| Show ATTACKS ADVISORY COUNCIL L FEATURE OF CURRENCY BILL Samuel Says Plan Proposed Gives Gives' Banks Too Much Power v 7 ASHINGTON Sept cP 29 General 9 General W WASHINGTON revision re of the details dc ns of the administration currency bill to insure the carr carrying out of of the the purposes purposes pur pur- poses POSCo'S of or the measure was recommend end to ed-to d to the Senate banking and I o ay b by Samuel Unter- Unter tr I rn myor l' l of or Ncr cr York York- Criticising the bm bills bill's s. s definition of ot f c commercial paper on which would ouM be Issued as Joose loose and unrestricted unrestricted nrc Mr Ir Un declared that the tho lines Jines should be be strictly drawn to lo all allow w the Issue of currency only on co commercial paper representing tho the purchase or sale of a J. J commodity which would enter into commerce Mr also recommended altering the plan of or organization of or ort t the proposed regional reserve banks He would give th the tho national banks ninety da days s 's in which to subscribe the tho capital and deposits for the regional banks nn and if it was not forthcoming would throw the stock books open to public subscription closely restricting the powers of or subscribers In controlling controlling control control- ling lint the bank This plan he said would tend to force the banks to enter the system The bill as at present framed Mr declared gave tho the banks themselves too much power In the or organization organization organization or- or I and amid control of or the lie proposed proposed proposed pro pro- posed new system stem He recommended ed that the proposed advisory council councilor of or bankers as an adjunct to the tue federal reserve board bo abolished and anti that the lie government be given ghen closet closer powers powers powers pow pow- ers of or regulation and removal remu over O re regional regional re- re gional rc reserve ene directors elected b by the time banks I lie O u urged ged however that the banks b bo be given i cn a a. flat tat profit proUt of or C Ii per percent percent percent cent on their investment in iii the rc regional region regIon- al oh banks and that th the government be given all aU profits above that figure I The right of the regional banks to enter the tho open market markel In competition with the member banks was absolutely necessary he lie said In order that tho lie regional rc-Ional banks ml might ht control and maintain the tie rate of or discount which the bill gives es them the right to fix Mr disagreed flatly with witha a a. scheme advanced b by Senators nl IUd flied d Hitchcock and amid Bristow un under er which the tho government g would Issue currency directly to the individual banks s on their assets up to I 73 75 per Jer cent of their capital stock with a provision pro for Cor a 50 0 per cent gold Jold reserve This plan pian lie he said paid would be lie Inelastic and I. I With the tariff legislation In sight ight th Senate committee has haa settled down Continued on Page lage S S. S Column 1 I. I 1 ATTACKS ADVISORY COUNCil FEATURE Or OF CURRENCY BILl Continued from tram Pt Page Pago o 1 to continue detailed hearings on the currency bill bill which will cover corer several weeks The committee has been un unable unable un- un able ble to agree greo on any limit for the 22 hearings earl 41 Before Mr appeared the committee heard Thomas C. C McRae l of or Mount Holy Hoh Ark who discussed tho the bill from the tho viewpoint of ot the small country banker Ho lIo Indorsed tho tim bill bUl generally and made mado a a. tow few suS' suS suggestions for Cor minor changes Mr lr McRae IeRne de- de dared that the tho Chicago conference of or bankers banker which recommended radical changes chang In the construction of or the tho bill bBl did not represent the sentiment of ot the tha country bankers 4 44 44 t ItE M It t t M t t t f t t t t M E CONGRESSIONAL I t. t SUMMARY t tt t s SENATE TE f Senator Kern secured unanimous 4 4 consent for adjournment until f Wednesday f Confirmed nominations of ot Henry 4 Wade Rogers dean of ot the Yale Tale law f 4 school as United States circuit t 4 Judge for tor the Second cond circuit and I 4 Byron Bron R. R Newton Nowton as assistant sec eec of ot tho the treasury i- i Senate and House conferees 4 agreed a reed to conference report on tart tar- tar 4 Iff bill Republicans withholding f their approval 4 t 4 Samuel before bankIns bank- bank 44 4 4 Ins Ing committee gave his views on 4 the tho currency legislation 4 Adjourned at 1203 until noon 4 Wednesday 1 4 HOUSE I 4 Democratic Leader Underwood presented tariff bill conference report report report re- re port and secured agreement for 4 meeting of ot House at 11 a. a in m. 4 day to debate report I 0 Adjourned at ot 1218 p p. m. m until i 11 a a. a. a m zu m. today 1 1 t It t t. t t. t 4 H fT MM 1 M t |
