Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-02
RICHMOND BANKER
ASKS GLASS TO QUIT
Senator Scored by |. M. Viii
Iiams for, Demanding Resig-
nation of Mitchell.
BY the Associated Press.

the banking firm of John l.. Williams
g. Sons, Richmond, yesterday wrote
Senator Carter Glass of Virginia that
he considered it more appropriate for
the Senator to resign as Representative
of Virginia in the Senate than for
Charles E. Mitchell to resign from the
directorate Of the New York Federal
Reserve Bank.
Mr.. Williams also announced that he
had congratulated Mr.. Mitchell, presi-
dent of the National City Bank, on
making available $25,0O0,o00 to break
the credit jam that sent call money to
90 per cent and attempting to Offset
what Williams said many considered
| the vicious misconduct of the Federal
Reserve Board in attempting to de-
stroy the large business in most OF the
country" Senator Glass had character
lied Mitchell's action as Shaping the
Federal Reserve Board in the face" IN
demanding Mitchells resignation.
Mr.. williams is a brother of the late
John Shelton Williams, controller OF
the currency in 1920, and Is also pres1-
dent of the Virginia Central Railroad,
a SmaIl virginia llne.
Suggests Byrd for Toga.
His letter to Senator Glass was as
follows:
referring to your call on Charles
Mitchell to resign from the Federal
reserve bank at New York, believe
that it would be far more appropriate
that you should resign as Senator FROM
Virginia and let some one OF broad and
clear vision, like Gov. Harry Byrd, who
is not drowned in seif-conceit and mar
row-gauge thinking, take your place in
the Senate of the United States, as a
real broad-gauge representative OF Viz
ginia.
1.-THE scandalous, piratical defiation
policy of 1920 seemed to have your cor
dial approval on the theory that 1t was
necessary to burn down the barn in
order to kill few rates, and now you
take the astounding position that is ger
cent money rates can be justified when
some of the reserve banks show 80 per
cent reserve on hand. This situation
in the opinion of far-sighted, fair
minded, clear-visioned business men
shows utmost lack of grasp OF any in
I telligent and far-sighted handling OF
the present situation.
Thinks Glass Ought to Go to Farm.
Some of the Federal reserve COVER
nors and yourself seem to be In con-
spiracy to destroy the prosperity OF the
country for the sake OF controlling q
| few undesirable situations which will
remedy themselves by natural laws Il
not interferred with by political office
holders. am convinced that you car
best serve your country by returning tc
your native county and running your
cattle farm rather than by mixing ir
big business, whose Importance anc
magnitude you do not seem to be able
to grasp.
Men of narrow vision do not real
ize that the money center Of the world
has moved from London to New York
hence trading in New York necessarily
has increased, and furthermore the
large bills payable of the giant indus
trial companies have been converted
into stocks that now are used as basis
of credit instead of having the big
banks carry tremendous bills payable
of our modern giant corporations as
formerly
"LANGBoURNE M. WILLIAMS"
Praises Mitchell for Stand.
Mr.. williams also made public the
| following letter, which he said he sent
to Mr.. Mitchell on Saturday:
THE country owes you debt OF
| gratitude for your attempt to Offset
what many consider the vicions mis-
| conduct of the Federal Reserve Board
| In attempting to destroy the large
| business interests of this country. Sen
| ator Carter Glass, In our opinion, is a
narrow-gauge, short visioned, incompe-
| tent director of financial matters with
most limited vision of the needs of a
great country. He was one of the crowd
along with w. P. G.. Harding and for
mer Secretary of the Treasury Houston
and few associates who wrought such
| havoc and ruin in the deflation period
of 1920 and probably did more harm
! to America from what we consider q
dishonest defiation period than the
German Emperor.
| ut was Glass associate, Houston
who was so dense as to boast that he
had bought in Government bonds al
| discounts of about 20 per cent when he
should have been ashamed that his
| administration had so injured the Gov
eminent credit. I regret, exceedingly
| that Virginia has not more capable
| representative than Carter Glass, whose
| policy, in my opinion, was largely re-
sponsible for the defeat Of the Demo
cratic party in 1920.
| Mellon Policies Commended.
"The reversal of the Glass policy by
our great present Secretary OF the
Treasury Mellon, in providing the
American people with necessary money
for business purposes. has been largely
responsible for the reelection anc
| continuance in Office of the Republican
party, but If the present administration
| follows the lead of Carter Glass they
will be turned out of office just as the
Democratic administration was turned
| out of Office for their misconduct II
the financial world. protested agains1
Senator Glass policy eight years ago
but he was so full Of self-conceit
ignorance and error that he continued
In his evil ways. He is more fitted Il
raise cattle on his Virginia farm anc
| disturbance In the financial world thar
to raise any tide Of prosperity IN THESE
| United States of America.
ar ANCSROIJRNE NJ WILLIAMS"