The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-08-30
BANKERS OPPOSE ADM NISTRATION
MONEY BILL; OFFER SUGGESTIONS

WASHINGTON Aug 30-The bankers Of
the United States are putting up siren
uous opposition 70 the Glass-Owen cur
rency bill now pending in congress
They have pointed out many features
of the present bill which they claim
are weak.
PERHAPS their foremost objection is
to that clause OF the bill which pro-
vides for twelve reserve banks. They
favor rather only one reserve bank,
but realizing the impossibility of get
ting congress TO see their point of view.
they are asking that the number be not
greater than five.
They object further to the amount of
stock which banks should subscribe to
the reserve institutions. The bill pro-
vides % per cent of the unimpaired
ca initial. the bankers favor reducing
that number to 10. Here are the de-
mands of the bankers for alterations in
the bill.
one central reserve bank preferred.
but not more than FIVE in any event
Optional not compulsory. subscrip-
tiou Of stock III reserve banks by ma
tionaI and state banks and trust COM
panies. To the extent of 10 mot POD per
cent of its unimpaired capital,
Federal reserve board deprived of
power To remove directors of reserve
banks II it : decided they do not rep
resent the interests of respective dis
trictS-
Federal reserve agent not to be chair
man of reserve bank directorates.
Subscribing banks that increase their
capital shall purchase additional stock
in district reserve bank equal TO 10 mot
POI per cent Of its Increased capitalize
tion.
Shareholders of federal reserve banks
shall he entitled 10 cumulative 6 per
cent dividend instead of , per cent.
ANY national banking association
may join the banking movement at any
time after the passage of the act and
not he limited TO one year.
Federal reserve board shall consist
Of seven members. including the secre-
tary Of the treasury. eX-officio Csecre-
tary of agriculture and controller of
the currency being drcpped). and three
mot four )Wembers chosen by the pres
ident with approval Of the senate, and
three members selected by the direc-
tors of the federal reserve banks in the
same manner. The presidents choices
shall De from different sections of the
country All board members to devote
their entire time at salary Of SI0.G coo
year and 10 serve nine years The
first board viii DE apportioned two
each for three. six and nine year terms.
The president shall designate a gov
ernor and vice governor of the board.
their salaries to be fixed by the mem
bers.
not compelled. TO rediseount each 9TH
ers paper
Federal advisory council eliminated
because OF Communications in change
of personnel of reserve board.
Every reserve bank shall receive on
deposit at par checks and drafts drawn
on another reserve institution. This
was contenGed for by the country
ba mixers
Reserve banks are permitted To buy
foreign exchange TO facilitate trade
Farm land loans extended from nine
months to twelve Some country bank
ers conCeuded for five years.
Savings department section elininat-
ed in full leaving the present arrange
ment- whereby national banks add this
department by sanction OF the govern
ment without danger of Interference
At the recent currency conference in