The Detroit times., 1913-10-15
Measure is Lauded as Construc-
tive Legislation. But Seven
Important Amendments
Are Suggested
SEVERAL OF THEM HAVE
ALREADY BEEN MADE
Result of Canvass on Referen-
dunn Announced in Meeting of
Directors Here

4
dorsed the report of Its committee
on the Owen-Glass currency bill.
The directors finished the canvass
OF the vote, Tuesday morning. in the
second OF their three-day annual con-
vention. In the green room OF the Ho-
tel P0ntchartrain.
The committee suggested seven
changes In the Owen Glass bill. while
favoring its general scope and aims.
All were approved. About 416 or.
CARNATIONS, including local chambers
of commerce boards Of trade, COM
mercial clubs and national trade or
ganizations In all parts of the coun.
try took part, each having a vote.
The committee In Its report, which
Was made the basis Of the referen.
dunn. stated:
I'VE regard the measure as a piece
OF constructive legislation. and be
lieve that 1t embodies. In a large de-
gree. elements necessary to provide
the nation with q safe currency and
banking system. In view Of the fact
that the trainers Of the measure In
vite friendly criticism and sugges.
tions. we are prompted to point out
wherein the proposed act may be ma
terially improved and strengthened"
In accordance with this statement,
seven distinct recommendation were
submitted for separate vote. These
have been approved In all cases by
large majorities.
Under the terms of the bylaws Of
the Chamber of Commerce governing
a nationwide referendum of this char
acter, the report Of the committee has
been under consideration, by the men,
bership since Aug. 26. The time limit
for balloting expired at midnight, Fri
day, Oct. 10.
The committee completed its report
on July IL: 1t was presented to the
board OF directors at It's meeting In
San Francisco. on July Ia. and after
thorough consideration its submission
to the membership was ordered.
The separate recommendations
which have been Endorsed with the
vote registered by the business Or
ganizations on each, are 10 follows:
/. In favor OF the increase of the
federal reserve board to nine men,
bers, the two additional members to
be chosen by the original seven men,
bers, subject to the approval OF the
president, the compensation Of the
governor and vice-governor to BIZ
fixed by the board itself. In favor.
SAG; against, 70.
2. The creation Of the federal re-
serve council to be elected by the re-
gional reserve banks, the president
and vice-president of the council to
reside In Washington and to sit at
meetings of the federal reserve board
but without vote; their salaries to be
fixed and paid by the banks. In favor,
1913; against, 81.
g. That in the creation Of the new
system of regional reserve banks. a
beginning to be made with the pres
ent central reserve cities (three In
number), the number to be Increased
gradually by the federal reserve
boards as in their judgment condi-
tons warrant. In favor, 343; against,
70.
4. Concerning note issues.
(a) That restriction of the issue OF
federal reserve notes to 100000, 900
to be eliminated. In favor, 397:
against, II.
(b) That interest on federal reserve
notes be eliminated. In favor, 37s;
again, SO.
(c) That 1t be made unlawful for
any federal reserve bank to pay out
any notes but It's own. the notes is.
sued being given an Identifying mum.
Der. In favor, 397: against, II.
s. That federal reserve notes should
not be obligations of the government
but should be guaranteed by the Uni
ted States. and that they shall be re-
deemable by federal reserve banks
and not at the treasury OF the United
States. In favor. 367; against, As.
8. That federal reserve banks mu.
tually guarantee the federal reservs
notes by providing that said notes
shall become a first and permanent
lien upon the combined assets OF fed
eral reserve banks. In favor, 87s;
against, IS.
Z. That the reserve requirements
OF the Owen-Glass bill be modified
and reduced for both country banks
and banks In reserve cities. In favor.
800; against. q.
"A number Of the proposals which
the membership OF the National Cham.
her has Endorsed were incorporated
In the bill following the presentation
of the report Of the committee" SAYS
the board. This Is true of the elm
ination Of the restriction Of note 10.
sue, the provision making II unlaw ful
for q regional reserve bank to pay
out any notes but it's own. and the
modification OF the reserve require.
ments for all classes of banks. and
In part the proposal for a federal re-
serve council. The plan for a fed
eral reserve council now provided for
In the bill Is by no means as com.
prehensive In safeguarding federal
control as that which the chamber
favors. The other recommendation
which the chamber has approved have
not as yet been Incorporated IN the
bill The vote on the report ~ q
whole, and It's various recommends
lions having been declared. the senti-
ment of the chamber in accordance
with the provisions of It's bylaws. the
board OF directors has 30 advised the
house and senate committees on cur.
rency and banking, and has request
ed an opportunity to be heard before
the senate committee for the purpose
Of presenting the opinions recorded.