Show BlOCK EFFORT TO RUSH Bill DIL Senate Banking Committee Refuses to Order Hearings on Currency Measure Closed by the Fourth of f October FIND MANY FLAWS IN BILL AS IT STANDS Samuel Counsel for Pujo Money Trust In Investigators Investigators Investigators In- In Sharply Criticises Criticises Various Provisions W T a 11 1 XI Wd JUl ULi Sept 22 Alj An attempt at at- ry tempt to hurry along consideration tion of the tile enc cun-enc currency bill in the Senate banking and currency rency committee failed today at the end of a lay day oE of desultory questioning of Samuel Un Un- who was counsel for the Pujo money trust committee of the last Congress Senator of Colorado Colo Cob rado tried hied vainly for an agreement to close the hearings on oh Sat Saturday rda Oct 4 Senators Reed of Missouri Bristow Bristow Bris- Bris tow of Kansas and andY Y Weeks of Massachusetts Massa Massa- declared against any attempt to limit consideration of the billI bill bilI I r think other members of the committee committee com corn arc beginning to see sec Senator Weeks said ald that this bill will take up most of ot the fall and I purpose callIng callIng call- call Ing log up In the committee soon the resolution resolution reso reso- lution I 1 introduced In the Senate to al allow allow al- al lu low tho the bill to go o over until I the regular regular regu regu- lar tar session next winter Senator Reed need said Mid that hearings were bringing out points of or the bill which showed the necessity for amendment and that he was sas In favor of ot hearing everyone who had any Important su suggestions sug sug- to offer after Senator Bristow in insisted in- in slated that tho small country banker bankel sh should uld be bo heard aI and Senator ator We Weeks Week kai II said that he had bad request from Ii eb sh Massachusetts bankers who bo wished lo tu appear appear- Criticises Term Vat i. In his discussion of ot the bill Mr Ir Un Un- criticised the provisions provIsion outlining outlining out out- lining Iming the character of ot commercial paper to be used as a-a a a. basis for currency cur cut rency declaring that the definition was hoj hopelessly loose lie said how bow over o it would be advisable to fo permit th the thu Issue of ot a. a certain amount of ot currency currency cur cur- rency roncy on cotton and grain grair warehouse receipts Mr lr suggested that making malting malt mak ing good commercial paper a a. basis for currency would result resul t In depriving In stock exchange speculators of ot the tho funds now sent to New ew York Toik for In Investment investment investment in- in vestment by bi country countr bant banks s. s Senators Hitchcock and V Bristow throughout the da day Insisted that the bill should 1 confer on member banks Inthe in tho the system as a J. J matter of ot right the authority to go to the federal l reserve banks and demand the rediscount of ot their paper Mr Yr opposed this and also con condemned a scheme proposed proposed proposed pro pro- posed b by Senator Bristow Bristol whereby the Continued on Page 3 3 Column I 1 I. j TO RUSH f CURRENCY DILL Bill IN SENATE TE IS BLOCKED Banking Committee Refuses to Order Hearings Closed on October 4 4 Continued from Page PaSe 1 res-Jonal res reserve C banks would be eliminated dim elim antI and the hO member banks allowed 0 GO So directly to tho the government to lo tot their commercial currency on I Ii t i. i paper 1 Favor or Distinct Gold linIs The lawyer agreed with Senator elI el- el that the reserve notes should be bc beo son aon I mado o redeemable In sold gold old and not In iri gold cold or lawful money ns as provided b by bythe th the bill I Ir criticised a adversely the provisions allowing bankers to deal dealin in acceptances given for the exportation lion tion or Importation or of goods lIe He said sahl the thc bill guaranteed to tho banks entering the tho system a monopoly the banking business of ot the coun- coun o of in ln In that respect the bill Is more generOUS generoUs generous gen gen- erous than an any banking system in the orld said h lie he T I Mr Mt lr a added ded that by using vivid oriental imagination he i iS s could conceive of or a L situation In which the r reserve board b by fixing tho the discount discount dis dis- count rate could bring bring- about a period t o Or easy cY money mone for political purposes He lie said salti he believed the minimum limit lim urn it o of 1 per cent discount rate rato was too I low loi f Senator Bristow declared that the tho watt country bankers would be unfairly un- un fairly treated under the tho bill Mr Un- Un and Chairman Owen ored o to show that the thc country banks rould be he able to hold and uso use their resources to much better advantage than thc they 10 do now Mr lr declared declared de de- de- de dared that by b making commercial paper paper paper pa pa- per a liquid asset the bill would keep tray a-tray from New ew York millions of oC country country coun coun- try money moncy now placed plated there here In loans on tock flock exchange collateral the tho only collateral collateral col col- converted con lateral at present easily casH Senators Reed need and Weeks leeks led Mr Un- Un through n a discussion of ot much of the material embraced in the Pujo trust report relating to the concentration con con- of or credits Mr Weeks objected to reference to Lee Higginson Co ot or exertIng exerting exert exert- Boston as an instance of or concern ing big a a- Morgan a. a influence over banks The witness insisted ho believed cd that the bill would operate to dissipate the tho concentration of oC control of or the financial financial finan finan- cial system Mr er suggested an amendment amendment amend amend- ment nent to restrict the thu powers of or state banks bank entering the system to conform to ts the powers conferred on national banks b by the bill lb llo Ho d declared clare flatly flath against long term securities as a basis for Dr currency Even government bonds he be said as a a. currency basis were un tin I and unCle unscientific t n |