Salt Lake Telegram | 1932-04-28 | Page 1 | Frederal Reserve Head Urges Unified Banking System in Opposing Bonus

Federal Reserve Head Urges Unified Banking System in Opposing Bonus United Tress Press WASHINGTON April 28 The 28 The need of a unified banking system was urged by Governor Eugene Meyer of the thc federal reserve board when he hel appeared today before the house ways and mean committee in opposition to the soldier bonus bilLMeyer bilLMeyer bill billMeyer Meyer was questioned by committee commit commit- tee members regarding methods of ot bringing about increased business con con- Meyer said he would have all banks of or the country under n a unified t m eliminating state stale charters Before the committee yesterday M Meyer yel staunchly opposed the new currency currency currency cur cur- rency plan of the bonus bill bUl as inimical mimi mimi- cal to the thc return of national dence Have you considered going to the various states to try try- to secure le legisla- legisla sla 4 Ul tion lion to lo safeguard the rights of deposItors depositors depositors' tors tors' asked Representative McCormack McCormack mack D. D Mass today It is impossible to do that Meyer answered Remember there are arc 48 states stales The bankers have not been vcr very interested in the unified system Meyer Mey Mey- er cr said More than 90 per cent o of the business busi ness of the country is done through checks asserted Meyer This widespread use of checks was considered by Meyer as the one real argument for a unified banking ss tem tern Do you think the country countr could stand a reasonable and proper expansion expansion sion of or currency at this time asked McCormack There is a proper expansion of I credit going on at this time replied I Meyer