Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-11-18
POWERFUL INTERESTS
IN FIGHT ON WILLIAMS
Movement to Abolish Office of Comp
trollcr Result OF Secret Propa-
Sanda I'm This Country.
HIS FRIENDS NOT ALARMED
Administration Leaders, Who Framed
Reserve Act, Will Vigorously OPP
pose Proposition-Senat Owen
Formally Announces His Stand.
| lspecial To Th, Times Dispatch. |

Especial tn The Times Dispatcl.
WASHINGTON. u. G.. November IT,
Friends OF John SHELTON williams.
Comptroller of the Currency, are not
alarmed over the movement to abolish
the Federal Office he holds. Following
the action last night OF the Federal
advisory council. recommending that
the comptrollcr's office be merged into
the Federal Reserve Board there came
the news to-day that the administra-
tion leaders in Congress who framed
the new reserve act will vigorously
oppose the proposition.
Senator owen has formally announced
his stand against it.
Should the movement be carried TO
Congress. Mr.. Williamss friends are
prepared to show that powerful fnan-
cial interests which the present ,,mp-
trollcr has offended by his policies
have been conducting a secret prop
aganda in this country for the pnrpose
of creating sentiment among the banks
for the abolishment OF the. .compirollcrs
office. Information of this character.
il is learned. has been placed in the
hnnds of the Treasury officials
WANT COMPLETE CONTROL.
FOR RESERVE BOARD
The action of the Federal advisory
council was in response to SUGGESTIONS
from tho Federal Reserve Board for
recommendations for financial legisla-
ton in the next Congress. The idea of
the advisory council is that the Fed
eral Reserve Board should have com
piete and direc; supervisory authority
over the national banks. which are
members Of the Federal reserve system.
At present they contend they have no
control over the national banks. hut
the government regulation of these in
stitutious is vested in the Comptroller
OF the Currency. who. while i'm *
ofiicio member "f The Federal Reserve
Board. is independent of il and can
not hc compelled to carry out any in
structionS Of the board relating I, the
regulation OF nati"ual banks
The original Glass, bill placed the
Comptroller of the Currency uudc:. thc
direction Of the Federal Reserve Board.
but did not abolish the Office The
senate eliminated this provision and
kept the comptroller n free and indie
pendent agency in the Treasury De-
parimcnt. with full and complete arbi-
trarN powers tn supervise the acts Of
nationai banks. Tho House finally nc
c"pi"d tn" Senate plan.
The Federal advisory council. in H..
goes further than tho
original Glass bill, AMI calls for tha
abolition Of the "tiic. Of compirolicr
as administered by one man and makes
the Federal Reserve Eoard n body uf
seven men. = collective comptro!icr
Members Of the House and senate Bank
ing Committees to-day declared tina,
the Trainers of the new reserve act
they formulated the banking law sen
ator owen declares that he believes
that the office or comptroller should
be preserved and hc kept an inde-
pendent agent as he is new.
OUTLINES HECOMMENDATION
For AMENDMENTS
The Federal Reserve Board 10 .da, is
sued II Statcmcnt outlining recon
nrndntion tor amendments to the F-d-
erdl reserve act made by the Fed
cral advisory council.
In addition TO the suggestion that
the work OF the office of the Comptrol-
Ter OF the Currency be absorbed and
by the reserve board, the
council recommended II reduction by
two-thirds Of the present paid in can
ttai stock OF Federal reserve banks and
capital to remain as under
existing law II suggested that the
Clayton antitrust act he amended In
the section affecting interlockinE di-
rectorates so IL would be lawful for an
officer or director OF one bank to hold
office or be director In another bank