Norwich bulletin., 1913-10-09
Currency Bill
 is SoCiaIistiC
BANKERS ADOPT A REPORT TO
 THAT EFFECT.
A HARDSHIP ON BANKS
Also Declared to Be An Equally Un-
 wise Hardship on PubIic-MacRae Makes Defense of the Administration

Boston, Oct. S-The bankers of the United States again today declared their opposition to the proposed federal reserve plan of reform in the currency and banking system.
 With only one dissenting voice on the final vote, more than 2,000 bankers from all sections of the country gath cred at the first day's sessions of the annual convention of the American Bankers association, ratified the action of the Chicago conference of bankers in demanding amendments to the fed eraI reserve act, now pending in con- gress. The(fnanciers 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 to be sociaIistic and imposing "unw'se hardships upon the hanks, and equally unwise hardships on the general pub lfc"
 Mac7ae Defends Administration.
 The resolutions in which this ratih- cation and approval were contained, also included commcndation of the president, the secretary of the treas ury and congress for their efforts to create in this country an elastic as well as safe currency and pledged them OSaEEY support IOT LnS SzsI%Ck- ment of proper legislation to that end
 Acting President Arthur Reynolds Of Des Mof1es in his annual report had criticized the currency bill, and former Congressman EbeuezeT J. 5iu of Nor walk, Conn, had attacked the good faith of the administration and intro duced resolutions against the bill, when ex-Consressman MacRae took the floor. His attempted defense of the govern ment was treated with dertgfon. Dele gates tried to howl him down with cries of No. uo-QuegtioG5i Question: " Mir. MacRae stood his ground and ask ed for hearing, saying;
 T am a banker myself, but aIn un- willing to sanction the language of Chairman Hepburn of the currency commission when he charged the pres ident and congress of this republic with being a pack of socialists.
 Bankers Should Control Currency.
 Don't sidestep the Issue. The ques- tion really at stake in the currency bill is this: Shall the bankers Of the Unit ed States control the currency of the country, or shall the government Of the United States control It?' 7"
 From hundreds Of voices there came a reply to the question: We should! We shos1ld!"
 Congressman MacRae then exciaiEn- ed: 'fYeg; in just the same way every criminal would like the right to be the judge of his own offense, so that he could deliver a. verdict of Not gull ty.'" Some hissing was heard as MT. MacRae finished.
 Congressman Hill Attacks Bill.
 Ex- Congressman Hill, introducing the resolutions, had characterized the bill as it now stands as providing for a 1egalized government combination and monopoly as a substitute for the in dividual competitive enterprise of 25,- o00 independent banks. organized under the existing laws of the states and na- tion, and in which billions of dollars of the peoples money have been in vested in good faith
 He said the recommendation of the Chicago conference should be follow ed
 Former Congressman O'Neill shortly afterward presented his amendment of thanks to the president and congress. T want an amendment to the Glass bill" he said. Don't mistake me. But if you gentlemen think you are going to win a compromise from congress If you go before them in a spirit of hos tility, tell you, you will get nothing.
 Text of Resolutions.
 The resolutions as finally adopted were as follows;
 ELSSOIF6O, 1udC we dppION6 Lll6 WOL h of the currency commission and that we ratify and endorse the action of the Chicago conference, the conclusions they reached and the recommendations they made.
 Resolved, That we urge upon con- gross the wisdom and the necessity of incorporating into the proposed law the amendments recommended by the Chi cago conference, all of which have been elaborate1y presented to the committee on banking and currency of the Unit ed States senate, in which body the law is now pending.
 Any law passed by congress in or der to be effective and realized in full measure the hopes of those who are seeking currency reform must command the approval and enlist the coo opsra = tion of the banks of the country, both state and national.
 Resolved. That we commend the president, secretary of the treasury and congress for their efforts to create in this country an elastic as well as a safe currency, and pledge them our hearty support for the enactment of proper legislation to that end"