Evening Republican, Volume 22, Number 115, Rensselaer, Jasper County, 16 May 1919 — Product of Many Minds. [ARTICLE]

Product of Many Minds.

The federal reserve banking system was the result of several years of public discussion with suggestions from bankers and business men. At one time, in November, 1913, there were three banking bills before congress—a house bill, a bill of Chairman Owens and five other Democrats of the senate finance committee, and a bill of five Republican members of that committee. A bill drawn by Senator Owens of Oklahoma, chairman of the senate committee on banking and currency, and Representative Glass of Virginia, chairman of the house committee, was finally introduced and, after many amendments, passed. It was known as the Owens-Glass bill and was the product of many minds, in and out of congress.