The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-15
CURRENCY BILL IS
IN STRONG FAVOR
Chamber of Commerce of United
States Shows 3O7 for and
Only II Against.
MAKE SEVEN SUGGESTIONS
Acting Upon Invitation for Criti-
cism OF Bill, Committee Makes
Recommendations.

Detroit. Mich. October 1.-THE greater
nar' o. today was devoted To recreation by
mo directors OF the Chamber OF Commerce
OF the United States who ure meeting here
70 dlscuss Important legislative matters and
business conditions In general.
the visitors were entertained at local manu-
Iacturing institutions throughout the after
noon ana Tonight a banquet given In
their honor II WAC announced to day that
,ne referendum vote taken among subsi-
ui"ry organizations OF the Chamber OF Com
inerce OF the United States was overwhelin-
insiy In favor Of currency legislation which
now Is pending In Congress.
The board OF directors or the chamber to-
Gay completed the canvass OF the ballots
and found the sentiment OF the business
mems organizations strongly in favor OF the
report OF the committee the vote cast be-
ing 3o7 for and IL against. The committee
report stated:
1T regards the measure N a piece Of con
structive legislation and believes that IL
Hary 70 provide the nation with "A safe
reicy ana banking system. In view OF tho
irlcndly criticism and suggestions. We arc
prompted to point out wherein tho pro-
strengthened.
Make Recommc ndatIons.
IT accordance with this statement seven
recommendations were submitted FOR sep
arate vote. All these have been approved
by large majorities. The separate recon-
incndations are az foilows:
J. In favor of the increase OF the Federal
Reserve Board 20 nine members. the two ad-
ditionai members 10 bc chosen by the origi-
nal seven members subject 10 The approval
OF the President that compensation OF the
governor and vice governor 10 be Axed ~
the board itself.
The creation OF the Federal Reserve
Council. To be elected by the regional re-
serve banks the president and vice presi-
dent Of the council TO reside In Washing
ton and t. slt ct meetings OF tho Federal
Reserve Board but without vote. their sala-
i!cs TO be fixed and paid by the banks
That In the creation OF the syH-
tom OF regional reserve banks q beginning
bs made a. present central reserve cities
threc In nurnbes)-thc number he in
creased gradually b. tho Federal reserve
board at In their judgment conditions war
rant.
T. Concerning note issues: That restric.
tion OF the issue OF Federal reserve notes
10 .J5o 6oo. 90 be eliminated that interest on
Fedora! reservc notes be eliminated. that IL
bc made unlawful FOR any Federal reserve
bank to pay out any notes but It's own. the
notes Issued being given an identifying mum
her.
;. Tina, Federal reserve notes .houid not
DC obligations OF the government. hut taouId
DC guaranteed by the United States. and
reserve banks and not at the Treasury OF
the United States.
.. That Federal reserve banks mutually
guarantee the Fedora! reserve notes by pro-
Nid.ng that said notes thnll become q frst
and permanent Hen upon the combined as
rets Of Federal reserve banks.
!. That tho reserve requirements OF the
Owen-Giass bill be modified and reduced for
both country banks and banks In reserve
cities.
Tho board of directors has requested an
opportunity to he heard before the Senate
committee for tho purpose OF presenting the
opinions recorded.