Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1913-12-25
WILSON SIGNS
CURRENCY BILL
Two Secretary Members of
Committee Work Out
Promotion Plan
fCITIES FOR RESERVE
MUST BE SELECTED
McAdoo and Houston May
Employ Counsel for
Help in Work

Washington, D. c., Dec 24.-With all
the power of a law fresh from the pen
of President Wilson behind them, Sec
retary McAdoo and Secretary Houston
today began working out details OF the
nations new financial system
The two cabinet members acting as
an organization committee will deter
mine the important preliminary move
ments to the actual installation of the
machinery that is to promote the fed
eral reserve system.
Although the law provides that the
two secretaries shall Join with the
comptroller of the currency in the pre-
liminary work of reorganization the
Office of comptroller is vacant and 1t
has been decided that the two secretar-
les constituting a majority Of the COM
mittee, may go ahead. Later the men,
bers of the federal reserve board Of
seven will be named by President Will
son. The secretary of the treasury
and the new comptroller will be mem
bers Of that body and the other five
will be appointed from private life. If
President Wilson finally made his Sc
lection for these five places. it is not
known in Washington.
To Select Reserve Cities.
The first step to be taken by the
secretary will be the selection of cities
where federal reserve banks, the back
bone of the system, are to be located.
The law provides for not less than
eight and not more than twelve. The
organization committee is empowered
to employ counsel and summon witness,
ses and papers and go deeply into the
location Of the reserve reservoir. It's
decision is not subject to review by
the federal reserve board.
Secretary McAdoo said he expected
to actual begin formal work Of select
ing federal reserve cities tomorrow.
We exepect to consider the problem
in the light of what will most benefit
the entire country and local interests
will not be regarded. he said. 1--WE
will probably outline the districts first
and then choose the cities in each dis
trict where the federal reserve bank
will be located"
Mr.. McAdoo did not know he said
whether there would be eight or twelve
districts. That point, he regarded as
ore of the most perplexing moment
1t Is possible that before the ques-
tion of cities is decided the organiza-
tion committee will visit cities sug-
gested and base it's report on informa-
tion gained at first hand.
Large Ones Are Sure.
Cities that can hardly be kept off a
tentative list would include New York
Chicago, st. Louis, San Francisco and
New Orleans with Denver. Atlanta,
and Seattle or Portland. Ore, near the
hill 1o1p Dol
ington, Boston and several others are
asking for designation.
The organization committee is en-
powered. to prescribe regulations for
membership in the system Applca-
tions from all over the United States
have been flowing into the treasury for
several days. An unusual flood, how
ever arrived today and one Of the first
duties of the committee will be the
PRONUNCIATION of rules for their accep-
lance. National banks have sixty day
In which to file applications but under
the law can remain in existence for
b6e year without joining the system.
ccol Receive Congratulations.
eoplundreds of kilograms and letters
ers. generalization on the signing of the |
eoplency bill poured into the white !
swse executive Offices. When Secre-
biN Tumulty reached his desk he
/ hd it impossible to read all the ex-
sassions of opinion from bankers.
Numerical and industrial leaders and
.sNesional men of prominence in all !
eHfs Of the county.
bMany of the kilograms declared |
Nesident Wilson's speech last night |
tad vitalized the currency measure and |
tDmmended his characterization of the |
fttitude Of industrial leaders toward !
ytho day of concession and accommo- |
dation' between business and the gov.
eminent as "the constitution of peace" /