National Affairs: New Glass Bill

Members of the Senate Banking & Currency Committee last week clustered about 74-year-old Senator Carter Glass of Virginia, wrung his hand, gave him congratulatory back pats. They had just approved his latest version of a bill to reform the national banking system on a tremendous scale.

The crusty little Senator had been fighting a winter-long battle to frame legislation to curb speculation on Federal Reserve credit. The first draft of his bill sent bankers flocking to Washington to condemn it as deflationary. The second draft drew sharp criticism from the Federal Reserve...

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