The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-14
John SHELTON VILLA ms and the New
Ranking Law.

John SHELTON VILLA ms and the New
Banking Law.
II JOIN sxrLroS WILLIAMS. now
Assistant Secretary Of the Treasury.
Is At man for Comptroller Of the Cur
rency and ~ for place on the Federal
Reserve Board which Is to manage the
country's new banking and currency
system. there must be superabun-
dance of material for membership In
that omnipotent body. Despite Presi-
dent WILSON'S nomination Of Mr.. WILL
IAMs for Comptroller TuE Sun remains
Of the opinion that the qualifications
for place on the Federal Reserve Board
are superior to any claims which may
be urged IN Mr.. WILLIAMS behalf.
and We are persuaded that the reluc
lance of national banks which are apply
ing for admission to the Federal re
serve system under the drastic compul
sions Of the new law will be increa sed
by the proposal of Mr.. WILLIAMS 10 be
one Of their ovrrlords.
II politics has been played to pro-
""'e WI 'l'N"> '''''"'"''' we
S"o'''' '"'' NV "'''> 'o' ''''' sure "P
~ '"' ''''''' 'e,'''' ''''" ''''"'-
menis. IT politics has not been played.
""'' - =" W. "'',"' W u" w" "'"'",
W r"'''' ""'" "''c H"'"'tH >"''''"
OUT ''i'' 'i' ir'Nh' '"'' W "'S h"''''"a
lion: WHAT ais" H. To- he made Of the
'"Ss'''- =" ""''' '"'''"' ''''"
""' ,'''' "" o." vs. ~ Wv '''''' '''''''
JUS '"e ''"'i'''"'''' w Wv VI ''"''
US W. '"'''"s ''.' ''"' ""e' =.
was 'u''"'''"'' '"s' June " prc''oeu
'ii"' w ''''i''"','r VI me "'r'"'!
sh""'" '"' one 81 ''ir"' men WI" were
10 20 on '"' 'e''r"' '''N''Ne ''"ar" u!
r'sn' 81 '''rr'' ""'"' u" HOUSE
Kept TINS provision Ia ID" nm hh' the
senate 'ha'ig'h u :" 'h'' we secretary
or the treasury was l" he IN" only
o"''ai fhen'"r "I III" board PRESSURE
from some quarter was exerted when
the bill WAS in '"nfcr"n'" between the
House and Senate. and IN the act as ii
went on the siatnt" books the Comp
troller of the Currency was restored TO
Federal Reserve Board membership.
Meanwhile II is interesting to note
that the HOUSE bill provided that the
Comptroller of the Currency should
remain an independent fiscal officer.
Tho Senate altered the terms OF the
bill 90 as to make the Comptroller
wholly subordinate TO the Secretary of
the Treasury. aud the Senate provision
was retained In the act. Meanwhile
also IL Is to the polnt of the present dis
cussion that President WILSON has not
until now attempted TO All the Comm
troller's Office.
There Is enough in This record n
suggest that the Comptrollership has
been held open for Secretary McApoo's
U,bordinate. JouN SKrIroy Wu,r.Ns
II IA enough 70 suggest further that q
csmDaign has been wapcd for months
IN the interest Of Mr. WuII,Ms's elo.
walton 10 the Federal Reserve BOARD h,
the route Of the COMMIT roller.bip Such
a suggestion is In violent hostility 10 tn.
ideal OF Federal Reserve Board mem.
bership.
The duties. responsibilities and DOW.
ers OF that hoard are so ewfu, and sr
extensive. 80 freighted with bappines,
or disaster to the whole country, TIM,
no man should accent them save unde,
the highest sense Of devotion TO the pub
lie service. Such scceptance would b,
incompatible with even tacit assent I,
ANYTHING resembling plotting for Fed
eral Reserve Board place. and II /,
hardly likely that Mfr. WILLIAMS On,
have been Ignorant Of tho Wssb,npt,