Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-06-25
PRESIDENT TO INSIST ON PAS.
SAGE OF MEASURE At LEAST
IN PRINCIPLE.
WILL ACCEPT MINOR
CHANGES IN DETAILS
Measure Aarssd to Known as Admins
tration eiIl-Prssidsnt to Insist on
Governmental Control - comparss
Banking Board to interstate Com.
msres Commission.
Especial correspondence.l

general principles of the administra-
ton banking and currency bill. He
made this plain today in his talks with
newspaper men and other callers.
The bill which has been agreed on Is
to be know as the administration bill.
This the president made clear. He will
not stick out for it's passage without
changes in detail. He is willing to
have minor changes made and details
modified.
But he will not retreat so far az the
general features of the measure are
concerned.
Insists on Government Control.
One of the features he will insist on
Is government control, as distinguished
from banking control. The president
does not believe the provisions for the
federal reserve board should be modi-
fed in their essential requirements. He
feels that there is not adequate rea-
son why the banks should be repre-
seuted on the federal reserve board.
The view Of the president is that the
average banker is well-informed about
the monetary or fiscal situation in his
own community but that he is not like
ly to have a broad national view. II he
is actively in the banking business
Hence ne feels that the federal board
should be controlled by bankers.
Rather Prudential Control.
Many of the objections to the plan
have been laid before the president in
one way and another and he 10 pre-
pared to discuss them with duency.
oh 1T
the whole situation relates to the
charge that 1t would be folly to put the
banking business OF the country under
the domination Of the federal reserve
board. political body. In the first
place. the president considers that the
control exercised by the board over tho
banking business would not be control
In the sense of active business regula-
tom. 1t would rather be . prudential
control which would not interfere with
the processes OF ordinary banking.
Compared to Commerce 0oard.
Furthermore, and this - one OF the
chief points the administration and !ts
friends are going to hammer on IN the
months Of argument which are ahead
on the bills, the federal reserve board
would be no more dangerous than the
interstate commerce commission -
dangerous. As the president looks At
the proposed federal reserve board. he
sees 1t as a sort Of commission Of broad
powers like the interstate commerce
commission. a high-olass body. using
It's authority for the public veal and
without regard to politics. He recalls
that originally, there were loud out
cries about the danger Of the interstate
commerce commission having power
over railroad rates and practices but
that now the railroads themselves have
abandoned that attitude and In many
cases admit the commission 10 good
thing. The president believes the time
Will come when there viii have been
wrought a like change Of opinion about
the federal reserve board.
Beginning Of Currency Legislation.
The president does not view this bill
as the end Of currency legislation. He
views 1t rather as the beginning. He
feels there are sufficient reasons for
treating the question Of note issues,
apart from the emergency issue provided
for in. the bill. Independently. As
matter Of fact, no comprehensive plan
had been evolved by tho men consulted
dDOuL Suls uAAA " Ah0OI SAAe SsAsAAS AeOs~
issue situation. At least that Was the
way the president and most Of his ad-
advisers felt about It and 90 the sec
tions dealing with the general note
issues question were stricken.
AS to dangers involved in possible in
fation or in giving the federal board
power to fix the discount rates or in
favoritism to one reserve association
at the expense Of another, the presi-
dent does not entertain the view that
the bill in principle Is Objectionable in
| fheSe reSDectS