South Bend news-times. (South Bend, Ind.) 1913-1938, 1913-10-09
Pass Resolutions Commencing
Present Administration For
Work, But Are Against Sew
eraI Features.
MEMBERS SAY THEY
WANT THE CONTROL
Argument Follows When Ex-
Cong. MCRea Comes to the
Rescue of Pres. Wilson, Who
Was Attacked by Chairman.

BOSTON. oct. S.-The bankers OF
the United States again Wednesday
declared their opposition to the pro
posed federal reserve plan of reform
in the currency and banking system
With only one dissenting voice on
the final vote. more than 1000 bank
ers from all sections OF the country
gathered at the first days sessions OF
/ the annual convention of the Amer
lean Bankers association ratified the
action Of the conference of bankers
in demanding amendments to the fed
eral reserve act. now pending in con
gress
The financiers also approved the
work of their own currency commits
sion which earlier in the day had re-
ported the system of governmental
control proposed in the Glass owen
bill 10 he socialistic, and imposing
''unwise hardships upon the banks.
and equally unwise hardships on the
general public"
The resolutions in which this rati-
fication and approval were contained.
also included commendation Of the
president, the secretary CT the treas
ury and congress for their efforts to
create in this county an elastic as
well as safe currency, and pledged
them hearty support for the enact
ment of proper legislation to that
end"
Paragraph Addition.
The addition of this paragraph as
an amendment to the resolutions was
proposed at the afternoon session by
former Cong. Joseph II. O'Neil of
Boston
Mr.. O'Nen was one of several
speakers whose remarks had been
audibly hooted from the floor during
the forenoon. He and former Cong.
Thomas 9. MacRae of Arkansas, to-
gether with H A. Moelenpach OF
Brewster, Wis, president of the Wis
consin Bankers association, had
rallied TO the defense of the admins
tration, which had been attacked by
most Of the previous speakers.
Acting Pres. Arthur Reynolds, Of
Des MOines. in his annual report had
criticised the currency bill; and For
mer Cong. EbeneZer j. Hill of Nor
walk. Conn, had attacked the good
faith of the administration. and in
trOduced resolutions against the bill.
when eX-COng. McRea took the floor.
His attempted defense of the govern
ment was treated with derision. Del
egates tried to howl him down. with
cries of NO. nO-QuestiOn. question"
Stands His Ground.
Mr. McRae stood his ground and
asked for hearing. saving Il am a
banker, myself, but / am unwilling 10
sanction the language OF Chairman
Hepburn Of the currency commission
when he charged the president and
congress of this republic with being a
pack of socialists. Don't side-step the
issue. The question really at stake in
the currency bill is this, shall the
bankers of the United States control
the currency Of the country or shall
the government OF the United States
control it
From hundreds Of voices there
came a reply TO the question: I'VE
should, We should
Congressman MCRae then eXclaim-
ed, yes; in just the same way every
criminal would like the right TO be the
Judge OF his own defense, SO that he
could deliver a verdict Of not guilty -
Some kissing was heard as Mr.. McRea
finished.
Cong Hill in introducing the resG-
lutions had characterized the bill as
II now stands. providing for a legal
lied government com binatiOn and mo-
nopoly as a substitute for the individ-
ual competitive enterprise of $4,000
Independent banks. organized under
the existing laws Of the states and ma
ton. and in which billions OF dollars
Of the peoples money have been in
vsted in good faith"
He said the resolutions Of the Chi
cago conference should be followed.