The Washington herald., 1914-01-04
need FELT FOR
A COMPTROLLER
In View Of New Currency Law
an Early Appointment
Is Desired.
READY FOR HEARINGS
McAdoo and Houston Leave for New
York Tonight-Banks Send
in Applications.

The approach of the opening of hear
mgs in New York by the organization
committee of the Federal reserve sys-
tenn has served to impress on those con-
cerned the Importance Of an early ap-
pointment by President Wilson of a
Comptroller of the Currency. Secretary
McAdoo and Secretary OF Agriculture
Houston, who for the present make up
the organization committee, will leave
FOR New York tonight and will open hear
ings at the customs-house there tomor-
row morning.
Both members of the committee, 1t is
known. desire that the President shall
lose no time after the recess OF Con-
sress, which ends January u, in naming
a Comptroller to serve with them on the
committee. The latter official, who, I'M
der the provisions Of the Glass-Owen
law. will be ex officio a member of the
committee, undoubtedly was looked to
by the trainers of the law to shoulder
the lions share of the technical work of
reorganization.
The trainers of the law knew that the
Comptroller's Office contained full infor-
nation as TO the capitalization, surpluses,
and general conditions OF the 7,5cs ma
tional banks in the system which they
proposed to supersede. and that, in ad-
dition, the Comptroller had information
directly and indirectly upon matters OF
geographical convenience, industrial de-
velopment. normal trend OF domestic COM
merce, and movements OF business opera
tions and other practical matters relat-
ing to banking efficiency, which would
have to be considered when the work or
reorganizing the old system was UNDER
taken.
More Detailed knowledge.
IL also was assumed that the Comp
troIler OF the Currency would have at ms
command finer and more detailed
knowledge of the technical affairs or
bankers than would the Secretary of the
Treasury, who is concerned with so many
other problems than those relating to
banks alone. and the other eX officio
member of the committee. the Secretary
of Agriculture, who before this time has
had no duties which involved banking and
currency problems.
Ii is with 4 view to receiving the prac-
teal aid o. the new official that the
members OF the organization committee
and others here are calling upon the
President 10 appoint a Comptroller as
soon as is consistent wit. the public well
fare. In the meantime. the organization
committee will employ no expert financial
counsel TO assist in conducting the hear
ings at New York and Boston. it was an
nOunced yesterday.
Friends Of Assistant Secretary of the
Treasury John Shelton Williams expect
confidently that President Wilson will
send his narie to the Senate for confirma-
tion as Comptroller of the Currency, a
day or two after Congress reassembles,
a week from tomorrow. They had ex-
pected with equal confidence. however.
that Mr.. Williams nomination would be
Iafn-a ahinnrnnI DarPn-
ber -. Since then. rumors have been
afioat that members of the Cenate from
the South had adopted a defiant attitude
toward the Presidents selection. and had
let il be i-nuwn that the! would prevent
MIR. Williams confirmation. Whether or
not the President will deem this re-
ported opposition as of sufficient impor-
tance to necessitate the appointment of a
man other tnan 'Ir. Williams will not be
known until the President returns from
Pass Christian. Miss.
Schedule of HearinE.. ..
The organization committee made pub
lie yesterdav the following schedule for
the hearings. after those i'll New York.
Boston and Washington:
Chicago. January 10. 20. Il: st. Louis,
January -. .: Kansas City. January "a:
Denver, January 26 q. 2s: Seattle. Janu-
airy 81. FebIuarsr l; Portland, February
.: San Far -i:co, February 4. ), s; Los
February, I. s, }: Houston, Tex,
February u, Is; New Orleans, February
il. Is; A:la".a, Februarv 16. Il. IS; Gin
cinnati. February 49, 20 and Cleveland.
February q.
The Treasury Department received yes
terday the first application for member
ship in the Federal reserve system, filed
in the form prescribed by the organiza-
ton committee. There were 4 dozen such
received. / is expected that
the thousand or more banks that already
have applied informally will quickly send
in their application as prescribed by the