The Washington herald., 1914-04-08

POLITICS in BANK
CHOICES, ISCRY
Republicans Charge Demo
Gratis with Discrimination
Against Cities.
LOOKING TO PRESIDENT
Representative Mann Says He May
Dispel Suspicion by Selection
of Reserve Board.
LOOKING TO PRESIDENT

Dissatisfaction over the organisation
committees selections Of Federal reserve
cities was expressed in the debate in the
House again yesterday. Representative
Mann, the Republican leader, charged
that the committee had injected politics
into the financial operations of the coun-
Try. This was denied BY Representative
Glass. Of Virginia. one of the authors
Of the new banking law. Representatives
reserve banks uttered complaints against
the selections OF the Federal Reserve
Board
Representative Dupre, of Louisiana,
read resolutions adopted in New Orleans
denogncing the failure Of the organiza-
ton committee for its failure to desig-
nate that city as reserve center.
II VIII be a sorry day for this coun-
try when gentlemen. through Legislation,
inject politics into the financial opera
tons of the country" said Represent
alive Mann. I'VE feared that this was
being done when the currency win was
before the House and up to now these
fears do not appear to have been base
less.
Doubts New comptroller.
IT have great confidence In the per-
Eonal integrity Of the Secretary Of the
Treasury and the Secretary OF Agricui-
tura. I do not know so much about and
do not have 90 much confidence in the
new Comptroller of the Currency.
IT was unfortunate that the Demo-
cratic Congress, in passing the currency
law, provided for a purely Democratic
board which should select these reserve
bank locations
Il DO not suppose that the Secretaries
Of the Treasury and Agriculture were
consciously affected by partisan consid-
Grafton, though I have no doubt that
they heard "a great deal more privately
from people high in Democratic counsels
than from people in Republican and Pro-
gresstve counsels.
TT is a somewhat wide belief that per-
sonal touch had something to do with
some of the selections 1t is apparent
that the Secretary OF the Treasury re-
ceives a bank In New York. the Comp
troller receives a bank in his little city
(RichmondD, and the Secretary Of Agri-
culture gets two banks in his State.
Unless the President. when he names !
the Federal Reserve Board. shall make |
better selection than the board made, |
II will be believed throughout the coun- |
try that politics is having too much in |
huence in a matter from which politics |
ought to be banished."
Fight in senate.
Representative Pou, of North Carolina,
Democrat, replied to Mr.. Mann. Repre-
sentative Linthicum, of Baltimore, said
he did not accuse anybody of political
pull but he expressed amazement that |
Richmond should have been given prefer
'enoc over Baltimore-ss. - ..-...
Representative Glass suggested that |
Richmond banks loaned 100000 a year
In the South as compared with leans
OF S. 6ooo.o 600 advanced by Baltimore banks.
Mr.. Linthicun replied that Richmond
banks got most Of their money from Bal
tSsnore.
In the Senate yesterday Senator Rams
dell. of louisiana offered a memorial
from a mass meeting of citizens of New
Orleans. protesting against the apparent
against the Crescent City. |
He asked that the memorial be printed
rs public document to which Senator
Smith, of Georgia, whose home city, At
anta. was one of the favored communi-
ties-under the Houston-McAdoo-W Williams
dispensatiOn, arose to object.
Senator Ransdell notified the Senate
that he would read the matter into the ]
record himself today. Senator Smith re-
marked that he would be ready with q
reply.