South Bend news-times. (South Bend, Ind.) 1913-1938, 1913-08-23
BANKERS CHANGE
THEIR VIEWS ON
CURRENCY BILL
George M. Reynolds Tells of
Conference He Held With
SeCy. MCAdOo at the Chicago
Meeting.

CHICAGO, Aug. IA spirit OF
Cancellation and compromise toward
the Owen Glass currency bill as it Is
believed it VIII be amended was
manifested at a conference Of leading
bankers from all parts Of the country
here Friday. Before the conference
adjourns Saturday IL is expected that
resolutions recommending a number
% important changes IN the currency
bill now pending In congress will be
adopted and that the bankers will use
their influence 10 assist Pres. Wilson
in obtaining currency legislation.
The change in the attitude of the
bankers developed after George NJ.
Reynolds. president of the Continental
and Commercial National bank. had
addressed the meeting and told of an
important conference he held in New
York Thursday with Secy. of the
Treasury McAdoo, at which amend
ments to the currency bill desired by
the bankers were discussed and as
surances given that the administration
was willing 10 remedy every reason
able objection TO the measure. Mr..
Reynolds was summoned TO New York
20 confer with Secy. McAdoo last
"Wednesday to discuss the attitude of
5slation.
Expect Concessions.
Mr.. Reynolds outlined the principal
objections Of the bankers to the meas
ure. and when he returned TO Chicago
Friday he felt confident the admin
Stration would make a number Of con-
cessiOns in the final draft OF the bill.
In addressing the conference Fri
day Mr.. Reynolds said:
IF we act wisely l believe we will
be able 10 obtain material modifica-
tions in the Owen-Glass currency bill
now pending in congress.
Il spent Thursday with Secy. Nc
Adoo in New York and we talked
about the bill and our objections to
II. and he assured me the administra-
tion desired TO do all in its power
In remedying the defects Of which we
have complained. Many amendments
20 the original hill already have been
made.
Several important defects pointed
out by us have been corrected and
j think we can get %Ier concessions
If we go about il in a spirit of con-
ciliation and compromise, and ex-
press a willingness to meet the gov
ernment half way. l have had con-
siderable contact with those in control
OF this bill in congress and / have
found they are willing to listen and
want ~ bt AdlA. 4 pIGulCL IndL II we
meet the government in the proper
spirit that a bill reasonably salts
factory 10 the bankers and business
men may be passed at the present
session.
II believe we can get the number
OF federal reserve banks reduced
from II to five or six. 1 believe we
can have changes made in the work
ing of the clause referring TO the
chairman Of the federal reserve board
which Will remove il from politics.
j believe we can have the advisory
committee Of bankers clothed with
the power OF veto in connection with
the management OF the reserve
banks"
Mr.. Reynolds was vigorously ap-
plauded and a moment later the atti-
tude Of the bankers toward the new
currency bill had apparently changed
from opposition 10 willingness to com
promise.
T. ]. Wade, Of st. Louis. and other
speakers urged the adoption OF the
same policy in discussing the measure
The committee Just before midnight
announced that the FOrgan resolutions
recommending that the present con-
gress he asked TO take no action on
currency bill. had been laid aside
and would not be approved by the
committee