Show DEBATE ON O BAK i Chairman Vreeland nd and Former FO rID Secretary of Treasury Have Hav Heated Heat Discussion 1 1 SHAW DECLARES TRUSTS I WOULD RULE INSTITUTION i Special Interests Control of I Finances Would Be Worse Under Central Bank New Xe York Feb 5 Edward EdwaTd B Vree land chairman chatman of the congressional committee on banking and currency current and aud r Show Shaw former secretary of the treasury had a heated debate tonight on the subject of a central United States bank Mr Shaw speaking at the Republican lican club opposed the central bank banI saying that It would bo ho impossible to hec its control out of oC the hands ot of the men who ho control tho the Standard Oil company and tho the United States Steel corporation Of or the two ho he h preferred Morgan control con Special Interests continued Mr Shaw Sho are In control of financial con conditions now and I admit It It i an fl irresponsible control They are arc ac nc accountable accountable countable to nobody for it IL We Ve can cnn cannot cannot not escape centralization You havo have haveIt It today In the banks belonging belon ing to these groups and Interests Never Nevertheless N vcr vor tireless these theBo groups and Interests cannot provide tho the ways and means menns to avoid panics or abate them when they the do arise I i assert that the political party part that puts the tho control of any an central bed commercial nl power like a central bank into the hands of or any an group of men In New NeT York will never nevol nevola again a control an nn election The coun country country try In will not tolerate it Chairman approved a cen con central central contral bank and the impression was ob oh obtained tamed that the tho report of the tho commit committee tee on O currency and bunking banking would contain a recommendation favoring such an Institution Ho Insisted that if ie such a bank wore were established safe safeguards t safeguards guards would be bo placed about aboul it sum sufficient cleat clent to make It Impossible for any an group of ot financiers or politicians to exercise any control over Its business Referring to Mr Shaws remark that he preferred Morgan forgan control if It it must como come Mr irr Vreeland reeland said We Wo should not have much to gain if either group wore ore to control but we could not bo be much worse oft than we are arc now |