Pine Bluff daily graphic., 1913-08-23
BANKERS DENOUNCE
 CURRENCY BILL Impossible for Business to Go On if it Passes, Says
 Big Banker.
WILL CURTAIL LOANS
Chicago Scene of Big tnti-Currency Bill Gathering May Resist
 Wilson's Eii0rtS.

Chicago Aug. 22.--Bankers gather ed from all parts of the country to- day at the Hotel I.aSale were startl- ed by the declaration of James B. Forgan, president of the First Ma tional Bank of Chicago, that the en- actment of the Currency Bill as it stands would result in the curtail- ment of $1.So3 ,O00,oo0 in loans of ma tional banks to business men and farmers-one-fourth of the banks to- tai lending power.
 A few minutes previous to Mr. Forgan's statement the visiting bank CTS had been alarmed by the predc- tion of Charles G. Dawes, president of tie Central Trust Company of Illinois, that the proposed Currency law would result in such an expan- sion of credit that it would invite dis aster.
 Country bankers, who have made only a general study of the bill. were left to hesitate between these start ling and divergent views. In reply to MT. Dawes, Banker Forgan declared that the effect of the bill "would be the most damnable contraction of credit ever proposed in this country, such as it would be impossible for business to go on."
 "The National banks would have to turn over practically one-third of all their cash to the new federal reserve banks" Mir. Forgan continued. "The result would be that the lending pow CT based on cash reserve would be cut down by $2,544,000. AS an offset, the rediscount powers of the regional reserve banks would be $741, ,000, 1000, showing that their ability to redis count would be $1,s03,OO0 short of the contraction in credits by the mem- bers' banks"
 Whether the bankers of the country shall antagonze the administration at Washington, or whether they shall treat with President Wilson and his advisers in the spirit of conciliation and compromise, became the ques- tion of the hour at the opening of the currency conference.
 No sooner had Chairman A. Barton Hepburn, of New York, finished his opening address that it developed that two factions dominated the meeting, one favoring sweeping condemnation of the efforts of the Wilson admnis- tration at currency reform and the other urging courteous cooperation"
 George M. Reynolds pleas for mod eration and for efforts to secure amendments to the pending currency measure prompted many speeches in favor of this course. Although the fi- nal vote of the assembly will not be made until tomorrow on the resolu- tions to be adopted, it was evident that the statement of the bankers was strongly in favor of seeking to persuade the Democratic leaders to make changes in the Glass-Owen bill, rather than discard it in toto as For gan urged should be done.
 Goes to Committee.
 Washington, Aug. 22.-Democratic Leader Underwood took personal charge of the currency legislation in the house today when he forced re- cord vote on an amendment prohibit ing interlocking directorates in banks
 Resisting amendments to the Glas Owen Bill, Underwood offered an sending the proposition to the house judiciary committee. His amendment was adopted, 132 to 60. which is the vote he will control in passing without amendment the cur .ency bill approved by the president. No changes in the bill were adopted oday.
 Hepburn's Views.
 "I think we should consider the Jill by topic, or section in the spirit ,f helpful cooperation and see if we ;annot aid the government to accom- ,lish wise and wholesome legislation hat will place our industries and our | people on par with other great commercial nations"
 This pledge of cooperation by A.