Show CURREN U y oil 1 PASSES THE HOUSE FOURTEEN progressives AND TWENTY I 1 FOUR republicans VOTE WITH DEMOCRATS 4 currency system Propos proposed Id by the administration approved practically without change by vote of to 84 washington the complete revision on of tho the american banking and currena u methods in the democratic currency bill was started on its way to the statute books on thursday by a vote of to 84 the house passed tho the bill in practically the same form in which it was originally proposed twenty four republicans and 14 progressives joined with the democrats in voting for he the till bill with this overwhelming house majority and the endorsement of 0 president wilson behind it the measure was vlas sent over to the senate there it was referred to the banking and currency committee before which hearings on the subject already are in progress the committee may not be ready to report for several weeks beeks the measure would eliminate the present american bank note system under chich banks issue currency against government bonds and establish a currency to be issued by twelve federal fe derp reserve banks based baaed on sound commercial paper which the government assumes the responsibility of redeeming in gold or lawful money it would place practically evory phase of banking apier tho the i control of a federal reserve board oi of seven members to be appointed appon ted by the president advised by a council of I 1 bank ank ers era the system would be administered through the reserve banks situated in twelve geographical divisions of the country capitalized at about which capital must ba subscribed by tn tua banks in tho i dserve district A at t the eleventh hour t alj j house housa wrote into the bill a disclaimer of any auy intention to alter the gold money standard fixed by law |