Bonners Ferry herald. [volume] (Bonners Ferry, Idaho) 1904-current, 1913-08-29
BANKERS PROPOSALS.
CRITICIZE CURRENCY BILL NOW
BEFORE CONGRESS FOR
CONSIDERATION.
Offer Several Changes In the Owen
Glass Measure Ends Two Days
Debate at chicago-Desire to
Eliminate Politics.

Chicago.-Bankers from all parts OF
the country at the end of two days
conference at Chicago Saturday agreed
on a number of important amendments
to the Owen-Glass currency bill now
pending in congress and appointed a
committee of seven to go to Washing
ton and endeavor to have the changes
incorporated in the measure. Mem
bers of the conference expressed the
belief that the administration forces
in Washington will be convinced by
the arguments they will present and
modify the bill SO that 1t will be rea-
sonably satisfactory to the banking
and business interests of the country.
The Resolutions.
The resolutions adopted at the con-
ference follow:
Resolved, That we recommend the
following changes in the bill as now
published, convinced that while not
rendering the plan ideal, these changes
would render organization more prob
able, would avoid a credit disturbance
and provide a system that would grad
ually develop into bulwark for the
protection of our whole commerce,
benefiting alike, and in equal measure,
the laborer, the farmer and the bust
ness man."
A summary of the important changes
in the currency bill proposed by the
resolutions adopted by the bankers
conference follow:
That there should be established one
central federal reserve bank under the
new currency and banking plan, in
stead of IL, and if this is found mex
pedient the number should not exceed
five, with as many branches as may
be required in all parts of the coun-
try.
Want Membership Voluntary.
That membership in the federal re-
serve banks be made voluntary instead
J of compulsory on the part of the ma
} tional banks, the same as provided in
the case of state banks.
} That the amount of subscription tC
the capital stock of federal banks be
} reduced 20 to is per cent of the CAPT
talization of the bank applying fol
J membership. 4
} That In order to remove the cOntro
2 of the federal reserve banks from pc
litical influence direction of the insti
tuition be vested in a board of sever
members, composed of the secretary Of
the treasury as an ex-officio member
, three members to be appointed by the
president of the United States, who
shall give due regard to geographical
territory of the country, and three
members to be selected by the member
, banks. The terms of office are fixeC
at three, six and nine years at the be
ginning and nine years for all mem
bers after the first term. The salary
is fixed at $4,000 year. with an al
+ lowance for necessary travelling ex
/. penses.
! That three of the directors of re
! gional banks shall be experienced il
, banking and live in the district.
! That the directors of the regiona
t banks be authorized to elect their owl
officers, who, with the federal agen
designated by the federal reserve
/ board, shall manage the institution.
That the appointee of the fedora
reserve board shall not act as chair
! man of the board of directors of re
: gional banks, but shall transact tn,
duties of a government representative
r Would Abolish Advisory Board.
That the advisory board of the fed
eral reserve bank be abolished, as un
der the plan proposed the bank mem
i bers would have representation on thu
S regular board of the reserve bank.
! That the authority of the federal re
g serve board to compel one membe
d bank to rediscount paper of anothe
+ bank be made optional instead of man
l. datory.
5 That the cumulative divisions al
d lowed member banks out of the earn
e ings on their shares in the federal re