The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-06-30
open HEARINGS ON
|. CURRENCY MEASURE
SENATE. COMMITTEE To 90 BEGIN
CONSIDERATION LkTE IN
THE WEEK.
GLASS DEFENDS Bill
GOVERNMENT CONTROL OF FED
ERAL RESERVE BOARD PRO-
PER--sENAToR WEEKS
WILL OPPOSE 1T.

w ASfiiNSlON, JuPS ZS.--Open
hearings are to be started by the SEN
ate banking and currency committee
late this week upon the new admin
istration currency reform bill intro
duced in congress by Senator Owen
and Representative Glass. The senate
committee has received answers from
bankers all over the country to its list
of questions asking for opinions as to
needed changes in the monetary laws
of the country.
The hearings will be designed to
bring out expert views from business
men and bankers and financial stu
dents upon the plan proposed In the
new currency bill. Senator Owen
stances would the federal reserve
board be increased or representation
given to the banking interests upon
that board.
Defends Currency Bill.
While protests and criticisms
against certain features of the cur
rency bin are pouring into the house
of representatives, Chairman Glass, of
the committee. came to It's defense.
Il am told he said, that so-called
exclusive government control of the
federal board appointed to supervise
the regional banks will antagonize
bankers and keep them out of the as
soCiations. The statement is made
that the provision for the appoint
ment of members of the board by
the president is a dangerous delega-
ton of power to the executive. These
critics forget that the Supreme court
of the United States has the last word
in matters of vital importance to the
nation. Members of the Supreme court
are appointed by the president. Mem
hers of the interstate commerce com
mission are appointed by the presi-
dent. We propose TO have at least
one banker on the board appointed
by the president. There Is no ar
rangement for the appointment of a
railroad man to the Interstate com
MERGE commission"
Senator Weeks, of Massac husetts. d
Republican member of the senate cur
rency committee. and a former mem
Der of the national monetary COM
mission, issued a statement. in which
he urged immediate action toward
currency reform. but criticised GER
tain features of the new administra-
ton bill.
Opposes Reserve Board.
II think the worst feature of the
bill is the federal reserve board. as
it is constituted, and the extravaganr
powers given to It," he said. II am
unalterably opposed TO anything which
savors Of political Influence having
any connection with our banking sys-
tenn.
There is vested in this board
greater power, and OF centralizing
tendency, than has ever been pro-
posed for any organization by any
party at any time. either in this
country or abroad,
Il have been, and am now, ex-
tremely DESTROYS of supporting the
president in this legislation, which
should from every standpoint be non
partisan. With this idea in mind
took occasion nearly a month ago to
say to a prominent member IF the
administration who has been active
In the framing of this bill that /
thought the minority members of the
banking and currency committees OF
the senate and the house should have
an opportunity to inspect the pro-
posed legislation before the admins
tration has put It's stamp of approval
on 1t.
Minority Members Ignored.
This request has not been grant
Cd. The bill has been framed and
repeatedly revised without any minor
ity member of congress having an
opportunity to inspect it. The presi-
dent as tar back as June 18th in
vited the members of the banking
and currency committee of the senate
to a conference to be held the even
ing of June 25th at the White House,
and about the same time the pro-
posed bill was given to the public.
Having this invitation. the mem
hers OF the banking and currency
committee were not In a position to
discuss Or crticise the bill until they
had attended the conference to which
they had been invited. But in the
meantime the chairman of the COM
mittee on banking and currency. the
secretary of state and the president
1 himself have taken occasion to COM
mend this proposition. and announce
that 1t is the policy of the admins
| tration TO push all to a passage, so
they have done all they can do, it
seems to me. to make an administra-
| ton or a partisan measure of it"