The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1913-08-28
SENATE TO GET
BANKERS VIEWS
Upper House viii Hear Finan-
ciers on Currency Bill.
TO GRANT OPEN HEARINGS
Senator Owen, Co-Author Of Admins.
tration's Measure, Sees Merit in
Plan to Reduce Quantity
OF Bank Reserves.

Washington. Aug. 26.---In answer TO
the criticisms of the currency bill
made by the conference Of bankers
at Chicago, the administration
forces In the house will tighten up the
lines and a more vigorous indorse-
ment of the currency bill as it now
stands will be the result.
Informal conferences Of Democratic
members Of the house currency COM
mittee emphasized the fact that the
active supporters of the presidents
currency plan expect to pass the
measure through the house without
substantial changes.
The proposal to reduce the guam
tity of reserves and give country
banks the privilege of keeping part OF
their reserves In the large cities had
many supporters. and ultimately may
be worked into the bill in the senate.
but the change Is not expected in the
house.
The bankers will have an oprortun-
ity to present their views openly to
congress after the currency bill gets
into the senate. Chairman Owen Of
the senate currency committee said
that while hearings had not yet been
arranged he expected leading repre-
sentatives of the various factions
among the bankers of the country
would be invited to give their views
OF the bill to the senate committee.
81 see a great deal Of merit In the
proposal to reduce somewhat the
Quantity Of the reserves" said Senator
Owen.
The fact that the leading bankers
hold differing views Of the effect OF
the new legislation, particularly with
regard to the possible reduction of
loans and curtailnent Of credit, has
led members of the senate committee
to believe that a further discussion
of the bill at open hearings would re-
suit in winning the cooperation and
support of large portion OF the
banking fraternity Of the country.
Few of the changes advocated by
the bankers conference in Chicago
will receive favorable consideration
from the Democratic forces in inc
senate.
Senator Shafroth. a majority MEM
her of the currency committee VIII
Introduce in the senate q Proposed
plan for the retirement of all existing
currency except silver certificates.
and the issuance of general form
of treasury notes secured by 80 per
cent. gold reserve.
Chicago, Aug. 26-The currency
conference, called by the American
Bankers association to consider the
Glass.Owen bill now before congress,
tremendously finished its labors at
the Hotel La Sale Saturday by unan-
imously adopting resolutions calling
for important changes in the measure.
and authorizing the appointment Of a
committee of seven to present them
at Washington
Washington, Aug. 25.-Representa-
tjves who support the administration
currency bill won victory In the
house Democratic caucus Friday when
they brought to their aid an unquali-
fed Endorsement OF the measure from
Secretary of State Bryan and defeated
proposed "ihsurgent' amendments
that would have. prohibited interlock-
ing directorates in national or state
banks incorporated under the pro-
posed law.
Secretary Bryan, in letter ad-
dressed to Chairman Carter Glass of
the currency committee, approved the
bill as it stands, declaring President
Wilson had recognized fundamental
rights of popular control In Its provi-
sions.