Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-09-28
BANKERS BEAT PHILIPPINE BILL
Had Prominent Part in Defeat OF In.
dependence Measure.

Kansas City Sept. 2s.-The report Of
the committee on federal legislation
read before the convention OF the
American Bankers Association here to-
day by Charles A. Hinsch. of Cincin-
NATL O., its chairman, told OF the enact
menr of laws favorable to banking in
terests and the defeat of measures de-
signed to embarrass bankers. The COM
mittee had year Of unusual activity,
the report declares and had hand in
accomplishing the following things:
Passage Aof .the Kern bill. modifying
the Clayton act which prohibited in
terlocking directorates.
Defeat OF the Clarke amendment to
the Philippine bill because that amend
islands in four years but contained
ment provided independence for the
nothing to safeguard the holders OF
$17,eo0,00O OF Philippine bonds now in
the hands of American bankers.
Elimination of the special bank tax
in the revenue bill. tA II
Passage Of the bills OF lading'' act
giving validity to bills of rlading as in
struments Of credit.
Passage of amendment to the federal
reserve act designed to facilitate for
eign trade through national banks by
adding provisions permitting the in
vestment by national banks in the
stock of banks or corporations engaged
in foreign trade. -..
Regarding par collections the report
says the committee is considering the
urging Of an amendment to the federal
reserve act which will eliminate par
collections and provide for reasonable
charges.
is stated, in obtaining the elimination
of certain Objectionable features from
the rural credits act.
In connection with the passage Of the
bills Of lading' act, known as the
Pomerene bill the report says:
Great credit is due Secretary Nc
| Adoo and DR.. c. Z. MCGUIRE, assistant
general secretary Of the international
high commission, who have exploited
| the measure in South America"
On the defeat Of the Clarke amend
| ment to the Philippine bill, the report
said:
"a successful result was obtained in
connection with the Philippine bill. As
this measure passed the senate on Feb
| ruary 4th, Il contained an addition
known as the Clarke amendment, which
provided for the granting Of indepen
dence to the Philippines in four years
| but contained no provision for safe.
| guarding the holders Of some seven.
teen million dollars Of Philippine bonds
now in the hands Of American banks
i and ether investors. Request for ar
4 amendment protecting the holders OF
| these bonds, was made on behalf Of
our committee to the house committee
on insular affairs but the bill was re-
ported without amendment.
FOLLOWING this, long continued eff.
forts were made while the bill was
pending in the house to secure the nee.
essary protection. and as q result, OF
May LIST, when the Philippine bill came
up In the house. the Clarke amendment
was decisively defeated. AS finally
passed the bill provides for a NOR
autonomous government of the Philip
pines, but the threatened weakening o
the security of American investment.
has been entirely removed and thu
holders Of Philippine bonds are safe.
'In procuring this result our com
mittee were without doubt very ably
assisted by the representatives of mil
lions of dollars of Philippine railwa.
bonds. and by large business interest!
that would have suffered by the ter
mination Of business relations existing
between this country and the Philip
pines"