Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-10-15
GLASS-OWEN BILL
SUBJECT Of ATTACK
Proposed Measure Is Called
DanQeEous and Unscientific
in New York Address.
NATIONAL CONFERENCE
ON CURRENCY REFORM
Prof. Seligman of Columbia Univer-
sity, F. A. Vanderlip and Others
Lead Assault on Features.

NEW YORK, October 15.-The Glass
Owen currency bill. now before Congress,
was attacked as dangerous and unset
entific at todaY's session of the national
conference on currency reform. Prof
u. r. A. Seligman of Columbia Univer-
sity, Frank A. Vanderlip, president of
the National City Bank of New York,
and Prof. Joseph Frank Johnson, dean
of the New York University School of
Commerce led the assault at the MORN
ing session of the conference, held at
Columbia University
Prof. Seligman said that the great sue
cessful banking systems of Europe were
framed not by politicians, but by the
joint efforts Of bankers and theorists,
and for that reason Germany, France
and England were a generation ahead of
this country in these matters.
I'VE cannot refrain from expressing re-
greet" said Prof. Seligman. that in this
country alone the question should be ap-
preached, not from the point of view Of
the interests Of the whole country, but
from the point of view Of one political
party. We have not been able to rise
above party.
Il must voice, in the name of the
Academy Of Political Science, my very
pronounced disappointment that in some
of the fundamental features Of this bill
no attempt has been made to follow the
teachings of sound theory. The bill sins
in glaring way against some Of the
fundamental principles of science
Vanderlip Defends Central Bank.
Mr.. Vanderlip defended the principle of
hav
regional reserve associations contemplated
in the Glass-Owen bill. He said the best
minds in congress must know that, were
it not TOR party platform they should
provide for central bank.
1--WE heard Senator Owen say yester-
day." Mr.. Vanderlip continued, that the
functions Of the twelve regional reserve
banks will include the responsibility of
rediscounting for member banks. That
a very alluring proposition for bankers.
II this measure will do this consistently
it is a marvel that any banker is op-
posed to it. 1t means that commercial
paper will become the most liquid asset
In a banks portfolio"
Prof johnson characterized the bill as
dangerous. II see no escape from the
conclusion" said he. that the Glass
Owen bill, if it becomes law, will soon
bring this country into period of dan
gerous credit extension. Banks will either
lend more freely in their respective dis
tricts, thus causing local or regional in
flation, or they will send their idle money
to New York to be loaned in Wall street,
thus stimulating speculative prices
Plan, to Safeguard Gold Supply.
A novel plan for protecting the coun-
try's gold supply was suggested by John
e. Gardin, vice president of the National
CITY Bank of New York. In an address
on Foreign Exchange Problems" Mr.
Gardin said that the President should be
empowered to proclaim an export duty on
gold imports when necessary to safeguard
the supply Of gold.
''The most serious problem confronting
us today in our international relations,
narticularly in view Of the pending