Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1913-08-22
BANKERS DISCUSS new
CURRENCY LAW
NATIONAL CONFERENCE OF BANKERS
HEARS A. BARTON HEPBURN ANALYzE
GLASS--THE OWEN MEASURE MANY
FINANCIAL INSTITUTIONS REPRESENTED

Chicago ILL.,, Aug. 22-The national
conference OF bankers and members
of the currency commission at the
American Bankers association opened
here today with Il Keynote address
by A. Barton Hepburn, as chairman.
1t was heard by representative bank
,.ers from all parts of the country.
He criticized FEATURES of the Owen
Glass currency bill and advocated a
central bank with branches instead Of,
regional reserve banks.
George NJ. Reynolds, president Of
tonal bank of this city, who recently
| had 4 long conference with Secretary
of the Treasury McAdoo with refer
ence to the currency bill, said that he
might discuss the interview with the
delegates before the meeting was
over.
Among the two hundred or more
bankers present were Festus j. Wade,
St. Louis; John Perrin, Los Angeles;
Luther Drake, Omaha; Sol. WeXler,
New Orleans; r. F. Swinney, Kansas
City, Mo-; J. f. Sartori, Los Angeles;
Chas. G, Dawes, Chicago: J. A. Cor
bett Denver; X. l.. Durham, Portland,
Ore, George II. Prince, st. Paul; T,
w. Boyer, Salt Lake City; F, Terrill,
San Antonio. Texas, NJ. F. Backus,
delegates representing forty-eight
state banking associations and 173
clearing house associations.
Demand that attempts to obtain cur
rency legislation at the present ses-
sion of congress be abandoned and
that new currency bill be drafted !
by commission composed of Repre-
sentatives of the government, mem
bers of the American Bankers associa. !
ton and representatives of the nation
al chamber of commerce for presenta-
ton to the national legislature at it's
next session, was made by James B.
Forgan of Chicago in a series of reso-
lutions embodying number of objec-
tions to the Owen-Glass measure
"The present currency bill is un-
workable, impractical and fundament I
ally bad, and, in my opinion it can
not be remedied by amendment" said
Mr.. Forgan.
"An attempt to enforce it in its pres
ent form would bring about the most
damnabe contraction of currency
ever seen in any country 1t should
be rewritten from the ground up. 1t ;
is not our fault that the bill was draft
ed by men who knew nothing about {
the subject they were dealing with.
| talked with the chairman of the S
house committee in charge of the bill t
and he wrung his hands in despair {
and admitted he was incompetent to I
deal with the problem I
A committee on resolutions consist /
ing of four members each from the c
commission of the American Il
Bankers association, the State Bank. I
ars association and the Clearing Il
House associations was appointed to q
consider the resolutions and report to '
he conference. :
Glass Indignant
Washington, d. G., Aug. 22-Carter
ilass of the house banking commit :
ee. made a brief reply today to the d
personal criticism by James B. For
gan, at the bankers conference in Chi. [
ago I
81 modestly said to Mr.. Forgan," I
;aid Mr.. Glass, that not being prac- Z
ical banker | felt myself at great dis
ldvantage in dealing with the ques- q
ion. That was all said in the privacy q
II my room. His statement as quoted a
rivacy is gross Il