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6) Control of all foreign transactions must shift from the New York Federal Reserve Bank to the Federal Reserve Board in Washington.
7) Member banks may not put clients' spare cash into the call money market.
8) Holding companies may vote their group bank stock only on permission from the Federal Reserve Board.
"Dead as a Hammer." The Glass bill was still a long way from becoming law. In the House, whither it was sent, it lacked a powerful friend like Senator Glass to drive it through. Senator Huey Pierce ("Kingfish") Long who filibustered against it for two weeks, realistically exulted:
''Now that you take this carcass out of the Senate, you won't need to follow it to the House. It has no more chance to become law this session than I have to become Pope of Rome—and I'm a Baptist. It's dead as a hammer."
Whip-Crack? Yet the Glass bill could conceivably be passed by the House and made law before March 4. A resounding crack of the Party whip by President-elect Roosevelt would bring off that trick. But why should Mr. Roosevelt resort to whip-cracking for this legislation when he has consistently refused to lift a finger for any other? The answer might lie in the clear fact that he wants, above all other men, its author, Carter Glass, as his Secretary of Treasury. Nothing could put the crusty little old Virginian under deeper obligation to the next President than his intervention in behalf of the banking bill. And nothing would now make U. S. business feel more secure than to have this Democratic arch-champion of sound finance once more at the head of the Treasury Department.
Carter Glass, onetime printer's devil, was almost certain that he did not want to be Secretary of the Treasury again. He held the job for 14 months under Woodrow Wilson after the War and knows its nerve-racking onus as no other candidate can. At 75 he is getting old and tired. Last summer he suffered a nervous break-down that all but kept him out of the Presidential campaign. A Cabinet appointment would mean he would have to forego the rural delights of his Montview Farms outside Lynchburg, turn his two newspapers there, the News and Advance, over to his sons to run. He has given 30 years of his life to public service in Washington. The Federal Reserve, fruit of an earlier day. stands as his enduring monument. He is Virginia's Elder Statesman, sure of re-election if he feels like it in 1936.