants"
Mr.. Untermyer said the bill guaran-
teed to the banks entering the system
a monopoly of the banking business OF
the country
'In that respect the bill is more
generous than any banking system II
the world" said he. Mr.. Untermyel
added that he could conceive of sit
uation in which the Federal reserve
board by fixing the discount rate
could bring about a period of easy
money for political purposes. He sait
he believed the minimum limit of one
half per cent. discount rate was too
low.
Senator Bristow declared the small
country bankers would be unfairly
treated under the bill.
Senators Reed and Weeks led Nj
Untermyer through a discussion o
much of the material embraced in tn
Fujo money trust report relating t
the concentration of credits.
/. Mr.. Weeks objected to Mr.. Inter
myers reference to Lee. Higginson
Co. of Boston as an instance of con
Germ exerting Morgan influence Owe
panks. The witness insisted that h
believed the bill would operate to dis
nipate the concentration of control c
the financial system.
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