Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-25
GEORGIA BANKS
ASK CHANGE IN
MONEY BILL
States Delegation in Congress
Besought to Work for Nine
Important Amendments.

Georgia's Representative and Sen
ators are due 70 get great baskets
fun OF letters within the next few
weeks. seeking to convince them Of
the wisdom n the changes the bank
ers want made III the Owen-Glass
currency bill now before Congress.
A conference Of the American
Bankers Association in Chicago sug-
gested important changes in the cur
rency bin ana named a committee to
Iedraft the bill a committee also
was named 10 present the view Of
The bankers to the Senate committee
which had the bill in hand.
r F. Maddox. who attended the
conference in Chicago and who spoke
before the Senate committee with
Joseph A. McCord. Of the monetary
commission OF the A. b. A, appeared
before the executive council OF the
Georgia Bankers Association at Ma
con Tuesday They explained the sit
nation, and the Georgia body took
their view Of H.
Resolutions were adopted indorsing
the stand Of the national body and
each bank in Georgia is asked to
write to Georgia Congressman solic-
ting their assistance in getting the
desired amendments
Know Need Of Reform.
The resolutions rcCite that the
bankers realize the need Of cur
rency bill and see good features In
the present measure, but that they be-
lleve certain provisions in It viii
serve 10 keep some national bank
from participating In the regional re
serve banks. and certainly viii not
make he plan sufficiently attractive
TO get state banks cooperation.
The resolutions then say:
We respectfully request tho
Congressman and Senators from
Georgia to recommend the fol-
lowing changes In the bin. which
we believe will he Of especial i'm
portance In perfecting the bill:
l. That the circulating notes
Of the regional reserve banks be
redeemed In gold instead OF in
gold or lawful money"
. That the national banks be
required to subscribe only 10 per
cent Of their capital stock in
stead Of 90 per cent.
g. That the banks throughout
the country who are expected to
subscribe the entire capital stock
OF the Federal reserve banks be
permitted TO name at least a mi
nority OF the Federal reserve
board.
4. That the par point feature Of
the bin, which virtually takes
away from the country banks
their exchange income which is
now an important part OF their
revenue. be eliminated
Savings Rules Unwise.
That the section requiring
national banks having a savings
department to set aside 20 per
cent Of their capital and surplus
and segreEate this amount, to-
gether with their savings depos-
it's is unnecessary and unwise
and we further believe that there
should be no restrictions upon
loans made by national banks OF
funds arising I'm their savings de
partments Tor the reason that
these funds are now loaned out
IN the regular course or business
and doing great service in facIli-
tating the commerce OF the coun-
try: and any restrictions upon the
handling Of these savings funds
viii work an unnecessary hard
shin upon the banks and the peo-
pie of this state.
g. We believe that the redemp-
ton fund OF per cent now re
quired 10 he deposited with the
Treasurer Of the United States
should continue to he counted as
a part Of the national bank re-
serve
:. We believe that the Federal
reserve board should have the
discretion TO allow the Federal
reserve banks in agricultural sec
lions Of the country TO discount
notes Of four months maturity.
The provision now requiring CO.
day maturites viii he of little
value 20 the banks in this state.
s. We believe that the dividend
to be paid by the regional re-
serve banks should be made per
cent instead Of per cent.
9. We believe that the sub
scription by the national banks to
the stock OF the regional reserve
banks should be voluntary in
stead OF obligatory.