New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-04-26
House Ready to Take Up Glass
Measure When Tariff Is
Out OF the Way.
WINS MUCH COMMENTATOR
Desire of Leaders to Guarantee
Bank Deposits Most Serious
Obstacle Bill May En-
counter in Senate.


lv encouraged by the manner in when
the tariff bill has been received The
apparent resignation of Senators ana
Representatives TO the rates II con-
tains-or at least their dissemination TO
insurge-and the general listlessness OF
the debate i'm the House. all of when
they believe will combine TO make pos
sible the passage of the Underwood OH
by the House within the next ten days
thus paving the way for consideration
of the Glass financial bill.
The essentials of this bill in so far
as they have been agreed on have been
already outlined in The Tribune. ana
one feature. announced exclusively III
these dispatches. the system Of branch
national banks in foreign cities. h's
been widely commended.
Another feature of the bill which IS
expected TO command general approval,
especially from those conversant with
the present system. is an extension and
Improvement Of the method of national
bank examinations, 10 the end that II
NAV conform to modern conditions ana
prove a more effective check against
dishonest or injudicious banking. The
Controller of the Currency. Lawrence
Murray. has made a careful study of
This subject and has offered number
of suggestions which have been well
coined by the committee of which Mr..
Glass is chairman.
Controls Deposit Of Federal Funds.
Another detail of the new bill aims
to create a system. or rule. TO control
the deposit of federal funds in national
banks. to the end that the Secretary OF
the Treasury may be freed from the
insstent political pressure which has
always been exerted by bankers 10 Sc
cure a share-or more than their share
of these funds. and later has Doen
eNerted with equal persistence TO pre-
vent the withdrawal of such funds.
even when they were needed by the
government. 1t is believed that the
proposed system will operate TO pre-
vent the serious disturbance in The
finances of the depostary banks. and
sometimes in entire communities, re-
Sultng from heavy deposits or sudden
Withdrawals Of the surplus funds of the
Treasury.
The re-enactment of the Aldrich-
Vreeland emergency currency bill is
not favored by the majority members
Of the Banking and Currency Commit
tee who take issue with the conten-
tion that. irrespective of whatever new
financial system may be created. that
operates as a safety valve or fire cs-
cape for use in the presence Of an
actual emergency. Representative
Glass points out that although call
money commanded 20 per cent last
autumn the provisions Of the Aldrich-
Vreeland bill were not availed of. and
on one occasion Mr.. Glass likened it to
handing a redhot poker TO a drown
ing man" But in view of the fact
that the Aldrich- Nreeland bill expires
by limitation on June 30 1914. Mr.
Glass and his associates regard it as
Of the utmost Importance TO inscrihe
new legislation on the statutes at the
earliest possible moment. in which eff
fort they will receive the cordial sup
port of the President and the Secre-
.tsry Of the Treasury.
3 Bill Nay Fail in Senate.
= While the House members are fairly
sanguine. believing they can pass a
financial bill at this session and that
The Senate can be induced to adopt the
.same course. the Senate leaders are
Extremely skeptical and il is doubtful
-if even Senator owen, chairman of the
Banking and Currency Committee Of
sthe Senate. cherishes any such ex-
~pectation.
Z Perhaps the most serious obstacle TO
= a final agreement on currency bill is
ethe lingering desire of the Democrat tic
Headers. notably Senator owen, 20 III
ssttute some form Of guarantee OF bank
gdeposits. This is regarded as essential
~by Secretary Bryan and by Mr.. Owen.
and even Mr.. Glass would dearly love
seffect. instead OF fatty abandoning the
democratic platform plank on this
subject adopted in 1908 On the other
I, hand. it is realized by the more con-
3 sentative that such a task Is almost
an impossibility unless capable and
cautious bankers are put in the posi-
Z tion OF being compelled to make good
= losses resulting from the inefficiency,
Il recklessness or dishonesty Of certain Of
& their competitors.
one more detail may be mentioned as
( among the Improvements which Mr..
+ Glass is seeking TO achieve. and that is
3 more systematic control of the appoint
5 ment and administration of receivers
2 Of national banks. He is Of the inn
preston that under the present sys-
3 lem political influence often plays a
& part in the selection of receivers to the
s injury of the creditors and that at
5 times such receiverships are even pro-
: longed in order that the receiver may
: enjoy morel extended emolument than
Z is dictated by business principles or the
(. nest interests OF the creditors.
Z TWO KILLED ON IMPERATOR
tIa,nhurp Anril q Two men are dead