The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-06-22
CURRENCY MEASURE
GIVES GOVERNMENT
TOO GREAT POWER
Politics Scented By Some q
the Opponents of the
New Bill
THREATEN TO GIVE
UP FEDERAL CHARTER
Several National Bnaks Voics
Decided Opposition---Cus
rency Will Be Inflated
Is Forecast

WASHINGTON. June fla Ga
The feeling is growing In Wash.
ineton that the administrations
currency revision bill will be mA-
terialiy changed after IL Is intrO-
duced in the house OF rcpresen-
tatives. Chairman Glass, OF the
house banking and currency CONF
mittee, who Is the leading spirit III
the reform movement, Is dis
satisfied with the bill in It's pres
cnt form, and accepted IL mere.
~ for the sake OF harmony. ana
TO have something tangible for
working basis.
The Republicans are already
beginning To prick up their ears
as Ii they detected in the cur
rency reform program an excel
lent opportunity for political
issue. In fact there Is no doubt
now that the president and his
advisers will he severely attack.
ed i'm congress on account of the
proposed composition of the feds
eral reserve board. The Repubif-
cans viii raise the cry OF "po.
litical domination and insist
, that changes made i'm the cur-
rency hill at the last moment will
result IL carried out In throwing
II
tics.
In this contention the Rcpubli-
cans will be supported by good "
many Democrats in congress-
Democrats pointed out today that
the failure of the bill to provide
for the retirement of existing
hank note circulation was direct
Iy at variance with the party
platform of 1896. 1900. and 1908,
all of which were written In whole
or part by William j. Bryan.
These platforms declared against
bond secured circulation, and de-
manded Its retirement.
WASHINGTON, June 21.--One OF
he most serious criticisms of the adj
new currency bill. al
ready being freely registered in Wash-
ngton through countrywide commune
cations. Is the charge that the ma
.ional banking system of the nation
s placed under political domination.
rhe next serious objection raised to
he bill lis that failure to retire the
national bank notes Will, through the
ssue of the 100000. 900, virtually re-
suit in imitation of the currency to
hat amount
on top of these criticisms come
threats of New York and Chicago ma
.ional banks To abandon their nations
al charters. If the bin becomes law.
and to take out State charters under
which to transact their business.
VIII Attract Attention.
The charge that the supervision Of
the national reserve banks Is rele-
gated TO political control Is regarded
as the one likely TO attract most at
Lention and result in freest discus
sion AS the bill reads, there Is said
TO be no question of doubt that .ab.
solute control of the banks is vested
IN. appointees of the president.
The federal reserve board to be APP
pointed by the president is author
ICED:
To SUSPEND for n period not exceed
ing thirty days land to renew such
for periods not to exceed
fifteen days. any and every reserve
requirement specified in this act.
To supervise and regulate the issue
OF treasury notes to federal reserve
banks.
To add to tho number of cities
classified as reserve and central re-
serve scities under existing law In
which, national banking associations
are subject to the reserve requires
ments set forth in the act. or to re-
classify existing reserve and central
reserve cities and to designats the
banks therein situated as country
at its discretion.
To require the removal of cfaciala
Of federal reserve banks for iuc0m-
potency, dereliction of duty, fraud o.
deceit. S
To require the writing off of d0ubt-
full or worthless assets upon the hCo1E1
and balance sheets of federal RESERVE
banks
To suspend the further Operation
Of any federal reserve hank and ~.
point a receiver therefor.
To perform the duties, functions M
services specified or implied In tn
act
To examine at its discretion the ac~
-punts ana ROCKS or each federAf w.
serve bank and to require such st4to-
ments and reports as it deems neceG
sary.
To require, or on application n
permit, a federal reserve bank tors
discount the paper of any other I'D
sra1 reserve bank. a36g
II establish each week. 0r-ax-uau1d
oftener as required. a rate az il
count which shall be mandatory up&1G
each federal reserve bank and En-
each class of paper, provided 4ENI
said rate of discount need nQks
uniform for all federal
banks. but shall be made
a view 20 accommodating the
merce of the country and prom&
a stable price level.
Tremendous Political Iscyeu
The board can virtux1lv expAal IN
contract the issue of money hae&
paper at its ple4
nominate the character Of thu
and designate the section In
The money shall he let out. ssSa57
1t is charged THAT tnfg pUwQr
be a tremendous political INN
political campaigns and p6
rises having In mind cspecfa31
power Of the federal hoard t6f
% the farmer vote and In a2r4e
sections by loosening up mnI3Q