The intimate papers of Colonel House arranged as a narrative by Charles Seymour.

CONFERENCES ON THE CURRENCY

165

features of the Owen-Glass Bill that he does not approve.
I promised to put him in touch with McAdoo and Senator
Owen, so that he might discuss it with them.
'Senator Murray Cranei followed Warburg. He has been
in touch with Senators Weeks and Nelson of the Currency
Committee, and urged them to bring about quick action in
order that the business community could have done with
this uncertainty and could go ahead with the renewed hope a
proper currency measure will give them. He telephoned me
later that he had been in communication with Washington,
and he advised that we bring some pressure upon the Democratic insurgents of the Committee. I called up McAdoo
immediately and asked him to convey this information to
the President and to gently start the pressure. I also arranged for him to meet Warburg here on Monday.
'November 17, 1913: Paul Warburg telephoned about his
trip to Washington. He is much disturbed over the currency
situation and requested an interview, along with Jacob
Schiff and Cleveland H. Dodge. Mr. Dodge came in advance of the others. He said he felt obliged to come at their
request, because they had just given him a substantial subscription for the Y.M.C.A. fund. He had a feeling that the
President knew what he was doing and did not need any
more advice than he was getting from the channels he himself selected. I told him I shared this view and that, since all
the experts disagreed, it left one in doubt as to what to do.
'Mr. Schiff and Mr. Warburg came in a few minutes.
Warburg did most of the talking. He had a new suggestion
in regard to grouping the regional reserve banks, so as to
get the units welded together and in easier touch with the
Federal Reserve Board. Mr. Schiff did not agree as to the
advisability of doing this. He thought the regional reserve
banks should be cut down to four and let it go at that.
'They wanted me to go to Washington with Mr. Warburg
1 Republican Senator from Massachusetts.