Salt Lake Tribune | 1914-09-12 | Page 5 | [Illegible] Savings Bill [Illegible] by President

151 SMHS BILL ecutive Objects to Re eal of Section Relating to Depositing Funds i UCES A SUGGESTION n Is to Assist Institu ions, Not Members of Reserve System WsHINOTON ept 11 P esident on today vetoed tl e bi 1 to a se the !of Individual depos ts n posta igs batiks to $1000 because t con A a provision repea I g a sect on lie new bank law w ch pro Idea federal funds must be depos ed on 5 member? or the federa reserve e presidents message was a fo Itl most of the prov s ons of t e I an In hearty accord but a (on of sect on 2 seeks to make :bange -in tie federal reserve act ast December whicl I venture to :ard as unwise nien the federal reser 6 a t was jsed t was t ought vv se to make inducements o state banks to er e federa reser c sys em man a d as st ong as po s b e ' was t erefore p ov ded n a t hat governn ent funds shou d idepo ed o ly In federal rese e bks The p n lple of sue a p o (on s sound and ind sputab e The inejs under the contro of the gov iune t ought to he p aced on v ?e anks wl c are most d rectlv der he superv s o and egu at on tbe congre s tse f uld Strengthen System t Is m c ear con ict on ve re Ktfu y u ged and subm tted tl at a ma ter of prlnc p e as wel as pol cy we should st engthen and eguard the new banking system ous y w th a view to the ultimate (flcat on of the ent re bank ng sys 0 of the countrj under the super (on of the federal reserve board wou d in my judgment be a ve ni stake to take away any of oenefl s or advantages he d out the p esent la v to member banks ente the sjstem and take them ly just as the system Is about to put nto ope at on and the prom of the act of ast December made d to the banks that ha e entered am not insens b e of the lncon ence wh ch some banks m ght er f the posta s sav ngs funds e w thdrawn at t s particular e oug t e law tse f of cou se veyed not ce of that removal fu e n ont s ago I am not sure t at federa reserve board would no 1 jus fled under the terms of t e as t now stands in e ercis ng a j a n be a d sc et on n deter ng he me and the a es at ch depos s hou d be thdavn tn banks not w th n the s stem jgestion Is Made 3u assuming that t ere has not n no ee enough and that the w th woud of necess t be rap d mn ed ate I venture to suggest t the othe w se adm rab e b c now re j n rash be amend-and amend-and n gh because of e flnane a un a es no en porar yes be e y adva tageous amend I o e te d for anothe we e t s the pe od w th n banks i merube s of the fede a ese e must sur ender t e depos ts the government ta I nke the Ibe tj of su gest that t s be done It wou d re e i om th s b the on feature (oh seems to me nco npat b e w Sid pub c po v V OODRQ-W II SO