The Washington herald., 1913-08-09
CURRENCY BILL
Changes ASKED
CONTINUED FROM PAGE ONE.

Senate committee when the measure
| comes before II.
George NJ. Reynolds, Of Chicago, de-
clared that the provision with regard to
| the Federal reserve board ought to be
changed SO as to vest the power for in
itiating. not In the board itself. but in
the advisory board OF bankers which is
provided for by an amendment to the bill
adopted by the House committee.
Mr.. Reynolds spoke outimistically Of
the general financial situation in the
West, as indicated by the reports he had
had from the 5000 correspondents of the
Chicago bank. OF which he is president
Treasury Department officials said that
similar reports had been brought to Mr..
McAdoo by bankers from nearly every
city represented at the conference. They
ssid further that much commentator
was offered the Secretary for deciding,
to make the crop-movement deposits and
that he was told that the wholesome e.
feet OF his announcement already had
made itself evident
Denver Needs Big Sum.
Because of the trepidstion with which
Colorado beet sugar manufacturers look
forward to the passage Of the Under
wood tariff bill. J. A Mitchell, of Den
yer. said the money situation this fail
would certainly be tight He said the
Denver banks would need $I50O00OO or
900 to weather this anticipated
strain.
Assistant Secretary Williams announced
that 100000 of government funds may
be loaned TO banks IL II Is found that
this amount is needed to move crops.
Prior to this statement. S50.0Oo.0Oo had
been the maximum amount named by
Treasury officials as available.
Henry Refs. president of the Old State
National Bank, OF Evansville. Ind, said
his bank wants s3oo.o00 or more, and ad-
ded that IL the government will lend this
amount. the loan will relieve a great
financial strain in the spring wheat sec
ton
Arthur Reynolds. president of the Des
Moines National Bank, asserted that the !
section covered financially by his bank
would be much benefited by q govern
ment deposit of s6o0oo0-
Asks for 100000.
c. H. worden. vice president Of the
First National Bank, of Fort Wayne.
Ind, said that the bank he represents
wants S500,OO0.
J. NJ. Mcintosh, Of the National City
Bank, of Indianapolis. said that Indian
apolis has financed the movement Of
crops in the past without government
aid, but that the city wants a fair share |
OF the government money.
Some OF the bankers were not salts |
fled with the suggestion made Thursday |
that the Secretary Of the Treasury re-
duce from 20 to 10 the percentage of
the securities for the deposits which I
are to be required to be government |
bonds. 1t was declared that no require |
ment for government bonds as security |
at all should be made, but that COM
mercial paper should be accepted for
the entire amount The suggestion was
offered that IL necessary the percentage
OF face value at which the commercial |
paper would be accepted. be reduced
from 65. which had been fixed upon the
Treasury Department down to go or
even so.
Bankers declared that they would de-
rive no profits from the deposits IL they
were forced to purchase government
bonds to the extent of 10 per cent of the
amounts they were to receive. Mr.. Nc
Adoo did not indicate his attitude to-
ward these suggestions.