Salt Lake Tribune | 1913-11-30 | Page 10 | Slow Progress on the Currency Bill

SLOW PROGRESS 0! THE MKT BILL Democratic Senators Wrangle AI! Day Over the Administration Admin-istration Measure. WASHINGTON, Nov. 29. Subjected to an all-day wrangle in. the conforenco of Democratic senators today, the administration ad-ministration currency bill progressed slowly in its preparation for final consideration con-sideration on tho floor of the seha-te, Practically no chango was mado in tho administration draft of tho bill as !resented by 8enator Owen and tho ivo administration senators of tho banking and currency committoo dur-irfg dur-irfg the day. but for several hours tho conference discussed a technical interpretation inter-pretation of tho provision of the bill relating to tho retiring of tho new currency to bo issued. Senator Peed of Missouri criticised tho wording of the section. The Democratic programme for day and night sessions of the senate until tho bill Is disposed of probably will be delayed until tho ccaiferonco concludes Ita work next Tuesday or Wednesday. The point upon which tho committee spilt, the public ownership and government gov-ernment control of the proposed regional re-gional reserve banks, was not brought Boforo tho conference. Tho administration adminis-tration plan for regional bnnka capitalized capital-ized by onforced subscription of the 'banks and controlled by bank-jelocted directors, was indorsed. It wnB provided, pro-vided, howovor, the fcdcr.il reserve board should hnvo tho power to remove all directors of tho regional- banks. Tho conference passed, over tho provision pro-vision of the bill fixing tho number of regional banks. At tho instance of the conference pemocrata of tho currency committee are framing a guararrtoo of bank deposits provision, which may bo wrltton Into the bill. Tho conforenco referred back to the Democrats pi tho banking commission tho section of the bijl relating to tho retirement of federal reserve notes, and a new proposition was suggested for the rofundmg of tho 2 per cont bonds on which tho present cufpney is based. The plnn Involved tho acceptance of somo of the features of tho refunding plnn in tho bill proposed by Senator Hitchcock and the Hepublioans of tho banking committee. It would replace tho present 2 por cent with 8 per cent oue-yeqr government notes, but would take a long period" of timo to effect the transfer. Tho conf eronca also deoided to dispose dis-pose of all provisions which do hot involve disputed matters at tonight's session. The disputpd points, including includ-ing all of the sections passed over so far, will be taken ,up tomorrow by the I members of the banking committee, J who will report to a session of the conference to bo called tomorrow nighU Tho loaders expect to complete tho bill I nt that timo. i Late tonight the conforonce adopted 1 an amendment to tlio Owen bPl wiilch would permit the federal reserve board j to establish any number of regional re-1 sorvo banks considered necessary- be-1 tween the limits of eight and twelve This agrcemont mot the objection of Senators Hoko Smith and Bacon of Georgia, that tbo Atlanta territory might bo compelled to transfer its banking operations to a reserve bank at New Orleans. Tho federal reserve board would bo given authority to do-cido do-cido wh,ero banks are needed to moet tho ordinary trend of business operations. opera-tions. Tho bill passed by tho house flxod tho number of banks at .twelve, whilo the Owen bill provided for eight and tho HHckcqck oil four. Preliminary consideration con-sideration of tho bill was completed by tho conferepco tonight and the flnisbrng touches will bo ndaod at a sosbTou' to begin at 3 o'clock tomorrow.