The Washington times., 1913-06-26
GLASS BILL GOES
TO HOUSE TO-DAY
MeasIre to Provide for Gradual
Retirement of Note circuIa-
ton, and. Bond Conversion.
CONTINUED from First Page.)

Continued from First Page.)
hands of any President, whether Demo-
crat. Republican. or Progressive, to
name q board having such vast author
ity, and that he believed plan could
be worked out to have the board elected
by Congress or to have it elected direct
ly by the voters.
Whether elected by Congress or by
the voters, Senator Cummfns would
have the members of the board elected
by geographical districts and for long
terms In this way. each section of the
country would be represented on the
board. Not all the members would be
elected at any one election, and Senator
Cummins suggested that II two men,
bers were elected by Congress or the
voters every two years 1t would prob
ably be the most satisfactory ARRANGE
ment
Probabilities are that Senator Cum
minis later win propose an amendment
to the currency bill for the election Of
the members of the board in one of the
two ways he has suggested, either by
Congress or the electorate.
Without any purpose to delay cur
geacy legislation, Senator Cummins
feoas that some better way for the Sc
lection of. the Federal reserve board
can and will be worked out.
Il believe Congress should pass cur
rency legislation this session." said
he. "I not only shall do nothing to
delay legislation but am going to do
all ! can to get a bill through. / was
utterly opposed TO the plan OF the Al.
drich bill calculated to put control OF
the financial system under the allied
banking interests
Opposes Concentration.
'T am likewise opposed to putting in
the hands Of any President, regardless
of what party, the power to appoint
this board. believe the effect Of
such plan would be to make con-
troll of this board the chief issue in
our Presidential elections. ana en-
6eavoring to find some better method.
Tentatively. / have come to the con-
clusion that a method which will be
satisfactory can be worked out where
by Congress will elect the board.
If that cannot be done, then believe
the people themselves should make the
selections. It Is perfectly clear to me
that no one man should be intrusted
with the vast power Of appointing a
body with such tremendous authority.
The plan proposed by Senator Cum
minis Of electins the board viii In all
probability stir up great discussion.
Senator Cummins predicts that the chief
struggle over the bill Will revoive
around this board He is convinced tina.
the Government. not the banks. should
have control of the board.
Expect Passage.
Information reaching the White
House from many quarters is that
there is practical certainty to be
banking and currency bill passed In
the special session and that II Is go
ing to approximate the Administra-
tion bill, so far as general principles
are concerned
and some Of tie Republican Senator'S,
as well as a group OF Demcorauc
Senators, are prepared to fight hare
against legislation along the lines OF
the Administration measure, tnere are
many signs that the opposition is
Aiready. it is assured. the bill will
have comparatively smooth sailing IN
the House. II viii be severely crit,
cised, it is true, but it will pass. and
In the Senate, the debate will be
prolonged The support and opposi-
ton will not divide on party lines ,h.,
there is powerful support for the bill
among banking and financial interests
This has become apparent and II VIII b'
a great factor In legislation
Division Of opinion exists among inan
cial interests and banking circles. Bu
on the whole. there lis powerful oankins
support for the bill. not because II i
1ust what bankers want, but becaus'
II is regaSSsd as step in advance o
the pre/ent currency system and be
cause IL is felt that, once the inttia
sten .s taken in currency reforms
other changes can be brought abou
! later.
A noticeable disposition exists
! among bankers to adopt the policy
not Of fight.ne the bill. but of linint
up for il and at the same time seek
ing to change II, so as to give thu
banking interests more to say abou
the Federal reserve board and. IL pos
sibie, TO get away from the bond
secured currency.