The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-11-24
Fletcher Seeks Vices
of Nations FinanCie1S
ON Central Bank Plan
Head Of Senate Banking
Committee Launches
QUESTIONABLE.
By United Press

d = Z Ntttb Us"
WASHINGTON, Nov. pa
The proposed central federal
bank today is again to the
front as conservative and rad
zeal leaders are making ready
for the impending fight over
banking and monetary legls-
lation. Chairman Duncan T..
Fletcher Dem, Fla.) of the
senate banking and currency
committee, has sent a queS-
tionnaire on possible legisla-
tive changes, such as the pro-
posed central bank, to at least
twenty-four banking leaders
throughout the country.
Views of the bankers will be con-
sidered in possible changes of the
banking system. Senator Fletcher
said, explaining he had asked an
swers on nearly fifty questions.
Proponents of more extreme leg
islation pressed their views stimuli
taneously. Father Charles E.
Coughlin, Detroit radio priest, came
here to interview administration
figures. Senator Elmer Thomas
Dem, Okla, supporter of man.
of Father Coughlin's views, will ar
rive shortly.
Interest Not Abated
The Fletcher QUESTIONABLE was
interpreted as indicating that inter-
est in the central bank plan has
not abated among legislators, de-
spite reports that the administra-
ton viewed the proposal coldly.
Some of the questions to which
the bankers we're asked to reply
confdentially we're:
Is there to be a government
owned and operated banking Sys-
tenn?
Is the power over the issuance
of currency to be vested Ia in
nOnpolitical authority on which
both government and private
business are represented (such
as the federal reserve system was
intended to be-; (b) in the secre-
tary Of the treasury las it now
isl; (c) in a nOnpOlitical privately
owned but government chartered
central bank Bank of England
or (d) in gOvernment-Owned and
operated central bank?
If the currency is to be ire
deemahIe managed" currency,
upon what terms it is to be issued
and how managed?
Is a fixed ratio to gold to be re-
established, and, if so, under what
conditions?
A further centraliZatiO of bank
ing and the power of issuance OF
money in the hands of the federal
government has been studied by
government agencies. A special COM
Iuittee appointed by Secretary of
Treasury Henry Morgenthau Jr. will
submit findings to him shortly.
Administration Silent
The adminiStra ton is not yet
committed on the central bank :"
plan and will not likely show its
feelings on the matter until after
the converting of congress.
Senator Alva Adams Dem, Colo0
a banker in private life and a men,
Der of the banking committee, today
expressed opposition to the central
bank proposal. He declared against
too much tinkering with the federal
reserve system.
II am against having the govern
ment handle the private credit OF
the country" Senator Adams said.
The federal reserve act on the
whole has worked well. 1t has made
for decentralization of control in or
der that local conditions may rule.
Giving the President power to
name governors of the federal re-
serve banks would lead toward CEN
tralization of control and uniform
ity which would not work well.
The federal reserve act needs
some amendments but it is funda-
mentally sound"