Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-08-23


waged, throughout the day, had been
offered by Rep. Medley of Kansas, one
of the so-called 'Insurgent'' members
Of the banking and currency commit
tee. 1t was not until near the close of
the session that Chairman Glass, after
declaring that President Wilson did not
want such an amendment incorporated
iii the bill, brought forth the Bryan
letter. He also produced a letter ad-
dressed to him by Samuel Untermyer.
who was counsel for the Pujo Money
Trust committee, saying he did not
believe the interlocking directorate pro-
vision should be in the currency bin.
objecting members who had question
ed Mr.. Glass Interpretation of tile
Presidents attitude. gave way before
the vigorous assertions of Secretary
Bryan and d vote, quickly settled the
question.
In hls letter Secretary Bryan declar-
co that for many years he had aoNo-
Gated d law preventing duplication of
6irectorates.
While the principle applies to banks
Us well as to although ] think,
in less degree" the secretary wrote
"the plan has been considered mainly
rs n means of dealing with the trust
evil. Competition cannot be effectively
prevented where the same men act as
directors of competing companies.
Il am as much in favor of a remedy
now as | was when l began to advo-
cate it. in fact. more so, because re-
cent disclosures have given further
proof of the employment of this means
of eliminating competitions: but l do
not think it wise to make it part OF
the pending currency bill. In at
tempting to secure remedial iegisla-
ton, care must be taken not to over
load a good measure with amend
ments, however good those amend
ments may be in themselves. A boat
may be sunk if you attempt to make
it carry too much. however valuable
the merchandise. A bill is usually the
result of compromise
THE President and Secretary Nc
Adoo in conjunction with the chair
man of the currency committees of tho
House and Senate have formulated d
tentative measure. 1t was prepared
after extended investigation and tint
comparison of views. 1t embodies
certain provisions of great Importance
and as | believe fundamentally sound.
The provision in regard to the gov
eminent issues of the notes to DC
loaned to the banks is the first tri-
umph of the people in connection with
currency legislation in a general bind
ing of it. 1t is hard to ever-estimate
the value of this feature of the bill.
In the second place. the bill pro-
vides for government control OF the
issue of this money--That is, control
through a board composed of govern
ment officials appointed by the Presi-
dent with the approval of the Senate.
This is another distinct triumph for
the people, one without which the gov
eminent issue of the money would DE
largely a barren victory. The third
nroyision in this bill which | regard
as one of the first of Importance Is
the one permitting state banks 10
share with the national banks the an
vantage of the currency system pro-
posed.
These three provisions are to my
mind of such transcendant Importance.
that 7 am but little concerned as to
the details of the bill. / do not mean
to say that the details are uninport-
ant hut whatever mistakes may be
made in details can be corrected easy
and soon-a wrong step in the matter
of prjnciple would be more diihcuit u
retraee