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Show I DEBUTE ON THE CURRENCY BILL OPENSIN HOUSE Chairman Glass Makes Long Speech Upholding Measure and Replying to Protests of Bankers. AGREES WITH THE WORDS OF WILSON Declares There Can Be No Politics in Matter; Representative Represen-tative Hayes of California Speaks in Opposition. WASHINGTON, Sept. 10. Oratorical Oratori-cal display attending tho pnssage of the administration currency bill through the house began today with a scries of speeches for and against the measure. The general discussion will conl imie through day and night sessions ses-sions of the house until Saturday. Next week the bill will bo taken up in de-Chairman- Glass of tho banking and currency committee, father of the bill, Representative Hayes of California, Republican Re-publican ranking member of the committee, com-mittee, and Representative Murdoek of , Kansas, Progressive floor loader, opened the debate for their respective parties. Chairman Glass presented the bill as a positive cure for tho financial ills of the country, Representative Hayes admitted the value of some of I-the bill s provisions, ana itcpresenia-tive itcpresenia-tive Murdoek criticised the measure as "halting, ' timid, half-way, compromis-Murdock's compromis-Murdock's Criticism. "To a nation crying for relief," he declared, "it offers not a remedy but a palliative; it prescribes cocaiue, not & cure. It has changed some of the formulas by which the prodatory liWlili wealth preys upon the people, but it mm jia8 Il0 objillenged directly tho malig nant methods which put these powers beyond the reach of. all feeble legislation legisla-tion As a well inteutioned effort to bring elasticity to the currency, the Glass bill invites indorsement. But oven if it brings elasticity, its enactment enact-ment will not quiet tho public demand I I for correction of the real sourco of the trouble Wall streol." The greater part of today's Republican Republi-can opposition to the bill, voiced by Representative Hayes and Representative Representa-tive Dyer of Missouri, was based urjon the provisions of tho measure requiring that national banks subscribe 20 per cent of their capital stock and 5 per cent of their deposits as a fund to aapi-lalize aapi-lalize the federal reserve bankB. Return Too, Small. The return on this investment 5 per cent under the bill the Republicans declared was not sufficient profit to induce the banks to enter the system. The broad powers of the federal reserve re-serve board and its "partisan political politi-cal complexion" also were criticised. Mr. Glass replied at length to the criticism that the federal reserve board placed by the bill in control of the proposed pro-posed finincial system would, with its side powers, be subject to political influences. in-fluences. Agrees With Wilson. "Thcro is no politics is this matter: there can be none. Jt-iB my earnest conviction, based on long and serious reflection that no man can conceive, as none has yet pointed out, how any part of this system can be perverted to political polit-ical uses," said he. "I happened to bo present when an eminent banker suggested sug-gested such a possibility to the present occupant of tho executive chair, heard this hanker vainly challeneged to show how it might be done. T shall not soon forgot the emphasis with which the president of the United States declared that no man would ever be found who would be willing to imperil his reputation reputa-tion or tarnish his fame by so flagrant a Ii ol djs nigu oince. 1 Opposition of Banks. Mr. Glass declared that opposition to 1 the bill by bankers was caused by the fact that the bill would sever the rc-j rc-j lations between banks and stock gam-fi gam-fi blin& "The whole fight of the groat bank-I bank-I crs is to drive us from our firm rosolve ; to break down the artificial connection ;j between the banking business' of this i country and the stock" speculative opera-i opera-i tions in the money centers." he said. m "The avowed purpose of this bill is J to cure this evil. They do not want ex-afi ex-afi isting arrangements disturbed; they deal de-al sire to perpetuate a fictitious, unscion-v unscion-v tific syBtem, sanctioned by law, but con- demncd by experience and bitterly of-j of-j fensive to tho American people a sys-Jj sys-Jj tern which everybody knows encourages $ and promotes tho worst description of jg fctock gambling jjfiij Gives Alleged Reason. M'j Tho real opposition to this bill is not to government control, on which wo wWFi' slml1 nover Jioldj t is not the capital subscription required, which is precisely fun j S that of the Aldrich schemo unanimously Mffifl indorsed by the American Bankers' as- sociation; it is not as to tho 0 per cent JBllsln dividend allowed member banks, the ex- JS act limit prescribed in tho Aldrich bill; IwgJisK it is not as to compulsory membership, which was provided in another way in OlltvS 'ne AHr'Cn scheme; it is not as to the jRjSps bond refunding proposition infinitely mIii "it is none of these things that MP $ vexes the big bankers. Tt is a lots of ft profits derived from a system which mm M makes, them the legal custodians of all Br; 5? the resorvo funds of the countrv, $240,- fPi 000,000 of which funds on the"24th of BlMf November, 3012. they had put into the I? In maelstrom of Wall street stock opora- H If Tlepreentativc Hayes of California. 1 11 ranking Republican member of tho bank- L: 31 Ins: Committee, opening debate for the Repunllcanu Indorsed part of the bill, but attacked the provision allowing national banks only 5 per cent profit on their investment in-vestment in the federal reserve banks. "In splto of ail these criticisms," said he, "I am firmly of the opinion that If the modifications In our system proposed by this, bill can be put Into active operation, they will work a vast improvement in our system or lack of system." Mr, Hayes Indorsed the twelve regional reserve bank plan as preferable to any single central bank Majority Leader Underwood put through a resolution closing general debate when the house adjourns Saturday. Day and night sessions will be the order or-der mean wlille.. Night Session. Representatives ICorbly of Indiana and Phelan of Massachusetts, Democratic members of the committee, supported the arguments advanced by Chairman Glass. At the night session Representative Mondcll of Wyoming (Republican) declared de-clared that the Glass bill. In many respects re-spects "borrowed the Ideas and largely the phraseology of the Aldrich plan." He attacked tho methods employed by the Democrats In framing the bill, with a veiled reference to the activities of President Pres-ident Wilson. The bill was attacked as "unworkable" by Representative Madden of Illinois (Republican), (Re-publican), who declared that the bankers bank-ers of the country should be allowed representation rep-resentation on the federal reserve board. With the tariff bill practically out of the way. President Wilson took up tho currency situation early today -with the senate steering committee. Senators Kern, Hoke Smith, Clarke. Lea, O'Gorman. Owen. Chamberlain, Martin, Thomas and Bacon were present. Bacon Desires Rest. Senator Bacon expressed a desire that the senate should take a few weeks' rest before undertaking the passage of a currency cur-rency bill, but the president, It was said, was determined to continue his Insistence that the currency be disposed of as soon as possible. The president received from Senator Owen a poll of the senate Democrats, Demo-crats, which. It was said, showed practical practi-cal unanimity In favor of going ahead on currency with all possible speed. Senator Kern, chairman of the steering steer-ing committee, announced that the committee com-mittee would meet later today to determine deter-mine on a course of action. "There la no thought of any recess, no thought of any unnecessary delay," said Senator Kern. "It Is simply a question of how soon the currency bill can be reported re-ported from the committee. Until the conference committee reports on the tariff tar-iff bill, the senate probably will recess three davs at a time unless Momc business develops" which would require meetings oftencr than twice a week. The urgent deficiency bill can be passed In the senate sen-ate without much trouble." "Wp shall Insist on a programme of immediate im-mediate action on tho currency," said Senator Owen, "not a moment should be lost. 1 believe that the bill will be pnfcsed before Novcmhcr 1." A number of other Democrats, however, bellrj.'o It will be a month nt least before the 'donate can begin debate. COMMISSION FINALLY APPROVED BY SENATE WASHINGTON. Sept. 10. The commission com-mission on Industrial relations was confirmed con-firmed by the senate. It had been held up for .weeks because of an attack on President Wilson's appointment of Mrs. J. Borden Ilarrlman as one of the commissioners. com-missioners. The commission as confirmed consists of Frank P. Walsh of Missouri. John. R. Commons of Wisconsin. Mrs. ,T. Borden Harriman of New York. Frederick A. Delano De-lano of Illinois. Harris Welnstock of California. Cali-fornia. S. Thurston Ballard of Kentucky, John B L.ennon of Illinois, James O'Con-nell O'Con-nell of Washington. D. C. and Austin B. Garrelson of Iowa |