The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1913-10-27
RECONSTRUCTION
Ccontinusa IRON F8rs. sax.1

Given consideration. have that newt.
able effect
VanderIip's Letter.
ON July "a Mr.. Vanderlip wrote
me letter voiclng the protest OF
himself and other bankers AGAINST
certain provisions OF the house bill
and ! wonder that lie has 20 soon for.
gotten with what vehemence he as.
sailed that feature OF the measure
which involves government control
lie declared the principle 10 BE- 'prac
tically inexpedient and fundamentally
wrong. 'Teh objection. said Mr.
handerlip. - not to the power.
granted 10 the federal reserve board.
but TO the hands in which they are
placed Asserting that both anan.
cial and political history furnish
ample illustration OF the danger. the
lnenectiveness. the inadequacy OF 10.
liucally appointed boards, Mr.. Van
derlip went to the extreme of saving.
II such board rs IS proposed
were formed by appointing the seven
Leading bankers OF the United states
whoever they may be-and these
men became ASSOCIATED from the
daily conduct OF actual affairs and sat
In Washington, directing at arms
length the operation OF .he reserve
banks they would rapidly lose the
power TO direct wisely II seems TO
me- that the only proper method OF
control must be through board com
posed OF practical bankers. in direct
touch with current business. who are
selected for short terms By the mem
Der banks
Simply Reverses Himself
In direct COntraVentlOn OF this no
sition. Mr.. Vanderlip and his Wall
street associates come here at the last
hour. ningius consistency 20 the winds
nv NO ~ .es.s
board. no member of which is - be
selected by the stocklolding banks.
but all by the president of the Unite
states. Mr.. Nauderlip in July. oh.
iected 20 the long term ~ seven years
provided by the house bin. but now In
october he would stretch out the term
10 fourteen
MIR Vanderlip. in his testimony
before the senate committee. dIffercu-
tiatcd his bill from the house bin in
several important features. among
them. inform. nationwide discount
rate ms cad OF regional discount rate.
Three months ago Mr.. NandeTiip. IN
his letter Eh.y commended the
house bill for It's superiority 20 th,
Aldrich scheme in the very particular
.n which hc now condemns the house
bill In contrast with his own plan.
so ] might continue indefinitely
10 point out IN" Inconsistencies be-
tween Nj VANDERBILT letter 10 me
last July and HIS proposals before the
Senate and banking committee in Oc-
tOber The conclusion thai 7 reach
rom this whole performance is inst
this newest currency scheme, pre-
paved as an -old ~ Hr Vsnderlt9.
of emo CITY Nat oral Bank IN CON
junction with Mr.. Davidson. OF j. T.
Morgan and Con pany. and Mr. Strong
with tho Standard OIL connection. o.
intended TnNfrraE tho ar a..
banking and currency reform: or ei-o
it ls hoped that. by The adoption a.
some such SCENE Of absolute central
z9tiou 10 u.Il he far easier hereafter
for certain gentlemen 20 got controI
Of IL for certain purposes than woui.
be- possible under TIE proposed o..
Honal bank system.
Stands By Platform.
The platform upon which tho Den.
ucratc administration and the pres
rut ConErees were elected distinctly
said
We oppose the so.caHed AIdrica
bin or the establishment of central
bank
To undertake. 20 deliberately -en..
dIatr this explicit dtcI ration o. fh.
baltimore platform would involve th.
bemOc attic party bro serious cDu-..
Guoucos. and would render exceeding.
remof" tho probability Of currency l.r.
islatiOn 100 ans time soon Iu my JUDI.
mcuf a. would Doe simply futile Co af.
tempt anything ~ tho kind
If ie expected that critical point
VIII be reached iu the Senate commit
too IS work before fhc end OF this week
Senators Hitchcock Reed and D.GOr.
man. tho Democrats Ou fho committee.
who are Inclined fp sndOrs" sing.
bank instead ~ DO. proposed sy-t,..
of separate regional banks viii enter
tho sessions without having cumwfffr
Themselves definitely boo support OF fn.
Pres denta bill. and o. Del expected that
administration activity iu Senate cir.
clos viii be- marked iu tho effort q.
pave tho way FOR 70 committee gree.
W"n' hat can Do accepted 80 Tho White.
House and lprrOvef bu tho fT.r..