The Detroit times., 1915-01-16
H. P. JOY LASHED
HARD BY REP. GLASS
Tells DetrOiter He's Unfit Ia
Serve On Board of Federal
Reserve Bank

a letter written bv Henry b. JOY,
president OF the Packard Motor Car
Co, and director OF the Chicago
FEDERAL reserve bank, 10 r. A. Delano.
OF the federal reserve board. critics.
ing Senator owen and Congressman
Glass for alleged Interference in the
affairs OF the Chicago institution. has
drawn a tart reply from Mr.. Glass.
The congressman has written Mr.. JOY,
him In turn. and telling him
he is not a nj man for director. Glass
letter follows:
Mr. Henry Is. JOY. Packard Motor Car
Co, Detroit f.-ss--
Dear Sir am today in receipt OF
your letter OF Jan. Z, addressed 10 Mr..
+. A. De1ano. vice governor OF the fed :
eral reserve board at Washington. u.
o., In which you call attention 10 an
article said TO have been printed iu the
Chicago Tribune. giving an alleged in 1.
terview with me and with other con
gressmen, which alleged interview YOU
moderately characterize as lot OF
pure. unadultsrated slush TO stir up
prejudice and trouble and suggest
that politicians OF my type indulge in
that sort of talk because II PAYS
IL seems not TO have occurred 10
you 10 inquire whether or not ! gave
or made any comment for publication
or otherwise on the LIndbergh resolu-
tons OF on matters appearing In the
Chicago papers In reference TO the con-
duct OF the regional reserve bank OF
that district. You do not appear 10
have sufficiently appreciated the dig
nifty OF your own position as director
in the Chicago federal reserve bank or
the responsibility OF my position as
chairman OF the banking and currency
committee OF the house of representa-
tives, TO have taken the precaution TO
be sure that you knew what you were
talking about before making haste to
engage In a wanton aspersion OF pub
lie men.
Speaking for myself. ! gave no Inter
view to the Chicago Tribune. nor TO
any other newspaper, and have made
no comment for publication, OF other
wise, on statements appearing In the
public press concerning the admin stra-
ton of the Chicago regional bank.
There Is absolutely no excuse for any
represent my views on the episodes
to which your defamatory letter has
reference.
/ know nothing OF the facts involved
in the alleged NAL administration OF
the Chicago regional reserve bank.
have not yet read the Lindbergh reso-
buttons, but entertain rather gen
eral prejudice against a sweeping In
vestigat.on OF q banking ana currency
system which has not been two months
in operation.
Nevertheless. the incident brings me
firmly to the irrevocable conclusion that
IL the other directors OF the Chicago
regional reserve bank are men or your
temperament and your disregard of
the ordinary amenities OF public life.
the sooner there is an investigation
OF the bank and summary dismissal
OF its administrators, the better 1t
would be for the system.
| shall unhesitatingly say TO mem
bers OF the federal reserve board and
to the congress that, in my judgment,
your letter TO Mr.. Delano clearly dem
onstrates your total unftness for the
position which you occupy and that
your longer incumbency OF IL would be
distinct reproach and peril 10 the
federal reserve system-that is, IL you
are of sufficient consequence to Inn
press your Views on the other mem
bers or the Chicago directorate.
Yours very truly.
CARTER GLASS.