The Birmingham age-herald., 1913-08-24
BANKERS AGREE ON
AMENDMENTS TO
CURRENCY BILL
Believe Administration Will
Be Convinced by Argu-
ments and Will Mod
ify Measure

| Chicago, August 23-Bankers from all
parts of the country at the close of two
days conference agreed on a number of
important amendments to the Owen-Glass
currency bill now pending in Congress-
and appointed committee of seven to 20
to Washington and endeavor to have the
| changes Incorporated in the measure.
Members of the conference expressed the
| belief that the administration forces in
| Washington will be convinced by the ar
guments they will present and modify the
/ bill so that 1t would be reasonably satis-
factory to the banking and business inter-
ests OF the country.
! The amendments were presented to the
conference by committee on resolutions
and We're adopted after long discussion by
unanimous vote Te committee went
through the currency bill section by sec-
tion and recommended more than 20
changes.
The committee named by Chairman
Hepburn of New York to go to Washing
ton and present the recommendations CT
the convention to President Wilson, Sec
| retary of the Treasury McAdoo and Con-
gress included James b. Forgan, Chicago,
chairman; George w. Reynolds, ChicaSoi
e. ]. Hill, Norwalk, Conn; r. F. Mad
dox Atlanta; Sol Wexler, New Orleans;
Joseph Chapman. Minneapolis, and Festus
]. Wade, st. Louis. The committee will
go to Washington in a few days to begin
| its work.
The resolution adopted at the CONFER
| ence read as follows:
"rhe currency commission of the Amer
| ican Bankers association, charged with
| endeavoring to secure remedial banking
| legislation and regarding the banking
measure now pending to Congress as evil
dencng the earnest wish of the adminis-
tration to give a wise law to the country,
has profoundly desired to cooperate in
every way To this end upon its invita-
ton that the presidents on the Al state
bankers associations and that representa-
tives of the 191 clearing houses attended
a meeting and unite in an expression,
this Joint body composed of bankers from
the south and north and from coast to
coast. representing country and city
banks, state and national and trust COM
panies after carefully considering the
BILL has adopted the following:
Must Warrant Acceptance
Whereas, we recognize the imperative
necessity of Incorporating into the bank
ing and currency system of this country
those proven principles which will pro-
greatest safety and a currency based on
gold which automatically adjusts its
volume to trade requirements in order
that the highest stability may be attained
for our commerce, thereby assuring con-
tinuity of employment for the laborer and
favorable markets for the producer. the
fundamental basis of general prosperity,
and
Whereas. although the pending meas
ure has many excellent features and rec
ognizes certain principles fundamental in
any scientific banking system, yet it is be-
lieved, the application of those principles
may in certain respects be made in ways
that will more surely avoid credit dis
turbance and more efficiently attain the
desired benefits for the whole people, and,
Whereas, we believe that to insure the
successful operation of a new banking
law it must be of such a character as
to warrant a general acceptance of its
provisions by all existing banking institu-