Salt Lake Tribune | 1913-10-21 | Page 2 | Some Amendments to Original Bill

SOME AMENDMENTS TO ORIGINAL BILL By International News Service. WASHINGTON, Oct 20. Senator O'Gorman tonight expressed the opinion that If a unanimous report on the currency cur-rency bill Is made by the committee on banking and currency the chances will bo good for tho passage of tho currency measure at this sosslon of congress. Owing to the number of amendments considered vital by various members of the committee, It Is problematical If such a roport can bo agreed upon. Some of the proposed amondments follow: Number of regional reserve banks to bo greatly reduced, to not exceed five, or a central bank controlled by tho government govern-ment substituted, with sufllclont branches to provide for th business of the country. coun-try. Amount of capital stock to be subscribed sub-scribed by tho member banks reduced from 10 per cent of tho capital stock paid In to 6 per cent of the capital stock and surplus. Dividends of the member banks In the regional reserves restricted to 6 per cent and all surplus to go to the government. Country banks to be permitted to continue con-tinue their profits from exchange, which is abolished In tho pending bill. No members of tho cabinet to be appointed ap-pointed on the federal reserve board. The secretary of the treasury may bo mado a possible exception. Reserves to bo maintained In sold and notes and made redeemablo in gold only, and not "gold and lawful money." Country banks to bo given tho privilege of using "seasonal" or long-time paper under certain restrictions as security for circulation. National banks to bo permitted to loan money on real estate up to a certain proportion pro-portion of their resources, to equalize them with respect to state banks and trust companies that enter the new system. sys-tem. To put theso changes Into concrete form satisfactory to all the members of the committee will bo a dlfllcult task, and It may require more than the two weeks within which President Wilson hopes to hear of a report from the committee aftor tho hearings end next Saturday night Senators Hitchcock and Brlstow still contend con-tend tho bill cannot pass at this session.