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Mcfadden charges federal reserve { December 18 1930 } THE NEW YORK TIMES DECEMBER 18, 1930 PAGE 2 HOOVER DEPLORES MCFADDEN SPEECH He Holds Attack on Federal Reserve Unfortunate in Hour of National Stress SOUNDS HOUSE OPINION Tilson Replies That Banking Committee Members Repudiate McFadden Attitude. LUCE DENOUNCES CHANGES He Assails McFadden for "Insinuations" Against "Decency" of Our Financiers. President Hoover was deeply concerned today over the speech in the House yesterday of Representative McFadden, Republican, of Pennsylvania, chairman of the Banking and Currency Committee, in which he attacked Eugene Meyer, nominee for the Governorship of the Federal Reserve Board, and declared that confirmation of Mr. Meyer by the Senate would further a plan to involve the United States in the Bank for International Settlements. The President considered the speech an unfortunate occurrence, particularly during consideration of legislation designed for unemployment relief and correction of the economic depression. Mr. McFadden not only attacked Mr. Meyer, but declared that deflation of international securities held by banks throughout the country was at the "top of the list" in reasons for the depression. In a telephone conversation with Representative Tilson of Connecticut, administration spokesman in the House, Mr. Hoover asked Mr. Tilson to sound out leading members of the Banking and Currency Committee to see if they joined Mr. McFadden in his opinions. Mr. Tilson said today that, like himself and the President, members of the committee thought the speech yesterday "unfortunate and untimely." Luce Defends Meyer Representative Luce of Massachusettes, second ranking Republican on the committee, rose in the House earlier in the day to denounce "the utterances" and to say they were "not the beliefs of the committee." Mr. Luce defended Mr. Meyer and charged that Mr. McFadden was engaged in private financial operations, and as chairman of the House Banking and Currency Committee was "using is prestige to secure investors, using its prestige to get stocks." Mr. McFadden sat in the chamber during the whole course of Mr. Luce's remarks. He merely laughed when they were finished and declined to discuss the speech, other than to name the private business concern with which he is connected as the Transcontinental Shares Corporation of New York. "I saw Mr. McFadden hobnobbing around New York during the campaign," said representative Tilson today, "but I did not put a detective on his trail to find where he went. I suspect, however, that he got at least some of his points from New York." After defending Mr. Meyer Mr. Luce said: "That speech [McFadden's] was full of incinuations against public official, against the Federal Reserve System, against the President of the United States. Deplores 'Insinuations.' "It was full of insinuations against the integrity and honesty of great financial leaders in this country, of the great banks of this country. It disturbed still more the confidence of the people in those to whom they look to save them in this hour of crisis. "I ask if it was wise and a prudent thing to ask the people to doubt the integrity of the Federal Reserve System? That speech was full of insinuation that those who lead the Federal Reserve System have acted for some personal or financial gain. It intimated that those who have conducted the system have been conducting it almost with dishonesty. "Everybody knows that the welfare of our own treasury, the welfare of the land as a whole, depends on the integrity, the good faith, the wisdom of the people who are engaged in handling these international relations." Mr. Luce quoted from Mr. McFadden's speech: "'There is no question that the Federal Reserve System is playing with international financial operations through the Bank of International Settlements.'" "Playing!" Mr. Luce continued, "In a time of crisis like this to charge the most responsible agency of the United States with playing with the savings, the fruits of the labor of the people-playing with the fruits of their labors, laid aside against old age and need and sickness, accusing our greatest agency with playing with a situation! Denounces Charges. "I denounce those utterances, I renounce those utterances; say they are not the beliefs of the committee, I say they are not the beliefs of the House. They were uncalled for, they were untimely, and they were wrong."

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