Show AGRICULTURAL CURRENCY PROVISION L ADDED ADDEO TO ADMIN ISTRA TION BILL BILLI I BY CAUCUS 0 OF F HOUSE DEMOCRATS Ant Amendment Hailed by I Insurgents as Victory but Chairman Glass Declares None of Th Their el i Wild Suggestions' Suggestions Are Embraced In in Amendment Federal Amendment Federal nt-Federal Federal Control of 4 Reserve Board Is Insisted Upon 11 tv I AU Aug o. o An agricultural currency amendment to tho thoV V administration currency bill hill was adopted by Iho tho House Democratic caucus caucus today After several preliminary skirmishes in which other amendments amendments amend amend- ments were Vero beaten the caucus without a dissenting vote adopted an amendment amend amend- i ment agreed to tp b by tho the insurgent contingent and tho the banking banking- an and currency committee to put paper based on agricultural products on the s same mo basis as commercial paper for banking purposes It nl alto also o would extend tho the maturity of notes and bills admitted to discount un under er the amendment to ninety days clays instead of tho the originally proposed sixty days This action disposed of the last of the time big controversial issues in the tho administration administration adminis adminis- K currency bill 1 I Mno Tho amendment the rc result of or man many Conferences and concurred in iii by ad administration administration ad- ad ministration leaders and unsuccessfully unsuccessfully seeking other amendments reads U Upon on the Iho endorsement nt of ot any member bank banle tho the federal reserve reser sank basic may discount notes and bills of or exchange arising ln out of or commercial transactions that is Is notes noles and bills of ot exchange issued or drawn for tor agricultural industrial Indus indus- Industrial trial or commercial purposes elS or tho proceeds of ot which have o been used or r ma may bo be used for tor such purposes Clio tho federal reserve o board to have tho right to determine or define tho the character ot of tho the paper thus eligible for discount within tho the meaning of or tho the act net But such definition den den- shall hall not Include notes or bills issued or drawn for the purpose pur pur- pose pote of or carrying or or trading tra in stocks bonds or other investment securities nor shall ln f contained be bo construed to prohibit r such notes and blUR bills of or exchange secured by staple agricultural products products pro pro- ducts or other goods wares or merchandise mer nier- chandise from being eligible for tor such discount Notes and bills admitted to die die- Notes dotes and bills billa admitted to discount dis dis- discount count un under er the terms of oC this paragraph para- para paragraph graph must have ha a maturity of ot not more than ninety days dDs l E s 1 Wo TWo have won all nIl we contended for tor was vas the comment of or Representative o i of ot Kansas In charge chargo of or the opposition op Ope position to the bill i f Tho ho Glass amendment added tel Rep o Henry of Texas comes to tho the amendment I have advocated during the last three months Tho The rediscount rodl count section as ns thus mond mended d replied Chairman Glass doc oe not comprehend R n. single one ono of ot otho ho he wild and amid absurd suggestions which sd been proposed Mr 11 Henry surn sur- sur n cre solely and simply because he lie heas vas os as beaten He lie jumped Jumpp after atter tho the boat eft tho the wharf Other members of oC the committee ode d similar statement Glass said tonight that the Continued on Pago Iago 7 7 Column 7 i. t CURRENCY PROVISION ADOPTED BY DEMOCRATS OF HOUSE Amendment to tp Administration Bill Hailed as Victory by Insurgents Continued from Page I. I amendment did not discriminate either for tor or against the farmer that the New e ew v England shoe manufacturer or clothing maker could present their goods for tor discount as ae much as the farmer could and In the final analysis the whole thing thinS Is b loft left to the federal reserve board of ot the regional reserve roser bank which does tho the discounting During today's se session lon tho the caucus de do- do an amendment b by Representative tive lIvo Wingo of ot Arkansas to exclude from rediscounting rediscounting- at federal reserve banks notes or bills Intended for tor dealIng dealing dealing deal deal- ing In futures or for tor marginal trading on agricultural products product Representative tire tive Gray of ot Indiana Indana In tho the principal speech of ot tho the day ineffectually sought to divide the federal reserve dl districts Into four geographical divisions Secretary Se McAdoo Ii Iune ne Statement Secretary McAdoo doo tonight Issued the following statement concerning his recent recent recent re re- re- re cent conference with George M. M Re Reynolds Reyn Reyn- n olds Ohio of ot Chicago at New York My attention has haIl been called caned to the following statement attributed to Mr Reynolds Renolds I I 1 spent spen t yesterday wi with th Secretary Secretary Secretary Secre Secre- tary o In New York and we talked about the bill and our objections ob oh- to It It and he assured me that tho the administration desired to todo todo todo do all In Its Us power In remedying the defects of ot which wo we ha havo vo complained com corn I do not believe bellove Mr Reynolds made this statement What I said to him at our conference In New NewYork NewYork York was that an any constructed suggestions or 01 criticisms submit submit- submitted ted by the bankers with reference to currency legislation would I Iwas Iwas Iwas was sure be carefully considered b by the committees s of ot Congress on and the President If It submitted to them An Any X statement t or Inference fera that I have made an any promise of ot an any sort to bankers or anyone elso else with re respect rb- rb to currency legislation Is un un- founded It was Intimated in administration circles that some somo modification of ot the reserve features of or the pending currency currency cur cur- rency bill might be made at the suggestion suggestion sug sug- of ot tho bankers though it was not stated how far for this modification would go so It was waa made plain however however how how- ever that there would be no receding from the position of ot federal control Tho President told callers caners he had re received received re re- expressions of hearty hoarty support for the tho administration bill not only onh from rom business men generally but from the tile rank and tile file of ot bankers throughout through through- out the tho country and would not compromise compromise compro compro- mise mire on Its us essential features |