OCR Text |
Show NEWLANDS LOSES DESPERATE RACE Trains Not Running Right Unable to Arrive For Currency Cur-rency Conference. i WIRES FOR A DELAY Nevada Senior Senator Anxious Anx-ious to Present "His Federal Fed-eral Reserve System." Chicago. Nov. 12 Senator New-lands New-lands of Nevada raced through Chicago Chi-cago today ou his wa to Washington Washing-ton When he left his home state it was In a desperate endeavor to roach I the national capital In time to attend at-tend the Democratic currency conference con-ference todav Trains did not run right for him and today he telegraph-j telegraph-j el Senator Kern that he had lost the race and could not bo in V,ishlnc,ton till tomorrow. In his message to Senator Kerb, the Nevada statesman asked that the ' conference be postponed for a day or j two "until Democratic senators have opportunity to be present" Senator Newlands said he was nnx- Ions to present wiiat he called his "Federal Unserve system." an outline J of which he recently telegraphed to Senator Ow en. This Bystem calls for a federation of state and national banks In each ; state as a reserve association, con-j con-j BOlldating and mobilizing tho reserves re-serves of member banks for mutual i protection against bank runs and ' stringencies In addition there ! would be one federal reserve bank I of which the state reserve associations associa-tions would be members, and In which Kovernment funds and a por-I por-I tlon of the reserves of the state associations as-sociations would be deposited. Na-' Na-' tionally tho central bank would per-j per-j form those functions which In individual in-dividual states would fall on the sf;it.- associations. The conference finally was postponed post-poned on Information that there was j a possibility of the banking committee com-mittee reaching an agreement on the j bill. |