The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-09-22
Opposed to Currency Bill.
illinois Bankers in Conference With Senator Lewis,
Many Flaws in 1t One in 50 Approves It,

great moral proposition as well. Now
that the free silver Joker" had been
eliminated from this bill he was ready
he said, to support it in its present
form although he might like to see
some minor features changed
Senator Lewis was not quite clear in
his mind just what he would do as a
result of today's conference. He an
nounced to the conference. however,
!, that he was a free moral agent in this
matter, that the administration did not
control his vote and that he would
vote according to his own convictions
when the bill is placed on its final pas
sage in the Senate.
Not Party Measure.
Irving Shuman, the new subtreasur-
er at Chicago, presented Senator Lew
! is to the conference and explained
that the Senator was sincerely desir-
GUS of ascertaining the views of the
rural bankers In order to vote for the
best interests of the state in the Sen
ate.
Il have told the President" said
4 Senator Lewis. that when 1t comes
/ to the currency bill | did not consider
1t party measure. My people have
given me no instructions. will be
against any measure OF any kind that
II believe will be destructive to the
best enterests of the people OF ILL
nois."
| After the applause subsidized Senator
Lewis dropped bomb among the
bankers by launching into severe
criticism OF certain prominent bankers
of Chicago, whom he intimated had
changed their views because of their
politics.
Why is It," queried Senator Lewis,
that bankers are now raising a storm
over the very provisions which they
demanded three years ago? Is 1t be-
cause of a change in administration?
Il will cite to you an instance of the
change. The other day in Washington
was talking to two prominent Middle
West bankers. They were denounc-
ing the currency measure now pend
ing. And yet three years ago these
very two men advocated Just the same
provisions of the bill--one OF them In
an address before the Illinois Bankers
association, the other before the Wis
| consin bankers.
There has been no reason for this
change in attitude except the change
in administration Can 1t be that poll
tics has been the reason for this
change, which is entirely unjustifed?
L cannot be bound to support the
4 views Of any such men who change so
absolutely and whose views are 30 In
/ consistent"
Oppose 20 Fer Cent Deposit.
g. H. Holbrook. vice president Of
the Ridgely National bank of Spring
field; Mr.. Payne Of the Illinois Nation.
4 al and Mr.. Reyes OF the Farmers Ma
tional bank, spoke in opposition to the
| provision compelling the national
banks OF the country districts to de-
post 20 per cent Of theft capital stock
and 5 per cent of their deposits with
the proposed reserve board.
This provision, they said would SER
iously interfere with the successful
operation of the country banks.
Mr.. Holbrook declared that under
this provision 100000 of the Spring
field national banks would be tied up
in the reserve banks with no opportun-
ity Of withdrawing the funds. OF this
amount $350,00o would be withdrawn
from local use on the capital stock ac-
count and s35o,oO0 would be with
drawn on the deposit account.
To take 100000 away from the
Springfield banks, he said. would be a
serious proposition. He declared that
in this respect the bill had been very
!. poorly constructed.
At the close of the conference II
was decided that the bankers who at.
tended today's meeting should prepare
statement, setting forth their views,
which will be forwarded to Senator
! Lewis, to be used in the debate in the
Senate.