Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-12-29
SECRETARY PLEASED
WITH PASSAGE OF CURRENCY
MEASURE.
CHEERFUL Despite LAW
ENTAILS MUCH WORK
Wires Being Pulled by Friends OF Git.
les in Effort to Secure Locations Of
Regional Banks - Patriotic Aeespt-
anes Of Statute by Bankers and Gen.
eral PubIie-Points Not Settled Upon
Isnecial CORRESPONDENCE. ]

Especial Correspondence
washington, Dec. 29.-With the new
.lbanking and currency bill law an"
with the duty devolving on the or
SANITATION committee OF determining
the federal reserve districts and NIX
ing the location Of the regional re-
serve banks, Secretary " the Treas
ury McAdoo is today the busiest man
in Washington. That he will be we'll
nigh overwhelmed with the details OF
tbe tremendous task before him ana
the rest Of the organization committee
for weeks and months to come Is ap-
parent.
Secretary McAdoo. however. wore an
extremely cheerful appearance today
as he received callers and got the news
that large numbers Of kilograms were
pourinR in from banks asking to be adj
mitted to the new system. ineee
teleerams came from ali sections. Al
the same time, many messages OF con-
gratulations came in and senators anu
members Of the house were thick about
the treasury. some to offer Fluctuations,
others to plant q few weh-chosen
words in favor Of q regional bank In
this place Or that
MeAdoo PREDICTS Success.
The response from tho country ana
the banks has already been such, In
the opinion of Secretary McAdoo. that
there is no question Of the success OF
the system.
Secretary McAdoo said:
II have never had any question that
the national banks would enter the
system. II had had any doubt, /
would have none today IN view OF the
responses which am receiving. The
response from the country on this law
has been instantaneous and enthusiast
tic. In order to understand what has
been said about not entering the sys-
TEN heretofore, one has only to re-.
fleet on what was said about disaster
when other banking and currency
measures have been considered or
when the interstate commerce bill was
considered. But myl experience 10 that
after q law OF this kind has been
passed. there is a patriotic acceptance
to it. This Law Is going to prove an
unexampled success. 1t viii prove I
believe, tho greatest thing that has
happened to the country in genera
ton"
Applications to Join the system are
From New York. the Gotham National
for admission. Jacob H. Schin has sent
- Int
Nothing Yet Settled.
Secretary McAdoo - receiving many
applications from cities to be consid-
cred as regional reserve bank locations
and also from persons who want to be
members Of the federal reserve board.
The secretary denies anything at all
has been settled about the districts. He
expects to give out q statement Friday
or Saturday telling what general pro-
cedure will be followed by the organi-
zation committee. Secretary McAdoo
says no appointment will be made to
the Office Of comptroller Of the cur
rency before congress meets again and
that In the meantime Secretary Hous-
ton and himself can constitute q
quorum Of the committee to act
Whether the acting comptroller. Nj.
Kane. will act on the committee has
not been settled as yet.
Cities 70 Bs Given Hearing.
It il the plan OF the committee to
conduct hearings at which represents
tives Of the cities that want regional
banks can state their cases. These
hearings will be announced later.
The first big task will be to fix
boundaries Of the districts and then
to fix on the locations Of the regional
reserve banks. 3
Secretary McAdoo made 1t plain he
had high notion Of the responsibility
devolving on himself. He declared the
regional bank locations and districts
! would be fixed on only after careful
investigation of the facts.
1t is learned that talk that New Eng
land will be attached to the New York
district is unfounded. While nothing
is officially settled, indication con-
tinue to be Washington will get a
regional bank.
-