The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-08-23
BANKERS NOT TO
OPPOSE PASSAGE
Of THE owen BILL
Instead, They Adopt Policy
of Cancellation and
Cooperation.
FOLLOW SUGGESTION
OF GEO. M: @.sNEoLDs E[9'[
Latter, Who held Conference W.
Secretary McAdoo, Declares Finan-
.cSsrs Of Country Can do Much in
Assisting Government Authorities.
FOLLOW SUGGESTION
OF GEO. M. slsi ,NOLDs

Chicago, Aug. 23.-A policy Of con-
a,liation and cooperation was adopt
ed by the resolutions committee OF
the American Bankers, conference
here called to crystalize the objections
to the currency legislation, pending
in congress. The bankers decided to
make no effort to prevent currency
legislation at this session Of congress
as advocated in the resolutions offer
ed by James B. Forgan Of Chicago.
Instead 1t was decided to present
friendly criticism Of the administra-
ton bill, with a willingness to COM
promise on those questions in debate.
In assuming this attitude. the COM
n1ittee followed the advice Of George
NJ. Reynolds of Chicago. who Thurs
day conferred with Secretary Nc
Adoo.
Must Act Wisely.
In advocating this policy. Mr.. Rey-
II we act wisely believe we will
be able to obtain material modifica-
tions in the Owen Glass currency bill
now pending in congress.
II spent yesterday with Secretary
McAdoo in New York and we talked
about the bill and our objections to
it. He assured me that the admins
III remedying the defects Of which we
have complained. Many amendments
to the original bill already have been
made. Several important defects
pointed out by US have been correct
ed, and think that We can get other
concessions If we go about 1t in a
spirit Of conciliation and compromise,
and express willingness to meet the
government half way. have had
considerable contact with those in
control Of this bill in congress. and
have found that they are willing to
listen and want to be fair. perdict
the proper spirit bill reasonably sat-
isfactory to the bankers and business
men may be passed at the present
session. We probably will not be able
to get everythtnE we want, but. We
may get lesislation on the subject.
Wilspn cansRpt am Though.
IT believe President Wilson can put
through some kind OF currency bill
and 4 favor cooperating with him In
securing the best measure that poll
tical exigencies will permit. -
Il believe we can get the number
Of federal reserve banks reduced from
~ to S or 6. I believe we can have
changes made in the wording Of the
clause reterrlng to the chairman OF
the federal reserve board which will
remove it from politics. believe we
can have the advisory committee OF
bankers clothed with the power OF
veto in connection with the manage
ment Of the reserve panks."
Attitude Is Changed.
Mr.. Reynolds was vigorously ap-
plauded, and a moment later the at
titude Of the bankers toward the new
currency bill had apparently changed
from opposition to willingness to
compromise.
T. j. Wade Of ST. Louis. also urged
policy Of conciliation and endorsed
everything Mr.. Reynolds had said
III we cannot agree among our
selves in regard to the kind Of cur
rency law that IL needed. what can
we expect Of congress-" he said. 1--WE
endorsed the Aldrich currency bill by
unanimous vote and 1t never got out
Of committee. Now we have q
chance to get q bill passed, and we
should endeavor to get the best meas
ure possible under the circumstances.
There already have been five hun
dred changes made in the bill since II
was introduced, and believe we can
get many more II we go about it in
the right way"
Other speakers urged the adoption
Of the same policy in discussing the
measure