Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-11
MONEY MEASURE
NOT WORKABLE,
bR|STOW SAYS
Kansas Senator Declares Autho,
Ignored Needs Of Country
at Large.
BY JOHN TEMPLE esAvzs

WASHINGTON, Oct. 11.-Sena...
Bristow of Kansas is a dauntIsss a..
hard-headed radical who never s.s-.
to speak his mind. With ssn.,o.
Bristow, diplomacy 10 direct sn..oH
His State has been q radical S.
for 80 years, and Senator Ry,s,o,.
holds his place by the fact tina, :.
consistently represents the r.A...,
sentiments.
I propounded to him TO-DAY n.
questions have asked the 9th.
Senatorial members Of the CurrsnD,
COMMITTEES, and his answer is chsrae.
teristic and forceful.
The hearings have impressed ~.
with the fact that the present M
was prepared with a view to co.,
recting abuses in Wall street AND
that very little consideration ba,
been given to the interests of Ii.
country outside of q few comnerci.l
centsFs.
w. SNhNlAGEHAa
The authors of the bill apparently
we're undertaking to reform the prac.
toes Of the banks in the large cities
that loan money on Stock Exchanga
securities, and apparently had little
knowledge or gave little care as IA
the methods of business in other sec.
tiOnS of tha oo,f1frv
1T seems to me that the bill in II,
present form L. utterly unavoidable
and If passed unamended would never
become operative because there wouls
not be SUFFICIENT number Of banks
go into It to create twelve regional
reserve banks, as required by law
You can not compel men to 60 into a
business they think unpn9ftabie.
The bitter complaints that come
to me are from the country banks. no,
the city banks. The hearings to nv
mind have conclusively demonstrated
the utter ineffectiveness Of Few
theorists getting together and evolv-
ing, In the secrecy of private Office
rooms in Washington, a general law
affecting the commercial, industrial
and financial affairs of a great ma
ton and handing it out to the legis-
lative branch OF the Government, with
an order from the Chief Executive
that It be passed without material
amendment.
Not q Political Question.
my prediction Is that the authors
OF tia bill will learn before this cur
rency question Is settled, that even
they can learn something by taking
counsel from the great rank and file
of the American people. This Is not
a political question.
AS to the changes that are de-
sirable in our currency system, an
not prepared to set forth fully my
opinions. What Is chiefly needed Is
the providing of some f1exibility-
the principal change desirable in our
banking laws is provision for tho
rediscount of paper when business
conditions require it, and opportunity
for securing temporary emergency
currency when II is necessary to have
1t.
This could all be cared for under
the plan suggested by Senator O'Gor-
man. l do not want 1t to.be inferred
that 1 am welded to the O'Gorman
suggestion. am searching for light
Something better may be disclosed
Should Rewrite Bill
Il believe the bill should be re-
written, and l am more favorably i'm
pressed with the suggestions MADE
by Senator O'Gorman and by MI
Fowler of New York than any
others that have been presented as
yet to the committee. O'Gorman sug-
gests Federal reserve and discount
bank supervised by q Federal boaN
appointed by the President and con
flrmed by the Senate, the stock to be
subscribed by citizens under proper
suggestions so as TO distribute II IS
generally as possible.
Such bank should be a bank Of
issue, bank for reserves and bank
for rediscounts, and the good paper
of any banking institution in the
United States should be eligible fo'
discount.
"Mr, Fowaes>s idea Of orettt Gun
rency ~ very attractive to me Otnei
Suggestions have been made vtAt
have gsouins merit, enc by seDseor
Hitchcock. and others by gentlemen
who have appeared befoTe the com
nnetee, that would greatly improve