The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-01-26
ROBERTS BOOM
APPEARS SOLID
Mint Director Said to Be
Prominent Among EGgibles
for Reserve Board.
HOLLIS SPEECH IS CITED
Senator's Description Of His Unnamed
Candidate Rang of Official
Confidence.
HOLLIS SPEECH IS CITED


Evan Roberts. Director Of the Mint. for
a place on the Federal reserve board.
by Senator Hollis at the District Bank
ers' Associations dinner Saturday night
probably foreshadows his appointment
Senator Hollis, of course. was careful
to avoid mentioning Mr.. Roberts name
and disclaimed that he was being urged
actively upon the President The state
ment. however, coming from a member
of the Banking and Currency Commit
tee, who had much to do In framing the
new currenry law, Is of great Importance.
1t became, especially. $50 for the reason
that the Senator said Mr.. Roberts quail
fications were so high that his being .
Republican should not weigh against
hum. This is understood to be the view
held by the President who has been
quoted as saying that he regards the
personnel of the FederaIreserve board In
the same light as he would the forming
of a new Supreme Court
There is some doubt, however, whether
Senator Hollis can be regarded as the
originator of the suggestion that Mr..
Roberts he appointed on the board.
During the sessions Of the Senate Com.
mittee and, in fact, during the considers
ton of the bill in the House, the Direc-
tor of the Mint frequently was quoted
against the existing archaic currency
system. It therefore, is probable that
the President himself has had Mr.. Rob
erts in mind since he began his search
for the five men who will constitute the
active membership of the board.
Geoxraphfcal Lines Important.
Mr.. Roberts, whom the President Is seri-
ously considering with George NJ. Rey-
nolds, of Chicago, Festus ]. Wade, OF
ST. Louis, and others. is a native Of Iowa.
Under the terms of the act not more than
one member Of the board can be selected
from the same ReServe district. As there
are to be not less than eight districts the
President is not geographically confined
as much as would appear at first glance.
II is interesting, however. TO note IN TINS
connection that these men, who are pop
uIarly supposed to be under serious con-
sideration owing to their pre-emineht
Qualifications. come from the contiguous
States of Iowa, Illinois and Missouri and
that il would require considerable IN
genuity on the part of the Reserve Bank
ORGANIZATION Committee to arrange the
districts in order that more than two
of the three will be geographically eligi-
BILE for appointment
Mr., Roberts Past Experience.
The excellent work done by Mr.. Rob-
erts during the thirteen years he has
been Director of the Mint-during an IN
terval of three years he was president
of the Chicago Commercial Banks SO
well known that comment is unnecessary.
1t is. however, through his writings that
he has gained particular fame in the
financial world. For a number OF years
he has been frequent contributor 10
maya zines and periodicals in the nope
that he would bring about change in
the present currency system which he
frequently took occasion TO explain was
an absolute danger to the country.
When the Aldrich act, which was
mere makeshift, was passed. Mr.. Roberts
still continued to point out that the basic
problems connected with our monetary
and fiscal systems were very far from
being solved. In May, 1907, he explained
why this was the case, and four months
later the panic came Much that Mr.
Roberts complained CT was corrected in
the currency act which soon will be en-
forced. He explained that the country
had no resource in financial emergency
except through the importation of gold,
and that the cumbersome sub-treasury
system was still in force The Secretary
of the Treasury was compelled to bear
the responsibility of selecting the banks
in which deposits should be-made, to de-
termine how much each bank should
have, and what security should be given
Criticism of Currency system.
Mr.. Roberts said there should be a
division of authority so that the govern
ment might shape the general policy
while the details of management. placing
of loans, the selection Of employees,
should be in the hands OF those repre-
senting stockholders, that is the bank
ers. These features, Of course. largely
are taken from the French and German
banking systems. The new currency bill
also overcomes the isolation Of individual
units, a feature of the system now in
process of passing, which has been re-
On rded as extremely weak