| Show ROUND T TABLE CONFERENCE IS hELD HlO Democrats of House Banking Committee Summoned to the White Ho House se to Hear Talk by President on Currency Bill ARGUES FOR LEGISLATION TION AT THE PRESENT SESSION Only a Temporary Makeshift Senator Nelsons Nelson's Criticism of Administration Measure Senators to Oppose Haste June 20 O. President vy dent Wilson W secured s tonight from a majority of the Democratic members of the H nise banking and currency committee expressions of h harmony and acquiescence ic in in tho tile ad ad- t ministration program of 01 enacting a currency hill bill at tho the present session of Congress At a two-hour two conference held around the cabinet table in ill the White WhiteHouse Whitehouse House offices th the con congressmen were were asked their views on the a administration ministration tion currency bill as 35 it is to bo ho introduced intro intro- b by Representative e Glass chairman chairman chairman chair chair- man of the le committee Some Seine of ot them had hod not yet jet el thoroughly thorough thorough- l ly 13 examined the measure but bul those who expressed opinions were favorably favorably favor favor- avor- avor abl ably inclined incline toward it As S the fourteen fourteen four four- teen committeemen filed flied out of ot the tho offices and a It group croup of or correspondents met them the they were iere reticent nt about discussing the conference Just as Glass Gla s had smilingly referred re ye- erred the time correspondents to th tho th President President Pres Pres- 1 ident Mr Mm 1 Wilson himself walked to totne the door loon of ot the office and talked with the tho newspaper men men men-a. a procedure unusual unusual un un- usual at night conferences s at the White 1 House President rr nt Explains 1 1 Th Tiie Pre President id explained that them the m meeting v. v wax ft n fly a set get et aC- aC rf r- r f fi fair l that that naturally s om some of ot tho the details de do- tails taUs In the lite tl bill had brought cont considerable consid consid- ld- ld erable erable- discussion but so far an as had Jurl been observed rc re wa was a friendly feeling toward the fundamentals un of oC the n administration measure Mr Wilson Wilson Wil Wil- 11 son said Hald moreover that the time mm members ers of ot committee all seemed to desire action at the present session s but that th they had hind asked him not to hurr hurry consideration con con- I of or tho the bill so that it Il might con I be d deliberated upon carefully The Time I Ino President remarked that he lie had had no intention of r seeking hast hasty action and hoped that by common couns counsel l' l and anal conferences a 11 measure satisfactory satisfactory tory tor to the party parl would bo be obtained Talk of or friction In the committee had hind been reported about the capital an and separate bills had been planned for introduction It was to urge irgo upon the tho members rs the time necessity sll of or standing standing stand stand- ing h by the tle administration measure subject to amendments that the tho conference con- con ference was iL called There will be hc other conferences at the tlC White House In the th near future futuro but tho the Pr President felt after tonight's meeting that a start had hal been made toward unifying sentiment senti senti- ment on mi tilt tho administration bill lIlli Antagonism to present action on the tho currency and criticism of the now bill at as agreed upon h by the tho administration adminis leaders became well wen defined amon among senators tOlla today Prominent members of the Senate currency committee com coin expressed sed the belief beller that tho the committee aH as a whole does docs not nol favor Cavor the tho immediate of or an any bill billand billanti an anti and that President U Wilson would bo be urged not to demand action at the extra session Several senators expressed th the behot belief be be- hot lief that the tho provision ask asked d for Cor b by Representative Glass for tho the retirement retirement retire retire- ment mont of oC national bank notes and the refunding of or the th th 2 per Ier cent government govern govern- o moot mont bonds now nois' s securing that currency cur cur- tene rency with a 3 per cent Is Issue should have been loft In tho the bill bUI I The Thu most striking criticism of tho time Continued on Pa Page Pago c 3 Column 2 I I ROUND TABLE TALK ON CURRENCY GIVEN BY THE PRESIDENT Democrats of House Banking Committee Summoned to White House Continued from P Page ge 1 1 measure came from S Senator S Nelson a Republican member of or the senate enate currency currency currency cur cur- rency committee The Tho bill made by Mr Ir Glass to be but a II temporary makeshift ho said It amounts to no more than the tho Aldrich Vreeland emergency currency and Is Js more cumbersome In Its machinery machinery ma ma- chinery than the Ufe Vreeland bill While Whilo It professes es to decentralize h by creating I twelve or moro more reserve e associations yet ct It leaves control In the tho hands of ofa ofa a o single board located here hare at the national national national na na- na- na capital composed largely largel of or government officials It falls fails utterly to amend amond or to improve im Im- im- im provo prove our present system of ot national banks and the s system stem of or bond secured currency appertaining to them At best It can only be looked upon a as a temporary measure sure Democratic members of ot the committee commit commit- tee expressed a desire to go over oer the thc measure Jn n detail with President Wilson Wilson Wil Wll- son lion and so o fa far l' l no committee meeting has been called The plan embodied In Inthe Inthe the lie measure has hag never nover been passed upon or Indorsed by the Senate committee committee com com- but It will furnish a n. basis upon which the they will attempt to meet the President in Ca case JO ho he is insistent upon l legislation at Bt this session Hitchcock Crl Criticises I Plan Ilao I r am m against ag the plan of or central control embodied bill political in the tho said ald Senator Hitchcock a 3 Democratic Democrat c member of tho committee Just as I would be a against a a. central business con control rol of ot the tho system I bel believe the rO regional lonal reserve associations should J DC OC In independent as banks now no are and that tho the government should limit Its Us I control to that of ot supervisor over their actions The bill also In my nn opinion shows show'S a total failure to provide e nn any any reserve for tor th the J payment of notes notes' the th government government govern govern- ment proposes to Issue and for which It U can be required to pay out gold bold at atAn An any time The Tho bill IB is expected to bo be the subject subject sub suh- of ot liberal amendment even b by Its Hs authors Provision for tor the retirement of ot 2 por par cent borns b by which of ot national bank notes now arc secured so a as to provide against depreciation will be one of or the foremost foremost fore tore most mOlt problems The Glass bill J proposes that the new currency law shall shaH become effective ninety days daya after its passage though a n. period of or thirty eight months Is al allowed allowed al- al lowed for tor shifting of or present reserves to the tho new federal banks Representative Neeley of or Kansas a Democratic member of ot the House banking and committee In along along a n. long speech In the House today advocated advocated o ad a renewal of the monc money trust In In- In lIe Ho emphatically announce announced however that ho lie favored ore immediate currency reform |
