The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-09-16
SMALL BANKS WILL
DISTRIBUTE MONEY
RICHMOND MERELY TO ACT A.
THE DIsBI RISING
CENTER.
DIVIDED ON BILL
SOME LOCAL BANKERS FIND GLASS
OWEN MEASURE ADMIRABLE,
BtT OTHERS RETTERIN
OPPOSE 1T.

At least S45o.0 600 Of the govern
mcnt's crop moving fund will be dis
trbuted from Richmond Ia the esti-
mate made by one Of the bankers Of
this city yesterday afternoon.
1T might be well to inform the
public, though said o. J Sands. Of
the American National bank, when
speaking Of the part which Richmond
would play I'm the disbursement Of
the money which the secretary of the
treasury plans to put in circulation,
that the money which will be dis
trihuted from Richmond banks viii in
no case gn directly to individuals
This money IL intended for the use
Of smaller banks and those dealing
more directly with the farmers than
We do. here and to them IT will GO
under the directions of the treasury
department.
None For individuals.
There Is no use Of individuals max
ing application for a part OF this sum,
no matter how good their security
may be- as II Is quite impossible that
II he circulated in that manner here.
Several other bankers stated that q
part Of the sum would he handled by
their institutions. but none were in
position 10 state exactly how much
would he distributed either by their
banks or by the other hanks Of the
city. II is thought. however that
Richmond's share will equal II not
exceed the $3.50, 600 which was named
In the application made by the banks
of Norfolk.
The Virginia National bank and the
Seahoard National bank. of Norfolk,
have already applied for Ions on that
city's apportionment Of the disburse-
ment and have made some progress in
the way of arranging securities.
BANKERS Divided on Currency Bill
The bankers Of Richmond seem to
be about evenly divided on the Glass
owen currency bin now before con-
gress While speaking about the gov
ernment's method of aiding the farmer
In his crop moving and of the coming
bankers conference here many OF
them expressed their opinion or the
bill in no uncertain manner. but while
several were bitterly opposed to the
bin there were others who thought
that. in the main. 1t was admirahle.
The fact that bankers are not 10
he given control over the federal re-
serve- anard.- and the fact that this
hoard is to be named by the presi-
dent. rather than by the banks or
bank stockholders, appears to be the
chief point opposed by those dissatis-
fed with the pending legislation, They
fear that this method Will allow pnli
tica to play too great II part in the
selection of the board. and that men
unfamiliar with the banking situation
Will be given places with that body,
The bankers here who take this stand
are violently against the bill, one or
them even going SO far as 10 state
THAT. ~ that Is the Democratic pol
icy then. | am n Republican. II Is
not right that men who are entirely
outside of the banking world, ana IN
other walks Of life be allowed to die
tate TO us how we shall run our bust
neRses. And besides that the pro
posed bill gives entirely too much
/ power to the central government
Others who do not take SO radical
view are Of the opinion that the
! bill would he excellent with some OF
the notifications mentioned by the
! Chicago bankers. They do not think
/ that there should be left possibility
of demand being made on the gold
| reserve In the treasury. and as might
/ occur II the new currency is TO be
| made a government obligation.
The prediction rs made that the
! matter will he thoroughly threshed
| out at the special session Of the Nir-
/ ginia Bankers association, which has
! been called TO meet in this city on
/ September 27th, The meeting is ia
be held especially to bring about a
discussion by the bankers of the pend
/ ing currency legislation,