The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-19
WILLIAMS HERE, BUT
WON'T TELL MISSION
Comptroller Says Reserve
Board Hasn't Acted on
Plan to End Office.
CSURY CHARGE PROTEST

John Shelton williams, Comptroller OF
The Currency. whose Office the advisory
council of the Federal Reserve Board has
recommended to DO abolished n It's
duties absorbed by the board. arrived
here from Washington yesterday. There
2as a rumor that his visit here had
something To do with the councils re-
port. now before the board for action.
and also with the Administrations in
tention to push the plan for Govern
.ncnt merchant ships ut the approaching
session.
Comptroller Williams, seen at the Wal.
dorf. refused to say what had brought
ferred not to comment on the proposal to
do away with his office made by the
Federal Reserve Board committee.
When asked II he suspected that the
councll had been Influenced in its action
by the friends OF President Glover Of
the Riggs National Bank Mr.. Williams
replied
'The action of the advisory board will
have to speak for itself. II has not
been acted upon a. yet and II would
be highly improper for me 10 attempt
TO forecast what disposition will be made
Of this report. The advisory board since
the new law went into operation has
held three or four meetings and has
made some recommendations. as I recall,
but It's recommendations heretofore have
been with regard to details. such as
clearing checks.
"These are the first important recon-
m%endations l recall having been made
by II. The Federal Reserve Board
is preparing to draw up its first report
10 Congress, which will be presented in
january. and any changes 1t sees ft to
recommend will be Incorporated in that
report"
Asked TO comment on the results Of
the frst years operation of the new cur
rency law. Mr.. Williams replied by re-
calling the inscription In st. Paul's re-
ferring to Sir Christopher Wren. III you
seek his monument look around you"
He said the same thing might be said Of
the currency law.
On the subject Of Government owned
ships Mr.. Williams said that his views
had 70 changed. but had merely been
strengthened.
THE need of such ships" he eaid.
becomes more evident with every day
that passes. You have only to go down
to your own wharves to see hat. Look
at the present freight rates and the
scarcity of ships to send our products
ABROAD IN. ana the International Mer-
camille Marine. which a year ago de-
faulted on Its bonds. Is now making
millions. II private owners are willing
or unable to provide the proper facilities
the Government should"
At a recent meeting Of the executive
committee Of the national bank section
OF the American Bankers Association In
this city a resolution was unanimously
adopted protesting against the circular
sent out by Comptroller Williams In
which he charged national banks with
asking usurious rates Of interest.
The resolution states that the practices
complained Of by the Comptroller are
confined to certain sections OF the coun-
Try and are by no means general. and
that the publicity given to the matter
mas done the majority OF bankers
throughout the country a great injus-
lice.
The committee voted that a copy OF
the resolution which asks the Comp
troller to make such notifications and
corrections OF his statement as will do
justice 10 the great number of banks
which a not violated the statutes re-
lating to rates of interest he sent IN
Mr.. Williams.