| Show fL BILL BILLIS IS CONDEMNED Hepburn of Chase NatI Bank Says Some Provisions Arc Are So Socialistic and Communistic I i CHICAGO BANKERS ADVERSE I 1 I cri ft I n u l u I c llo Ji 0 I 1 Iou y Hn J lr Is Only OuI t r i iIi York April 2 Nono of ot the tho cur our Vow cw legislation now flow before Ii with the exception of t C tho the LoveIt bill which provides for tor OV the appointment of oC o 4 commission to the tho cur currency curr inking systems of Ot the tho Unit United rency r m II and nd l t ed cd will havo tho the of o othe the New York Yurl chamber of oC o Formal to this effect wall wua t iid dc toil when wh u the chamber i the repel I of ot It Its 1111 special up all at it tho thU March mooting of ot tho Mil bOd to and unU un 1 ul u UlOn on th the legislation It is tic lie belief b lI r of C the committed us expressed In its lis that there Is lit little lIttIe littie tIe tle of ot any I n currency legislation being b n at Lit the present session or ot orthe o othe the After lter the bill as a measure which would a highly high highl taxed l i currency and the tho fouler bill as one which would noula ate to bring about Immediate Instead of ot f gradual substitution of or credit rote notes the committee buys SUII they the nr au auto to 10 0 antagonistic to each other that curI legislation at attn tn nil early earl does not no Boom probable lo This t points unmistakably U to 10 tho the Imperative need of or fur Cur further Curtner further ther deliberation says nuys the report to III t th the discussion of oC principles and me meth methods method th thuds od by bP which such principles may muy bo be applied lo to meet mett the tho needs The committee Report leport which was adopted b by tho the chamber of oC commerce recommends the tho enactment of or o a law pio 1110 io riding for the appointment of a corn com commission mission roslon to Investigate the tho currency currelley and er rd banking systems of or the tho United flutes and other oilier lending leading commercial rations and und to report such measure as asmal asma may mal ma be found necessary sal to place our currency and ami banking system on en a sound souad bash bail which Is absolutely essen essential essential lIat for tor the permanent welfare and POtS of ot the tho country During Durin discussion which pro pre preceded ceded cedel the tho adoption of oC the currency committees report A B n Hepburn president of ot the tho ChuBa National bank and chairman or of tho the executive commit committee tee lee of ot the tho chamber cr mule mud a spirited 1 at attack attack attack tack on the tho Aldrich bill as ns It If the tile president anti and the thu nate vere going to force It through gh U It they can ho he declared If IC they the do donot donot not pass PS It was wan a political measure It Itma may 1031 ma prove proe a boomerang Some of or the are arc socialistic and communistic bile and altogether up lip worse lon lion has lOtS ever been moved In Congress CHICAGO BANKERS OPINION Chicago April 2 At U a IL of or the Ibe of or tho tile national banks doing business In ill this city ell held yesterday were ere unanimous H ly If adopted expressing their re ro regarding garding tho the Aldrich currency lull bill To roo roolIn I tiny ani lIn they thoy verc by 11 t OCI member or of tho the Chicago clearing and Riven out Tin resolutions arc aro In lii substance as follows That the thc transfer of or nearly from the thc liquid reserves ot of tho the bunks where It Is III for fill lonn loanA to an nn Idle 1110 III fund on which tho tito bunks banks are forbidden under any nn circumstances to h hi will seriously Impair the tho working capital of ot the tho country countr That the tho truo or of dealing with witha a II crisis Is by providing means for tor read readIly lly Ily II Increasing the supply of ot currency when whon It Is needed 1 rather than by b lock belt lockIn i In lip up continuously lv and permanently an nn unnecessary proportion of Ut tho the Coon coun banking That tho the of oC bonds In the I vaults of or country banks for tor balances In III tho the reserve and central reserve cities will Ili not promote safety i theto thet 1 Is III no III objection to pro prohibition of or loans to 10 bank hut but there theio Is serious objection to such Huch Vu 10 against directors and coin panics In which directory directors are aro Interest Interested ed cd That tho the will affect Ihl th Institutions of ot the tho national banking system unfavorably In competition tion with state banks and trust com colli panics which already have more lati latitude tude tudo In the character of or business they arc are allowed to do 10 and III In most niOst of the tho states tho the upon them ni ns nito n nto to reserves tIre aro less than those to which national banks s are now obliged o to lo con conform conform form m I That ns as the bill hili Is avowedly a n measure for temporary uso 1150 only to bridge c over until a comprehensive and i final dual system Is determined upon no changes In III II the th existing system which will seriously disturb present should be Included In III in Its provisions Tho regulations of or the national banking system as us to 10 the reserves against do de deposits posits hao stood stoul since tho the system was Wad va established d tho thu business of or the bank bankIt bUill It Is adjusted lid jus led to them and the credits cred ts of oC the tho country arc ale adjusted to tu them theta If It the tho bunks blinks must prepare to 10 0 10 do business under u 01 proposed regula after Jan 1 1009 there thoro can cun be bo beno bono no expansion of ot locus meantime oven ovon for purposes next full fall but further liquidation be bo cd 01 an nIl consequences may ma en ensue ensue ensue sue sueA A temporary measure should l not con eon contain tain tam harmful Innovations which In iii a V 1 linn I treatment of the Iho subject may prove provo to to be unnecessary tuI and unless they tho can bo be eliminated 1 It will he be bettor better betterto to have havo no legislation until the whole wh lo sul can bo be o referred to a Il commis commission sion for Inquiry und and report which we WO believe would bo he the most practicable disposition of or It II |
