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Show NEW FEATURE IN CURRENCY BILL Regional Bank Stock to Be Owned By Public and Controlled Con-trolled By Government. COMPROMISE MEASURE Democratic Senators Urging j Conference to Make Party Sponsor for Measure. Washington Nov 6. The stock of the regional banks of the new currency cur-rency system will be owned by the public and regional banks will be controlled by the government The senate banking committee today Incorporated In-corporated that feature in the ad-I ad-I ministration currency bill by a vote of seven to five. Senators Reed and Hitchcock, Democrats, joined the five Rcpubli-j Rcpubli-j cans voting for the resolution over tho protests of Senators Owen, Pom-erene. Pom-erene. Shafroth, Hollls and O'Gor-man O'Gor-man the remaining Democrats Jointly Joint-ly frnmed by Senators Reed, Hitchcock Hitch-cock and Weeks, the resolution was referred to by some as the basis of a compromise between the White House and the senators in control on the committee. House Bill Provision. The provision In the house bill to compel national bank to subscribe ten per cent of their capital to the new system, under penalty of losing I their charters, would be eliminated I If after sixty days the public had not subscribed all the capltail. the banks entering the system would be required re-quired to take up the remaining stock That was one of the proposals propos-als of the andcrllp plan. Control of the regional banks was settled by a compromise resolution offered by Senator Weeks providing that each roglouul bank have nine directors, five to be selected by tho government federal reserve board and four by the banks. Under the house bill, six of the nine would be chosen by the banks Way Clear for Agreement. The action today is thought to have cleared the way for an agrte-ment agrte-ment In the committee and ma j hasten progress of the bill President WJlson has been conducting con-ducting informal conferences with Democratic senators over the currency curren-cy situation and many are urging a party conference; not necessarily in I the sense of a caucus, but as a move, ment to make th Democratic party sponsor for the bill In the form thi' administration wants It shaped. The president discussed the currency cur-rency situation at length todav wl'h Senator Simmons who led tho tariff fight In tho senate "I don't think any caucus will be necessary." id Senator Simmons afterward, at least I hope none will be, but of course Democrats cannot be expected to support a bill coming com-ing from a committee In which the majority of the Democrats have been opposed to what already has been adopted It must be a Democratic bill. There an no developments yet, but there aro likely to bo In u few days If the committee continues as H haH." |