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Show WILSON PLANS GIPIN FOR Clip BILL Begins Holding Conferences With Democratic Senators Today Looking to Progress Prog-ress in Upper House. VARIOUS REPORTS HEARD AT CAPITOL Chairman Glass Issues Statement State-ment Concerning the Objections Ob-jections of Hitchcock to the Measure. WASHINGTON", Oct. 6. rrcsidont Wilson will begin conferences tomorrow tomor-row with Democratic senators, looking to tho acceleration of the administration administra-tion currency bill's proercss through the senate. The president has been informed that some members of the senate banking bank-ing and currency committee plan to continue tho hearings two weeks longer and consume a month thereafter in working over the bill. He will on-deavor on-deavor to ascertain from members of tho committee and Democratic eouators generally what are tho causos of do-lay. do-lay. At tho White houso it was stated today that the president would feel j justified in usine even, legitimate means to forward the progress of the bill toward the statute books boforc the end of the present session. Significant Remarks. Significant in tho day's developments on tho situation were remarks which tho prcaidont made to callers to tho effect that objections to tho administration adminis-tration bill procoodod from biff banks bocauso the' feared that tho control of tho country's financial system would be taken from their hands by tho now measure. Referring to a largo number num-ber of telegrams from bankers throughout through-out tho country approving the bill, the president called particular attention to the fact that somo of thoso bankors had requested that thoir names not be made public. Ho also told some of those with whom ho discussed tho subject that if the people of the country know tho real state of affairs with reforonco to tho opposition to the currency bill they would regard it as ridiculous. Rumors at Capilol. Various rumors woro current at the capitol when the president's views became be-came known there. One report had it. that Mr. WilHOn contemplated issuing issu-ing a statoment in tho near futuro with especial referonco to tho rolation between the big bankors and small bankers who had voiced their opposition opposi-tion to the administration bill during dur-ing tho recent hearings. There was no confirmation of this at tho White house. No announcement wns mado tonight of the particular seuators with whom tho presidont will discuss tho curroney situation. Senators Hitchcock of Nobraska, Reed of Missouri and O 'Gorman of Now York are tho Democratic senators sena-tors who hav expressed a desiro to continue tho hearings and get ruoro information in-formation boforo bocinninir work on tho bill. Tho other four Democrats on tho comraittce Senators Owen, Pom-erene, Pom-erene, Hollis and Shafroth axe do-lared do-lared willing to start work at onco on the bill itself. GLASS CRITICISES NEBRASKA SENATOR WASHINGTON', Oct. 6. Representative Representa-tive Carter Giant", chairman of the house committee on banking and currency, Issued Is-sued a xtalomcnt tonight critlclHing tho i opposition to tho pending currency bill of Senator Hitchcock, a Democratic member mem-ber of tho fenato committee on banking and currency. Ho said ho was fjuite "curious to know" to wliat provisions of the measure the Nebraska senator waa to attach the "Heveral hundred amendments of which he spcaka In his rather porfllstent newspaper crusade apalnst the bill." Thus fnr, Mr. Glass declared, Senator Hitchcock "ventures to npcclfy but four objections to the bill nB It passed the hoimc." and anklnjc for more tlmn In which to consider the subject. Assorting that the senate committee- had po.He?Blon of tho curroney bill beforo the house committee, com-mittee, the statement nuKKosted that "It would not be oxactly fair for the public to afHiimc. merely bcaufie Senator Hitchcock Hitch-cock In unprepared to uct, that those who nov, have tho matter In charge have not had ovan more time and bettor opportunities op-portunities than the houso committee to study tho mibject and give It. dctlnlto form and substance." Replies to Objections. Concerning home of Senator Illtch-rock'G Illtch-rock'G objections to the bill, Rcprosenta-tlv Rcprosenta-tlv Gins said In part: "Tho assertion that the bill as It paFsed tho house would 'frightfully contract con-tract commerelal credits,' oven temporarily. tem-porarily. Is a flftment of tho Imagination. Imagina-tion. It has not ono particle of basis, and no capable actuary with any regard for his intellectual Integrity would reach any such conclusion. "-n to the talk of an ultimate period r (Continued on Pago Two.) W1LS0H PLANS HIS CURRENCY WIN i (Continued irom Pago Ono.) of 'wild Inflation,' it Is curious to note that Senator Hitchcock. In his plea for delay, finds himself In exact accord with the two Republican members of his committee, com-mittee, who attached their signatures to tho Aldrich scheme providing for a possible pos-sible inflation of the currency to the extent ex-tent of $6,000,000,000! Rediscount Matter. "The intimation of the distinguished Nebraska senator that he Intends to amend the currency bill by compelling regional reserve banks to discount the obligations of member banks, thus strip- , ping the regional banks of their discretion, discre-tion, as I Interpret his suggestion, will 1 interest both the scientific student and the practical banker os being a unique Idea. Ono of the most vehement criticisms criti-cisms that the house bill encountered In the cntlro process of consideration related re-lated to the power of tho reserve- board to require, 'In time of emergency,' and under severe restrictions, ono regional reserve bank to rediscount the prime paper pa-per of another regional reserve bank, of which there are to bo only twelve. Yet, now, as I understood, we have from Mr. Hitchcock a serious proposal to open the throttle and In the ordinary course of business transactions compel regional banks indiscriminately to rediscount paper pa-per and to Issue currency and credits to perhaps 10,000 member banks! Powers of Board. "No feature of the currency bill received re-ceived greater attention or more serious consideration and none was more exhaustively ex-haustively discussed than the provision having to do with the powers of the federal fed-eral reserve board. These powers do not comprehend, except suggestively, the routine rou-tine function of banking. There Is but one of them which has not been exercised, exer-cised, fully or approximately, for fifty yea i-s by the secretary of the treasury or the comptroller of the currency." The statement charged that some of tho witnesses who appeared before the senate sen-ate committee were prompted by bankers a3 to what they woro to say and cited the Instance of "a great merchant of the country who had been told to come to Washington to 'sow the seeds of discontent discon-tent with the house bill by declaring to the senate committee, as Mr. Hitchcock Hitch-cock has declared to the country, that it 'involved a tremendous contraction of commercial credits.' " This testimony, Mr.' Glass said, was absurd, and, he added, the merchant who gave It afterward admitted that he was ''coached" and that ho had not even read the bill. Representative Glass concluded with a statement that he had hesitated to make any criticism of committee proceedings on the senate side and that he would not have spoken at all had the senator from Nebraska confined his observations to his committee room. |
