The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-08-23

Chicago, ILL.,, Aug ga policy Of
conciliation and cooperation was
adopted by the resolutions committee
of the American bankers conference
here, called to. crystalize the obJec-
tions to the currency legislation pend
ing In congress. The bankers decided
to make no effort to ;,revcnt currency
Legislation at this session Of congress
as advocated in resolutions offered by
James B. F'organ, Chicago.
Instead they decided to present a
friendly criticism OF the administra-
ton bill with a willingness to COM
promise those questions in debate.
In assuming this attitude the com
mittee followed the advice of George
M. Reynolds of Chicago who Thurs
day conferred with Secretary McAdoo.
The change in the attitude of the
bankers developed yesterday after
George M. Reynolds, president of the
Continental and Commercial National
bank, had addressed the meeting and
told Of an important conference he
Hheld in New York yesterday with Sec
retary of the Treasury McAdoo, at
which the amendments to the currency
bill desired by the bankers were dis
| cussed and assurances given that the
administration was willing to remedy
every reasonable objection to the
measure. Mr.. Reynolds was summon
| ed to New York to confer with Secre-
I.tary McAdoo last Wednesday to dis
Ecuss the attitude of the bankers to-
ward the proposed legislation. Mr..
| Reynolds outlined the principal obiec-
tions of the bankers to the measure
and when he returned to Chicago to-
day he felt confident that the admin
| istration would make a number of
| concessions in the final draft of the
bill.
In addressing the conference today,
| Mr.. Reynolds said:
| "1f we act wisely / believe we will
| be able to obtain material modif1ca-
| tions in the Owen Glass currency bill
| now pending in congress.
Il spent yesterday with Secretary
| McAdoo in New York and we talked
about the bill and our objections to it..
| He assured me that the administration
desired to do all in its power in rene
dying 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 corrected and think
| that we can get other concessions If
we go about it in a spirit, OF concilia-
Etion and compromise, and express "A
4 willingness to meet the government
1 half way. have had considerable
Icontact with those in control sof this
Il
i they are willing to listen and want to
| be fair. / predict that If we meet the
| government in the proper spirit a bill
| reasonably satisfactory to the bankers
and business men may be passed at the
present session. We probably will NOT
\ be able to get everything we want. bur
we may get legislation on the subject
II believe President Wilson can put
| through some kind of a currency bill
| and ! favor cooperating with him in
| securing the best measure that polite
\ al exigencies will permit.
Il believe we can get the number of
| federal reserve banks reduced from
| twelve to five or six. / believe we can
| have changes made in the wording of
the clause referring to the chairman
of the federal reserve board which win
remove it from politics I believe we
can have the advisory committee of
| bankers clothed with the power Of veto
| in connection with the management Of
| the reserve banks"
| Mr.. Reynolds was vigorously ap-
plauded, and moment later the atti-
tude of the bankers toward the new
currency bill had apparently changed
from opposition to willingness to com
| promise.
T.. j. Wade, of st. Louis, also urged
policy of conciliation and endorsed
! everything Mr.. Reynolds had said:
| IF we cannot agree among our
selves in regard to the kind of a cur
rency law that is needed, what can we
expect of congress" he said. 1--WE en-
dorsed the Aldrich currency bill by u
| unanimous vote and it never got out
of committee. Now we have a chance
to get a bill passed, and we should