Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-26
Democratic Party Always Against
Idea, Declares Chairman of
Senate Currency Committee.
To Block Passage of Measure.
President Against Suggestion.
Sinister Purpose Hinted at in
Hope of Postponing Legislation
or Indefinitely Delaying Action.

WASHINGTON. oct. 25.-Chairman
owen, Of the Senate Committee on
Banking and Currency, to-day an
nounCed his purpose to end any at
tempt Of his committee to provide for
central bank in the measure now
under consideration, Mr.. owen has
just returned from Boston. where he
made an address On the currency
question.
THE Democratic party always has
been against central bank" declared
Mr.. owen. I'm everything he has
said aud done the President In line
with his party has opposed that sug-
gestion Were he now to accept this
plan so suddenly precipltatod upon
the committee, he would stultify him
self. President Wilson viii never do
that.
Does it not seem strange that here
almost on the very last daY Of the
hearings before the Senate committee
this central bank plan, under its cloak
of public ownership should be drag
Eed in? What is the purpose? Is ii
to force the situation and cumplicate
matters in the hope of postponinG
legislation or indefinitely delaying ac-
lion by Congress?
Against Central Bank.
Il do not think the sentiment of
the majority Of the committee Is for
the proposed central bank plan. | can
speak only FOR myself. If such plan
is reported to the Senate | shall fight
ii with all the power | have to the
bitter end. However, | do not am
licipate such a contingency | believe
we shall have bill that viii meet
with favor in both Houses, one which
the President will approve and that
will afford the country the relief it so
badly needs
Although majority OF the mem
bers of the committee believe that
u publicly owned central bank, as
outlined by ~ ..Iderlip. with suth-
cient branches to care - ohe nee 10
of So large a territory as Is embraced
within the As, states of the Union,
would be- a satisfactory solution ~
the pending problem. ii Is not prob Il
BILE tina; ,1,h a provision Will be writ
ten into the bill. EXpedienCy alone
will compel this the President,
and the House viii not accept IT, and
currency legislation of proper char
acter is wanted by the Senate JUST
as zealousiy as by the Executive AMI
the House.
Public Ownership Sentiment.
To-day however there was a
strong and rapidly crysta'iying sen
timent in favor Of applying the public
ownership principle to the regional
banks that viii be provided for, THIS
viii relieve the bill rom many of the
criticisms of the banks relative to
compulsory subscription to the cap
ital stock and drawing upon their
stores FOR the purpose of financing
the new system. Also il would, Sen
ators who favor the plan say make
il impossible for bankers to insist
upun having a voice In the manage
ment of the affairs of these region !
bauks These Senators believe they
can abandon the central bank plan
aud avoid friction with the Presi-
dent.
H. Parker Willis, of New York, CON
tinued his statements before the COM
mittee to-day. Replying To questions
by Senator Nelson, he admitted that
twelve regional banks was not fea-
turc of the bill, What was needed
was a sufficient number to take care
of the business of the country, he de
ciared He opposed vigorously the
central bank plan, Among his rea-
SONS he assigned one that the central
bank idea would not permit of d
proper degree of local control,
Banks Object to Bill.
Edward T.. Shields, Of West Ches-
ter Pa. submitted kilograms from 81
national banks and eleven trust com
panies, An but two in each class oh
iected 20 the bill in its present shape,
Senator Hitchcock read kilograms
from 80 Wholesale houses in Omaha
CriticiZiug the bill and contending
that credits would be largely con
tracted under the proposed law.
The hearing closed this afternoon
after an executive session in which
National Bank Examiner Charles
StarCk. Of New York city was eX-
am!ned The committee desired To
learn from him how banks were ex-
smined and what fees were paid by
the banks for that service EXamina-
ton work is held as confidential by
the Treasury Department and for
that reason this part of the hearing
was conducted behind closed doors.
Monday morning the committee will
begin the task Of putting its bill into
shane II is believed that a rsnort