The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-20
BANKERS REJOICE
THAT BILL PASSED
Business Disturbed by Continual
Wrangle Over Currency Meas
ure in Congress.
GREAT FAITH IN PRESIDENT
Miller Urges Prudence and Cau-
ton Until New Financial Ma
chincry Is Adjusted

Bankers and business men OF Rich
mond expressed the utmost gratifca-
tion last night when Informed that the
currency bill had heen passed by a big
majority vote I'm tho United States
Senate. and that II will reach Presi-
dent Wilson within the next few days
for his approval. The long fight In the
face of overwhelming evidence that
the measure would be adopted had n
disturbing Influence, and thero is
genuine relief over the final end OF the
long congressional struggle.
While 1t was not possible to secure
expressions of opinion from all of the
leading bankers OF tho city. statements
last night from four OF tho foremost
financiers may be accepted as the voice
of the majority. These seems to be
unanimous sentiment here that Presi-
dent Wilson will select men of thu.
highest standing for the Federal re-
serve board, on which the success OF
the measure depends.
ny John VI. Miller. .Ir.
John NJ. Miller. Jr.. vice president OF
the First National Bank said:
Il feel that the bill as altered and
amended by the Senate is n decided i'm
provement on the House bill. and Will
ultimately prove Of great value TO the
country. However, prudence and eau
ton should be exercised by the bust
ness interests to avoid anything like
expansion. as IL Will doubtless take
months OF careful study and planning
! TO adjust the financial machinery to the
changes necessary. There oan be no
doubt that President Wilson will ap-
point as members OF the Federal re-
serve board tho ablest talent available
and the success of the measure Will
largely depend upon this board"
By III. ". Jackson.
IT. w. Jackson. president OF the Vir-
glnia Trust Company, said:
The business interests OF this coun-
try are to be congratulated. The agony
is over. and its now up to the bankers
oi the country TO put this new law
into working order. | believe IL can
be done. The bill viii no doubt have
To be amended in some particulars
There are some features | would like
To see changed. yet I'm considcring the
divergent views OF the subject il is
the best that could be devised I be-
licvc it TO be the most important piece
cI legislation that has been enacted
INTO law in Il generations
I'm special degree it will prove
beneficial To the South. 1t Will work
y distinct hardship to the financial
ccii'icS' pui uellcNt tnlS Wlll he tenn
porary. My faith In President Wilson
ana his associates is such that he will
put the right men on the Federal Re-
serve Board. ANA that after the new
Jaw has become operative the good
effects to follow VIII result In a great
uplift TO the business interests OF the
whole country"
by W. VI. HnbIiston.
W. Nj itahliston. chairman OF tho
board of the First National Bank. pres
president Of the old Dominion Trust
Company. said:
The currency bill passed to-day Is n
great Improvement over the one which
has been In effect during the past sew
cral years 1t Will result in an elastic
currency which Will prevent a threat
ened financial panic. The success OF
the measure depends upon the appoint
ment OF an agreeable reserve board
and j feel that the men to he appoint
ed by the President will be capable and
In hearty accord with the policy of the
administration"
By Oliver j. sands
Oliver J. Sands, president OF the
American National Bank. said:
The passage or the currency meas
urc Will have II beneficial effect upon
the country at large and it's operation
Will help the general business through
out the country The Immediate etfect
VIII be for good. II seems to me the
beginning OF an era OF general pros
pcrity, so far as the financial operations
or tho people are concerned am very
favorable TO the currency measure and
optimistic as TO the effect it will have"