The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-05
4. c. MILLER IS FIFTH
ne Is Assistant Secretary of
Interior and Represents
Far West.
otyEY.S ayes" AWAITED
p.ard Will Control in Largo
Measure the Finances
=, of Country.

WASHINGTON. May 4.-President Will
an has completed his selections for the
FEDERAL Reserve Board and unless
.ome Of these decline membership the
sve nominations will he sent to the
S.,o,e this week. The five men to
whom the President has rendered places
on the board are:
niehard Oiney Of Boston, former See.
y,tary Of State. to whom has been offered
NJ soyerporship Of the board.
pa,i N. warbsrg Of Kuhn. Loeb 4 Co..
ysW YORK..
w.P. @. Harding. president Of the First
National Bank Of Birmingham, Ala.
Harry A. wheeler. viec-president Of the
rs,cp Trust Company of Chicago and
tanner head Of the National Chamber Of
Commerce.
A. E, Miller Of San Francisco. As
.,npt Secretary Of the Interior. He was
formerly professor Of finance At the Uni
verify Of Chicago.
The tender OF the governorship OF the
BOARD to eX-Secretary Olney and the Sc
lection Of Mr.. warburg as New York's
representative we're predicted In THE Sun
on Sunday. The question Of greatest In
,erest in the Presidents selections. aside
' from the identity OF the Western member,
relates 10 Mr.. Olney's attitude toward
The offer. Strong doubt existed in the
minds OF many persons In the capital to-
night that Mr.. Olney will accept.
II was pointed out that he refused the
Enthusiastically to Great Britain last
ysar, giving as his most important reason
his advanced age. He Is now IS years
I'D. and although he is vigorous II Is Diff
cult to convince some persons familiar
with his present. attitude toward arduous
ofacial duties that he will be willing to
undertake the great task OF heading tho
body which is to install the new currency
system.
Visited by Col. House.
Mr. olney was visited In Boston las
week BY Col f. NJ. House Of Texas. wh'
Informed him OF the Presidents desire q
name him governor of the board. IL
consented to take the proffer under con
|, sideration but his final answer has no
I yet been sent to the White House.
II Mr. Olney accepts he will represen
New England on the board. Mr.. War
burg will represent the East, Mr.. HardinI
the South. Mr. Wheeler the middle Yves
and Mr.. Miller will represent the IA
West
The President under the provisions o
the Glass-owen currency law is empow
cred to select the five members Of tn
board. aside from the Secretary OF tn
Treasury and the Comptroller of the Cur
rency with due consideration to geo
graphical, financial and commercial re
suirements. lie Is specifically forbidde
to select more than one member fror
any one of the twelve reserve district
which have been designated by the organ
izssion committee of the reserve board.
The 1--WE members of the board name
by the President are required to devot
iAe.r entire time to the business of m
reserve system and are allowed an annuS
salary of $4,000 each. They are debarre
from holding any position In any membe
bank OF the reserve system during the
incumbercy and for two years thereafter
Organization of the board.
The section Of the law relating to II
board Is In part a follows:
"Of the I'VE persons thus appointed
By the President at least two shall be
persons experienced in banking or
finance. Ore shall be designated by
the President to serve for two. one
Tor four. one for six. one for eight and
one Tor ten years, and thereafter each
member so appointed shall serve for a
term Of ten years unless sooner re-
moved for cause by the President.
'Of the Ave persons thus appointed
one shall be designated as governor
ana one as vice-gOvernor OF the Fed
sfal Reserve Board. The governor OF
the Federal Reserve Board. subject to
It's supervision. shall be the active ex-
tcutiNe officer"
The men appointed by the Preside
with Secretary McAdoo and Comptroll
Of the Currency John Shelton Williar
VIII have tremendous power in tn
htnd'. They win control in large mea
uie the finances OF tho country. They "
nav" the power OF fixing discount rates
the various districts and may order I
htasf"r Of reserves from one section
another They will supervise the ban
regulate the issue and retirement OF I
currency and may in an emergency =,
pend for stated term all reauiremei
Tor maintenance OF cash reserves
banks In the system,
The President has declared In
strongest terms his realization Of the
.ortance OF choosing well. lilo believes Il
sae board requires men Of the same hi
integrity as that which Is sought for me
hers - tho Supreme Court OF the Uni
states. and said early In the spring q
NJ felt as II he had the selection of
Justices - that tribunal on hts hands.
Tho naming ~ tho members Of the DO
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