South Bend news-times. (South Bend, Ind.) 1913-1938, 1913-10-02
REJECT CHANGES
IN CURRENCY BILL
Chamber of Commerce Votes on
the Proposed Amendments
as Part of the National
Referendum.
&88 TheNelU Section Devoted to House Garments 8
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The general report Of proposed
changes in the owen Glass currency
bill made by the committee of the
Chamber OF Commerce of the United
states and submitted 10 the directors
OF the south Bend chamber I'm
referendum vote was rejected by the
local chamber. AT "a meeting of the
board OF directors Wednesday the re-
port OF a committee which has had
the matter under consideration for
some time advising against supporting
the proposed changes was accepted.
This vote was on the general prop
Osition submitted. There were sew
eral other specific changes on which
an individual vote was requested on
these the directors We're divided.
A petition from the Handelsver-
trags-N erein, "a business organization
Of Berlin. Germany. which was pre-
scented for signature. asking the in
ternauOnal postal congress in Ma
drid. 1914. % extend domestic postal
rates TO all countries IN the postal
union or at least Co establish an APP
proximate rate on an letters of one
penny, English, was signed as request
ed
l. NJ Hammerschmidt submitted a
report OF the plans of the social well
fare committee Of the chamber for
the social center work of the year.
=
in the new high school and a definite
program OF educational subjects to be
discussed at the various centers.
The Subcommittee which had the
currency bill referendum under con
sideration consisted Of Timothy How
ard. chairman. George y. Bingham
and l.. r. Hardy. Here are the indi-
vidual propositions submitted and
how the directors voted:
Here II the Vote.
That federal reserve banks shall
mutually guarantee federal service
notes. Vote YES
That there be created "a federal re-
serve council, in addition TO the fed
eFral reserve board. the president and
vice president Of the council TO live
in Washington and to sit at the meet
ing of the board but have no vote.
Vote no.
That the federal reserve board be
increased to nine members. the two
additional members 10 be chosen by
the original seven. subject TO the ap-
prOVal or the president. and the COM
.pensatiOn Of the governor and vice
governor Of the board 10 be fixed by
the board itself Vote no.
That in creating the new system Of
federal reserve banks a beginning
should - made with the present CEN
s=raI reserve cities. three in numb
reserve board gradually. as conditions
warranted. The bill now provides for
"A minimum Of l. reserve banks. Vote
NO.
That restriction of issue of federal
reserve notes 10 $500, 100000 should
,be eliminated; that interest on federal
reserve notes Ice eliminated, and that
IL DE made unlawful for any federal
reserve bank To pay out any notes eX-
cept its own, the notes issued by eacn
bank being given an identifying num-
Der. Vote YES.
That federal reserve notes should
not be obligations of the government.
but should be guaranteed by the
United States. and that they be re-
deemable by the federal reserve banks
and not at the treasury of the United
States. Vote NO.
That the reserve requirements of
the Owen-Glass bill be modified and
reduced for both country banks and
banks IN cities. Vote y ES.
The directors also considered
proposition by which a new industry
may be obtained for South Bend. The
negotiations have not progressed far
enough for a definite announcement.
however. according to Secy. Manning.