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Show URGE SUPPORT OF RESERVE SYSTEM j Support of the Ogden chamber oft I commerce is asked in a communication communica-tion from the finance department of I the chamber of commerce of the' United States relutlvo to keeping the I federal reserve system out of politics. ; Tho communication follows: 1 "Protection of the Federal Reaerva 'system from politics has been urged 1 J by the chamber of commerce of thcl i United States ever Bihcc the lnaug'ura- j tion of the system. The chamber's. 1 finance department wishes to emphasize empha-size at this time the fact that current; ! uniformed criticism and mlsropresen-j ! tation may threaten the welfare of th2i system "Efforts are being .made to control! the system's discount rates and to alter! the composition of the federal reserve ; board arc not in accordance wltn; sound principle. It Is not BUggoated 1 that sincere and construct criticism I 1 should be discouraged. We have rc-1 viewed criticisms of this or that policy or action of t,he federal reserve board ! of the several reserve banks, but fur I the moment have put them to one side i in order to confront what we believe I to bo dangerous tendencies, tha'. un- checked, will promote a gradual ascendancy ascen-dancy of poKti' al influence In the af-I af-I fairs of the gyartem. and. thus, con-, con-, trary to fife Interests of all the peOr pie, undermine the independence oi I Its administration." ''Politics was largely responsible not ' only for driving two Institutions or- ganised under fcdoial charter out f I existence, but also for keeping the 1 United States without adequate banking bank-ing facilities until 1S13, and it v.: , generally recognized when the federal I reserve system was established, that us I chief peril was that of having politics , injected into Its affairs. Many safe-j guards were provided, but their ade-I ade-I quacy remains to bo proven. Tlioi greatest safeguard is an aroused and" intelligent public opinion "Some forty bills, proposing to amend the federal reserve act, a few nf ihrm constructive, but most of th. tn unwise, have been Introduced in the present congress." |