Pine Bluff daily graphic., 1913-08-24
GOUGE CURRENCY
 BILL Of ITS MEAT American Bankers Associa- tion Offer Amendments to
 the Pending Bill.
FORGAN'S IDEA LOST
Reynolds Faction Forces Compromise and Will Try and llnrm0nize
 With Congress.

Chicago, Aug. Resolutions radically at varicncc with the pro> visions of the Glass Owen Currency Bill now before Congress, were un- anmously adopted today by the American Bankers Association at the closing session of their conference.
 A committee of seven bankers will take the resolution to Washing ton and there work for the adoption of the endorsed amendment.
 The resolutions, which were adopt ed by the conference as a whole, came to a head in the form of a re- port of committee of fifteen, known as the "Currency Commission of the American Bankers Association. The compromise of the radical faction, led by James B. Forgaa, who declared that the entire bill should be re- nounced by the bankers and the con ciliatory faction, led by George M Reynolds, who contended that il probably would get the bankers more to work in harmony with Congress
 The bill, as revised by the cur rency Commission, and endorsed by the entire conference carries out the Forgaa idea by emasculating th' Glass-Owen Bill in spirit, while re taining it's outward form and lega yerbiage, thus placating the Key holds faction.
 Some of the important changes il the Glass Owen bill, as recommendet by the conference, include the fol lowing:
 That there shall be not more thai five federal reserve banks, instead O twelve.
 That many of the provisions of tho bill, applying to national banks, shal be optional instead of compulsory.
 That national banking associations which do not come under the provis ions of the bill within one year, shal not be dissolved as provided by the bill in it's present form.
 That the federal reserve board shall consist of three members chosen by the President; three dl- rectors. elected by the federal re- serve banks and the Secretary of the Treasury, instead of four members chosen by the President, and three others, to be members ex-officio, the Secretary of the Treasury, the Sec retary of Agriculture and the Comp troller of the Currency.
 That the provision for a federal ad- yisory council shall be eliminated none being necessary if the bankers are given direct representation on the federal reserve board, as recommend ed.
 That the section of the bill relat- ing to note issues and bank reserves shall be rewritten entirely.
 That the entire section relating to savings departments shall be climi. mated. the bankers feeling that saw ings departments now conducted by national bank are interfered with in an unwarranted manner.
 rr, houo ohanuoc ranraSent only those upon which the greatest oppo- sition to be expected in congress Ia all, there are eighteen radical changes in important sections of the Glass-Owen Bill, leaving that docu- ment but an empty shell, goughed ot it's meat.
 The resolution sets forth, that, all though the administration ~ll has many excellent features, some of its provisions would be likely to cause a credit disturbance. If amended in the manner suggested it was stated a system would be provided which would develop into great bulwark for the protection of our commerce.
 One of the changes which will pre- cipitate fight in congress, it is be- lieyed, is the one relating to the fed eral reserve board. The bill now 1T congress provides that the board shall consist of seven members, foul appointed by the President with tht consent of the Senate, and. ex-of- ficio, the Secretary of the Treasury the secretary of agriculture and thu Ocrontrnl1or nf tho Currancv ThS