Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-09-04
Representatives Of American
Bankers Association Ask ior
Many Changes Before the
Measure Becomes a Law
REPUBLICANS WANT
HEARINGS RE0PENED
Treasury Notes Are Not Fa
yored by FjnaocierS and AS
sci Issues Are Condemned
as Tending to "WiIdcatti0g'

tsv soenisa JOURNAL sftoiA, te.sfo ~tRsl
Washington. sept 3-Thc admnls-
Uduuu currency btl was under ire
20 both ends of the capitol TODAY
While representative ot the Amorl
can Bankers association continued
their criticism of the bill before The
senate currency committee rcpubll-
can mombers of the house committee
made am Intellectual effort TO have
new hearings opened up there.
The administration forces on the
house committee defeated the plan
Tor new hearings by vote Of TO TO
s aud adopted a resolution by Repre-
sentative Wingo OF Arkansas. demo
Crat declaring the Views Of the
American Bankers association were
known fully and that the amendments.
proposed %, the recent bankers con
ference ut Chicago had been "sug
gcsted repeatedly TO the proponents
of the hin and every one of them
discussed seriously and considered
carefully boy those responsible to the
country tor this legislation"
rudays session OF the senate COM
mltteo was Interrupted by banker
not member of the Chicago confer
cncc committee. who opposed many
of the suggestions made by the bank
ers' committee This witness, John 7,
N Johnston. president Of the Nation.
al Reserve Bank Of Kansas Clty. snid
the central bank idea advocated By
many Of the bankers. tended 10 "cen-
ruliMtlon OF power" Tie favored the
administration plan as "decentrall-
zatiou Of power"
Festus } wade. president Of the
Mercantile Trust company Uf 81
Louis. repeatedly charged that the
administration bin WIS force bill
and that it would accomplish far less
In bringing about a satisfactory re-
organization Of the banking system
than a plan that was more attractive
to the banks
As to trust companies aud state
banks that would be- admitted under
this hill to participation In the new
81 stem. he said. II think most Of us
viii stand back and wait to see what
tho national banks gain by beng
members of the federal reserve
buuls
The witness declared the banks did
not care to own the stock Of the re-
gional reserve banks and would be
entirely willing that It should go into
the hands of private subscribers
Throw the doors open TO unybody
who wants to own this stock he said
I'VE don't want It: we
viii tuke II II YOU don't force us TO-
and make the plan attractive enough
but no banker would cure whether hc
got the stock on whether Il went TO
the publlc"
rh. rorusid of but 10 pel cent OF
IA, potionol b,ults i'm the different
sartions m tl,. ,,,untr, ro ion the pro.
i,os.J s,st.m vnufd nnltr II inlpossl.
IN, a.. s,,,,r,. tb, necessary S5 OO0 600
,..,itpt f,r reelotn1 resar,p bnnka I'm
tbc n,tddI. stnfo. and ln the Pacific
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lac -four members he selects TO- serve