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Show HITCHCOCK PLAN I IS VOTED DOWN O'Gorman Currency Plans Considered for Regional Bank Control. J HOUSE BILL PROTEST Committee Determined to Go Ahead and Form Best Possible Pos-sible Bill It Can. Washington Nov. 3 By a vote of 7 to 4, after an all-day discussion of the methods of proUdlng capital stork for the regional banks, the senate cur rency committee voted down the Hitchcock plan for a common eaplUil stock or $100,000,000 under the control con-trol of the federal reserve board. Two plans offered by Senator 0 Gorman were then taken up, but not disposed of. One pros-ides for half the capital stock to be subscribe'! by the banks and half by the public The other contemplates offering the whole of the stock to the public, tho. banks to underwrite any amount not thus taken Senator O'Gorman prefers the former plan Hie plan also fix the capital stock9 o( each regional bank at an amount equal to 10 per cent of the combined capital of the national banks ln each region Concurrently with this phase of the question there was an animated difl cusalon over the subject of the control con-trol of the regional banks Senator O'Gorman favors the selection of d1-rectoi-B of reglonala, even with public ossnerahip of the stock provided in the Glass bill, the banks to elect six and the federal board to appoint three Chairman Owen also favors this plan Regional Bank Control. How these regionaJ hanks shall be controlled Is considered by the more radical members of the committee as vital to the whole measure it can be stated on unquestioned authority thit If the committee presides for bank control as contemplated In the Glass bill, there will be a strong minority report, re-port, and the bill will go to the senate with the committee divided and a minority mi-nority determined to fight to the end against anything that looks to any degree of bank control Senator Bristow, after the commit teo adjourned, protested against the I adoption of this provision of the house bill. What we are attempting to do is to give the people relief from the op-j op-j prcsslon of those who now control the credits of the country- If the banks are given authority, to elect the directors direc-tors of these regional banxs, they will still control credits and there will be no semblance of local public control 1 will never agree to such a provision provi-sion " O'Gorman's Views. Senator O'Gorman. on the other hand, holds Uiat wirti six directors chosen by the banks, there will be better and more efficient management of the regional banks The interests of the general public and of those needing credits, he said, would be protected by the federal reserve board which would have the power of removal re-moval of any board of directors that discriminated against the public. Senator Hitchcock, urging the adoption adop-tion of his plan, held that it would obviate the criticism of the pending bill that required one regional ban!; to rediscount the paper of another. With the $100,000,000 capital of the regionals at its disposal and the reserves re-serves that would be deposited with It, the federal board, Mr. Hitchcock said, could shift a portion of this capi tal from one regional to another as it was required to meet any situation that might arise. Meeting Wednesday. No definite action was taken on the pending O'Gorman proposition. The committee evidently believes that the question of how the stock shall be provided and who shall control the bank, is the crux of the whole problem, prob-lem, and it may be several days before it is satisfactorily solved There will be no further meeting of the committee commit-tee until next Wednesday. No attempt was made to reconsider the action of Friday in adopting the four-bank plan. The committee is apjrarently going ahead without regard re-gard for the opinions of the adminis tratlon and other branches of the Kosernment, determined to construct the best possible bill It can. Gossip from the neighborhood of the White House revived the talk of a caucus to pass upon the bill This will not be tolerated by the senate Senator Kern, chairman of the senate sen-ate caucus, stated specifically that there would be no caucus on the currency cur-rency bill. Senator O'Gorman einpbat lcally announced that no caucus would be necessary and none would be held If the president demands a caucus, unless the present temper of the Democrats Dem-ocrats of the senate changes material ly, he will fall ln forcing his views upon the Democratic senators. rn |