Evening star., 1914-08-14
National Bank Body Organizes
and Indicates Leniency
at Present.
WILSON DECLARES PLAN
WILL SOLVE u. S. NEEDS
Prof. Henry B. Fine Made secre
tary-Baltimore and Omaha
Protests Go Over to Monday.

system under the new currency law. The
first formal session OF the seven merf1-
bers of the board has been held. and
second meeting set for Monday.
At the first session, called by the or
ganization committee, all members were
present. Secretary McAdoo. one of the
two ex-officio members, presided. John
Shelton Williams, controller of the cur
rency, the other ex-officio member. and
Charles S. Hamlin. governor; Frederic
A. Delano vice governor, and William
G. NJ. Harding. Paul Warburg and A. c.
Miller completed the membership.
Prof. Henry Burchard Fine, dean Of
the departments of mathematics and
selected by the board to be it's secre-
tary. Dean Fine is close friend of
President Wilson and was offered the
ambassadorship to Germany. but de-
clined.
He is a graduate of Princeton Univer-
sity in the class Of 1880, having been
in college with Mr.. Wilson three years.
He was dean Of the faculty during the
ten years of Mr.. Wilson's term as presi-
dent Of the university.
Postpone Protests.
Protests from Baltimore and Omaha
against selections by the committee
organization committee was directed to
prepare a method Of procedure in hear
ing Of these protests. to be submitted
at a further meeting"
Treasury authorities will look with for
bearance upon any necessary reduction
in the reserve of the national banks
caused by meeting foreign obligations In
the present situation. This attitude was
informally agreed upon today, and au-
- tot, fo In
vested in the controller of the currency
and the new federal reserve board.
The reserve board considered this sub
ject. It was decided no unnecessary
the banks. Under the federal reserve act
the board is empowered to suspend for
not exceeding thirty days, and from time
to time renew the suspension for periods
requirement specified in the new law. A
graduated tax. however. would be i'm
posed upon the amounts by which the
reserve requirements Of the act may be
permitted to fall below the normal level.
The President, in greeting the board at
the White House yesterday afternoon.
told its members that It is extremely for
tunate that at last all reasons for de-
laying organization are removed. The
board now can proceed to the organiza-
ton Of a system that win relieve, steady
and reassure the country in many
ways" he said.
Wilson Is- Confident.
Recently, in the extraordinary cir
cumstances now existing in the world
at large" said the President, I'VE have
been obliged to resort to legislation
intended for unusual circumstances. a
resort which would not have been nee
essary II we had had the organisation
which you are now about to consum-
mate and put into operation.
II hook forward with tho greatest
confidence to the result, because be-
neve we have devised system which,
though novel in some particulars, is
clearly adjusted to the circumstances
of American industrial and commercial
life: that has an element Of local SELF
government in 1t which is quite con-
sistent with the analogfes of our po-
litical life and the habits Of our re-
gional life.
II am. personally. very happy to have
played q small part in bringing this
plan to a contamination. and I am
happy that you gentlemen
have consented to serve the country
in this disinterested way and to at
ford a guidance to which I am sure 1t
Il know what sacrifices many Of you
have made. and. after all, that is not
real service for which we do not pay
some price. The very fact that per-
sonal sacrifice is involved Is q guar
antee to the country Of what the re-
suits will be. We will not serve our
selves, but the country at large"