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Show I WILSON GROWS CONFIDENT AS THE IfS PUSS i Announces Willingness That House Take a Recess; Ex- pects Currency Bill to Be Reported Early. J SENDS MESSAGE TO LEADER UNDERWOOD Administration to Accept Sub-I Sub-I stantial Amendments to the Measure in Order to Get III It Through Congress. fi WASHINGTON, Oct. 20. "With lW& President Wilson willing to accept sub- IgS! Btantinl nmendmonts to the administra- fnrsi 0n c,irrency bH in n P Eocur nc- BPeoc3' actin on t" measure in jlwfi tho ponatc committoo, supporters of IMS tho administration today gravr opti- 1?B mistic over tho chances for tho passage HP' of the measure before the end of the iff! extra session of congress. am Tho president himsolf, in a letter to Ml Majority Leader Underwood, announced !hB his willingness to consider a proposal sgj for ,a recess of tho house, bocanse, ho said, conferences with members of tho Jfjji senate conference committee led him H I to believe tho bill -would bo roported J to the Eenato tho first week in Novem- I rjni ber and passed at the present session. l3m j Republican members of tho comm.it- jd tco and Senator Hitchcock of Nc- fStlll braska wore inclined to look upon this ( Ju l plan as too optimistic, but other mem- ;Sfjj Ders of tho committee said they hoped Sal c vo UP president's MuOl expectations, MWl Fewer Reserve Banks. Pfjj&ll A reduction in tho number of to- rifsjll serye banks, fixed by the administra flEjsUl tion bill at twelve, and the removal IfiBlSn 1 Becrery of agriculture and the ffl I comptroller of tho currency from the 7 ffl I federal rcservo board which would con- III trol the now currency system, were in j the amendments which tho president r' sil e known ke would not opposo. fi Almost all tho witnesses before the ft senate committee have contended for ! these amendments, and a majority of Ij tho committoo is believed to favor them. I Tho proposed amendments would re- jl tain tho federal reserve board as a strictly governmental institution, but St would provide that it be composed of jfl seven members, six to be appointed by lit tho president and to dovote their en- fjj tire time to tho work of the board, and the Bovcnth to.be the secretary of tho J j treasury. I Many Suggestions Made. II The committoo has not yet takon up m tho question of reducing tho number jj of reserve banks, but suggestions have ! been mado putting the number all the way from three to ten. Senator Weeks jg (Republican) has a proposal that the 1 number be reduced to ono, a single fed- j eral bank to be controlled absolutely IjfjH by the government, ugl Tho proposal for a recess of tho mln houso was takon up at the White Jjjjfig house and at tho capitol today, and negotiations continuod without anj' dclinitc conclusion. - Mr. Underwood sought Representative Representa-tive Mann aftor receiving tho president's-message and urged the minority leader to consent to tho passage of a joint resolution for a recess of the houao until November 15. Mr. Mann postponed decision on tho request until un-til tomorrow. Ho then went to the senate sen-ate and discussed with senate Democrats Demo-crats and Republicans tho report that the currency bill probably would bo disposed dis-posed of in November. "I found," Mr. Mann said later, "that llio senate whs without a Quorum, as was the house. I found that the prosldcnt had not con6iiltod with Republican senators sena-tors nor received assurances from them that the currency bill speedily would be disposed of. "I found that tho prosldent must haw been mistaken or else was verv much misled. I found that. In all probability tho currency bill would not get Into the senate until the next session of congress and that the president would be. luckv If It passes by February. Tho president says there Is an nmbltlous legislative programme for next winter. Unless congress con-gress begins work on tho programme now, we will be horc until next September, Septem-ber, and, unless there are concessions on laio currency bill, there mav not be much legislation enacted but currcnev at the next session.' Express More Confidence. President Wilson's confidence that Republican Re-publican and Democratic senators would reach an early agreement on tho currency cur-rency bill was based on talks with Senator Sena-tor Nelson and one or two other Republicans. Repub-licans. Members of the senate banking and -currency committee expressed more confidence over an early outcomo of the legislation than did Representative Mann, hut nonu of tho Republican member? would predict tho passage of tho bill within tho time set by the president. As a quorum of the house is not yet in town, tho Democratic leaders ennnot act on a house recess without the consent of the Republicans. Victor Morawctz of New York, director direc-tor of tho National Bank of Commerce, and a student of the currency problem, defended tho administration bill before the senate committee today. He advocated a reduction In the number of federal rcservo rc-servo banks, however, and urged numerous numer-ous minor amendments In the bill. Secretary McAdoo of tho treasury department de-partment and Chnlrman Owen of tho senate banking and currency committee conferred at length tonight with President Presi-dent Wilson concerning possible amendments amend-ments to tho house bill. Sonator Owen pointed out tho various amendments which Republican as well as Democratic members of tho committee were expecting to offer. Partial Approval. NEW YORK. Oct. 20. The New York Chamber of Commerce today adopted a resolution approving In tho main the currency act now before congress, but suggesting several amendments. One was tho reduction of the number of federal fed-eral rcsorvo banks to not exceed four, with power to operate branches In their own districts. Another suggested that membership In the federal rcservo banks be made of auch Importanco to tho national na-tional banks that It need not bo mado compulsory. A third rocommondod that existing banknotes bo retired as" promptly as possible pos-sible by tho purchase by tho government at par of outstanding 2 per cent bonds or by some cquitablo arrangement by which tho federal reserve banks would take over thoso bonds In tho national banks. A fourth amondment proposed that no moro than flvo mombors of tho federal board Bhould bo appointed by the president; presi-dent; tho fifth, that the federal reserve notes bo Issued by tho federal reserve bankB without guarantco by the govorn-ment. |
