Show OPEN HEARING ON CURRENCY SYSTEM House se Members Seek Aid of Experts in iii Devising New Monetary Scheme Washington JAr Jan 7 That That something some some- thing I 1 Is radically wrong with the American monetary system was waa agreed to torJa today b by all aH the tho witnesses before th th Houe House subcommittee on and md nd currency which 1 began beSan I hearings to aid In devising a n. no now nos currency cur cur- rency scheme but the witnesses did not agree as oc to how joW a tt more more- elastic clastic currency a concentration of ot re- re servo t funds Cund could bo be obtained I A. A Barton Ruton Hepburn chairman of or the tho board of directors of oC the Chase National Na 1 Na- Na bank of ot New York advocated nd a central batik bank with 51 per cent of oC tho the 1 stock Mock held by tho the government so I If c essary ar Mr Hepburn In freaking freaking- of government o control of or banks Maid the 1 best article on this th subject ho he had I read New Xe b WoodI Wood Wood- 1 I rca was tho Freedom by 00 II I onn In hl th k I elect t opposed PI d the J rf rs' rs I la 1 d doctrine I t tiIt HIt t till less a country Is go governed I better We will hate panics as lon long long- longas as ns human hu iu- iu man nature natura exists said Mr 11 Hepburn I Victor director of oC tho the f fi financial financial fi- fi I- I affairs of ot the To- To Jcl licka Icka Santa ta Fe FC proposed a n. sr system t of ot rc regional reserve c banks to which the power of or I currency should bo hO limited limite-d. He lie told the committee that thata a banking banking- system un under cr which the United States Slates had prospered so ao wonderfully won won- could n not t be bo wholly bad and urged caution In changing banking and currency law R la Paul Warburg arbur of C tho banking firm of oC Kuhn Loeb t Co of or New ot Y rk In Insisted ll t tl that a I. I central reserve organization differing materially from a a. c central cen- cen n- n tl l bank batik wa was as tho only feasible rem rein edy d d. d Hepburn and anI Warburg I vigorously denounced tho the government o guarantee of bink deposits idea itha Chairman Glass announced at the ct that Inasmuch a is nc tho the Democratic Democrat Democrat- ic Ie platform declared sp specifically t the monetary commission central bank lall the majority members of the committee felt It w was s their duty to He seek a substitute for this pini I |