Show COMMERCIAL BODIES fAVOR CURRENCY BILL f w Principle Approved by Referendum Referendum Referendum Ref Ref- Vote of Chamber Chamber Chamber Cham Cham- ber of Commerce COMMITTEE SUGGESTS CERTAIN CHANGES Would Have Federal Reserve Reserve Reserve Re Re- serve Board Increased to Nine Members DETROIT Oct 14 The H.-The The constituent members of the tho chamber of commerce of the United States of ot America including including ing local chambers of commerce boards board of ot trade commer commercial ial clubs and national trade organizations in ill all parts of the tho country has bas approved by referendum vote the tho report of Its banking and currency currency cur cur- rency comm committee on the Owen Glass currency bill bU now pending In congress The board of ot directors of the chamber cham ber in session here completed the of b ballots gots today and found the sentiment of the business men's mens organizations organ strongly in favor of the report of the committee the yoto vote cast being fo for and ond 17 against Tho committee in its report which was ma made e the basis of the referendum stated It If regards lc tho the mca measure re as a piece picco of constructive legislation an and believes it t embodies in a a. large degree elements clemonts necessary ry t to ho nation with a safe currency and banking system In iii view o ot tact acl that th the framers of ofha th ha the l measure 1 a mc Hc criticism c 1 sti 1 we sc v arp t to toI I out tho proposed act may maye be bc e materially improved a aud strength I cued ened Suggested Changes Approved hi In Iu accordance with this statement oven recommendations oro wera submitted for or separate vote All these have havo been approved cd by large c majorities The s separate are aro as follows ollowa 1 In In favor oc of the increase of tho the federal reserve board to nine nino members ho the t two o additional members to bo ho boho chosen ho cn by br the original seven members subject to the approval of the president dent the tho compensation of tho the governor vice ice governor t to b bo fixed by the tho board itself 2 Thu Tho creation of the tho federal re- re council to Ito b be elected by the regional re- re gional ional reserve banks the president and andice vice ice president of the council to reside in Washington n and to sit at meetings of tho ho federal re reserve resene er c board but without vote ote their salaries to bo boo fixed and paid ly In n the tho tM banks hanks 3 That J-That That in the Hie creation of the thc new system Astern of ot regional reserve banks binks a beginning be be- C inning ginning be bo made c with the present central conral cen con ral reserve cities three in number tIO lie tho number to be bc increased gradually y by bJ the fe federal eral reserve boards as in I their heir judgment co conditions war warrant ant I Reserve Note Changes Proposed I 4 Concerning note issues That restriction of the i issues suell of federal reserve re- re serve er notes to bo be dim clini- mated that interest on federal reserve notes be he eliminated that it be lie made lawful awful for any federal reserve bank to pay par out an any notes but hut it its own tho notes b issued bein being given i en an au identifying ing number 5 That ThaI That federal reserve notes should not Dot ot be lie obligations of the government but ut should hould bo be guaranteed b by the Unit United r States Hates and that they shall bo he redeemable by federal reserve o banks aud and not at the treasury of the United Sta States tes 6 That That federal reserve banks mutually mutually mu guarantee the federal res reserve notes by provid providing n that said notes I become a first a and d permanent lien on the com combined inc assets of federal reserve ba bunks Lauks ii ks That 7 7 That the thc reserve requirements of the Owen Glass bill be modified null and reduced for both country countr banks bank and banks in in reserve cities Time The hoard board of directors has requested an all opportunity to be bo heard heart before the tho senate Committee committee for the thc purpose of presenting the tho opinions recorded |