New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-15
JEFFERSON N. LEVY
FOR CURRENCY CHANGE
He Endorses the Glass Bill,
but Suggests Several
Amendments.
NEW YORK NOT SECTIONAL
She Constantly Applies Her
Wealth to Betterment OF
All Parts of the
Country"

Washington. Sept 1l-Speaking in the
House in support OF the pending cur
rency bin last Friday. Representative
jefferson VI. Levy, OF New York, took
occasion TO denounce the theory that the
predominant financial interests OF the
United States are antagonistic to the gen
cral welfare OF the country when some
local or sectional advantage is to be had.
New York does not hoard her wealth.
said Mr. Levy. but is constantly apply
ing it to the betterment OF the various
sections of the United States seeking her
aid. She builds railroads and highways.
She sells your securities and finds mar
ket for your properties. She is the clear
ing house and clearing port of a majority
of the states. She is their market for
supplies to be purchased from or sent
abroad. She controls as il We're, the mar
kets Of the world and brings them to your
feet She moves your crops and finds in
vestment for money from East. North.
West and South.
1.-THE truth is that New York City did
more 10 alleviate the panic than any
other city. Her banks. regardless Of re-
serve requirements. shipped 1l66moO0 or
currency outside Of New York, and re
ceived only 5000 600; or in other words.
New York City paid out 5000 o,0oo more
than she received between July and De-
cember OF that year.
During the entire year Of 1907 the total
receipts Of the New York banks were
$40 90 and the shipments were s2E.-
563. 900. or an excess OF SlOS 665. 0o0 over re-
ceipts. and this proves conclusively the
banks of New York paid out more than
they received during the panic OF 1851 and
relieved the situation"
Taking up the provisions Of the Glass
bill. Mr.. Levy said in part:
My thought is that the bank function
Of note issue should not be taken away
from the individual banks and confined
exclusively to the federal reserve banks.
Another change which. in my opinion
is essential II we would have state banks
as members OF the federal reserve system
is that they may be allowed 10 retain
their branches located I'm the same mu-
nicipality II should be the purpose OF
the measure to have all banks. whether
national or state as members OF one
complete and perfect whole. with their
individuality preserved vet united for the
common veal Unless this amendment be
made II is folly 10 expect state banks or
trust companies which have already lare"
established businesses TO consider any
change.
Under the bin as IL is drawn re-
serve bank cannot discount paper which
is secured by United States or state secu-
rites or municipal bonds. Tho trainers IN
their anxiety 70 prevent the speculative
dealing I'm securities have actually pro
hlbited the discount OF paper when IL -
secured by bonds which the reserve banks
are allowed 10 invest in. This Is a grave
defect and should be remedied.
"The interest Of New York IS so vast
that YOU cannot pass a bill unless you
consult her great and gigantic insttu-
lions. The savings banks In the state OF
New York alone have deposits OF Sl''li'-
Gn- zoo or more than all the gold in the
United States Treasury. The deposits IN
the state banks, trust companies and saw
inqs banks throughout the Empire state
are nearly equal 10 the entire money III
tho United States.