The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1914-10-17
NEW BANKING
LAW CRITICISED
BY HEAD OF
BANKERS BODY
Discussion of Reserve System
Marks Opening Conven.
ton at Richmond

Richmond. Va, Oct. 14.-Discus.
sion of the nations new currency
system marked the first general SEES
sion here today OF the American
Bankers Association convention.
only the wisdom of management by
the directors and officers OF the vari-
GUS reserve banks of the federal re-
serve board can insure the success
OF the experiment" declared Arthur
Reynolds, president of the association
in his annual address.
1T is just criticism of the meas
ure," said MIR. Reynolds OF the re-
serve law, ito say that 1t does not
take the government out OF the bank
ing business and that confers upon
one of our government officials an
extraordinary power and discretion
unwarranted by the spirit OF our in
stitutions and repugnant to Republi-
can principles.
Gov. Charles S. Hamlin of the fed
eral reserve board told the bankers
that he hoped to see the new sys.
tenn in operation in short time and
predicted that it would prove OF i'm
mense advantage to the country.
The European war furnished Gov
ernor Hamiin with an opportunity to
compliment the bankers on the spirit
they have shown in helping to re
store disturbed financial conditions
but he gave warning that the prob
lens which have arisen from the wal
should not be attacked SO that 1.-THE
remedies proposed are worse thar
the disease"
Representative Carter Glass, one u
| the authors of the new banking Law
In an address before the convention
| declared that President Wilson de
served supreme credit for the law
which he designated as Legislative
miracle"
Mr.. Class said the discretionar!
| power of the secretary OF the treas
| ury to deposit and transfer govern
| ment funds which was criticised TO
day in the address of President Rey
nolds, had been possessed by the sec
rotary for the last fifty years. III
said he agreed, however, that SOM
| secretaries might do wrong and be
lleved the reserve law should hav'
provided that the regional banks
carry the deposits and act as fisca
agents of the government.
Mr.. Glass said bankers had no
been ignored in the making of tn
new law and that it was based o.
a hearing in which "the creates
bankers" In the country participated
Every safeguard had been placed Il
the bill, he said to prevent imitation
Mr.. Glass said he felt confiden
that proposals for government valol
ization of cotton or the sale of COY
eminent bonds to take the crop o
the planters hands would not resul
in action by congress. If 1t wer
done, he declared, it would not b
of permanent benefit to the cotto
producer.
Every sane and patriotic either
whether of Massachusetts or Missi'
sippi, Virginia or California" he sal
deeply sympathises with cotton pla
ters and would do anything with
the limitations Of reason ana sal
economics to aid them in their dl'
tress; but it cannot be expected tha
Congress will resort to measures ic
the relief Of any single America
product, the enactment of whic
would wreck the entire financial an
commercial fabric of the country
The nominating committee OF I'll
association tonight agreed to recon
mend the election of William A. La
of Philadelphia for president an
James X. Lynch of San Francls'
for vice president. Mr.. Law Is no
vice president.