The Irish standard., 1914-05-09
FEDERAL RESERVE
BOARD IS CHOSEN
FIVE MEN SELECTED BY PREsl.
DENT WILSON FOR lMPoR.
TANT PLACES.
ON PAR WITH SUPREME COURT
Set In Motion Intricate New
Banking System Of
Country.


Ter of currency, John Shelton Will
Jams, are to compose the federal re-
serve board.
Haven't Accepted Vet.
All selected had not yet accepted,
30 formal announcement will not be
made for another day or two.
Four Of the men to whom the presi-
dent has offered places are:
Richard Olney of Boston, Mass,
former secretary of state under Pres
ident Cleveland, to be governor Of
the board.
Paul Moritz Warburg of New York,
member Of the banking firm of Kuhn,
Loeb & Co.
Harry A. Wheeler of Chicago, vice
president Of the Union Trust company
Of Chicago and former president and
organizer Of the United States Cham
Der of Commerce.
w. P. G. Harding of Birmingham,
Ala, president of the First National
bank of Birmingham and one of the
leading bankers of the South.
Speculation as to Fifth.
The fifth member is from the Pa.
cific coast and is believed to be DR..
Adolph Caspar Miller of San Francis
co, now assistant to Secretary Lane
OF the interior department, formerly
member Of the faculty of Leland
Stanford university, an economist and
authority on finance.
Upon the new board will devolve
the task Of setting in motion the bank.
ing system Of the country through
the IL regional reserve banks already
selected.
Constitute Governing Board.
Also they will constitute the govern.
Ing board, which is given wide pow
ers to regulate the ~ banks and the
Issuance Of currency. The president
had told his friends that he regarded
the membership of the board equally
as important as that of the supreme
court of the United States.
The president is very anxious that
Mr.. Olney should accept and had a
personal representative with him in
Boston urging him to do so. The i'm
preston among many persons here,
however, was that Mr. Olney would
decline as he did the ambassadorship
to Great Britain. on account of his
advancing age. Should Mr. Olney de-
cline, it is believed Mr.. Harding OF
Mr.. Warburg will be chosen to head
the board, but this will not be deter.
mined until definite word comes from
the first choice.
All Districts Represented.
While the White House did not
make any announcements, persons
close to the president confirmed the
names of the first four men above
mentioned, and discussed freely the
principles which had guided the pres
ident in making his choice. He Sc
lected men from New England, New
York, the Middle West, South and
Pacific coast, they said, so as to con-
form with the provisions Of the new
law, which specify that no two mem
bers Of the board shall come from
the same regional reserve district.
The president, according to those
who were In his confidence as he
made his selections, was guided by
no political considerations, seeking to
get the best bankers and business men
available. White House officials did
} not know the politics of the men men.
toned except that Messrs. Olney and
Harding were Democrats and they
believed Mr.. Warburg was Repub.
lican.
Mr.. Wheeler is Republican and
close friend Of former President
Taft.
Mr.. Olney was particularly desired
for the position of governor of the
board because of his legal training and
his familiarity with the business
world. He is IS.
Former Secretary Of State Selected
Mr.. Olney was offered the ambassa-
dorship to Great Britain by President
Wilson early last year, but expressed
an unwillingness to leave the country
on account Of his business interests.
He is being strongly urged by
friends Of the president to accept this
place which the president has spoken
" OF as of equal Importance to a place
on the bench of the supreme court of
the United States. Although Mr.. o.
ney is Is years old he is active and
has had a long experience in the bust
ness world and finance which the
president and his advisers believe
would be especially adapted at the
bead Of the reserve board.