Show BANK Bill BILLOIS IS I II I PASSED PASSO BY HOUSE HOUS Currency System Proposed by Administration Accepted Practically Without Change by a Vote of to 84 AMENDMENT REAFFIRMING GOLD STANDARD ADOPTED Sixty-nine Sixty Democrats Go on Record Against Change on Division Senate Committee Hears Attacks on Plan Sept IS The Tho vy complete revision rc revision of American banking and currency m methods propose proposed proposed pro pro- pose posed in the Democratic itc currency 10 ii f. f rill nil i f o c n fn n 1 nn ou vu UJ uv statute books today By ByI 3 1 vote of to 84 B the c Trouse passed the bill billin billin in practically the same form in which ch it was originally propose proposed Twenty four four ty-four Republicans jeans and fourteen fourteen fourteen four four- teen Progress Progressives Progresses es joined with the Democrats in ill voting voting- for the tile bill With this House majority and the in indorsement of President Wilson behind it the tho measure was wits sent over to the Sen Sen- ate There it was referred to the b banking and currency co committee before be be- fore fOle which hearings on the tile subject already are in progress The he committee committee com corn may not b be ready ready to report c tn e C v u II On On final passage c only three Democrats Democrats Demo Demo- against voted the bill bUl They vero Representatives e. e Call Galloway of ot Te Texas as 1 Elder Kl- Kl 1 der del 0 of Louisiana aJ and d of or Mississippi Re bU for or i The for or the b bill bilI n were Baltz Ball Browne Cooper Cramton Dillon Each Farr Fess eess Frear Haugen Haug- Haug en Helgeson Kent Lenroot I Mapes McLaughlin Nolson Nelson Porter i Samuel Smith and J. J M. M C C. Smith Smith of or Michigan an Smith of ot Minnesota Stafford 1 Young of North Dakota Two Progressives Representatives Temple and Walters of or Pennsylvania anla voted against the bill Fourteen others ote voted for or- or it They were Representatives tives Bell Bull of or California Hinebaugh Woodruff of or Michigan l Kelly of Pennsylvania Pennsylvania Penn Penn- sylvania Lafferty Lindbergh h MacDonald Mac Mac- Donald Manahan l Nolan Norton Norton Norton Nor Nor- ton Ruple Thomson of or Illinois and Stephens of California Gold Guill Affirmed ll Representative WIng WIng-I of oC Arkansas demanded a record vote yote on tho the ao- ao o- o call called d gold stan standard af amendment ment and on ona ona a a. division Democrats and Republicans Republicans voted vote 1 for it and J 46 15 Democrats voted against t it A roll call however changed the vote ote to 98 in favor of or tho the am to 69 against It All those voting no wore Democrats The rho rC Progressives offered 1 a n motion to recommit tho the bill 1111 to the committee with instructions to Incorporate a provision pro pro- vision to prohibit interlocking directorates directo rates ratos In national banks It was de defeated defeated de- de feted fe ted 06 to 71 il ilTen Ten days of oC earnest arnest consideration Inthe in inthe the time House failed railed to alter altor the time bill in Hit ally material particular and it passed virtually all as drawn by Representative Gla Glass s chairman of the time House JIom e banking arid and currency committee after er confer confer- enc t with Senator Owen chairman of at the lie committee Sf Secretary Sr McAdon Mc- Mc Adon of the tI treasury a ury department and andI the President Throughout the debate debato Republicans and Progressives vigorously vigorously vigor vigor- I denounced the methods employed employer by b the lie Democrats In iii framing the bill billand billand and In lii Its Us details in caucus The TIme Democratic lines lInes- held hold firm however however how how- ever 1 no minority amendments amendment were adopted GIH UM Of Xe Neu c The measure would eliminate the tho present American bank nota nole Ry system un under tinder er which banks Issue currency against government bonds and establish lish a currency to be Issued by br twelve federal reserve banks b based on sound commercial papel paper which tho the government govern overn mont ment assumes tho tIme responsibility of re redeeming re- re deeming in gold ohl or lawful monc money It would place practically every even phase of banking banking- under the time control of ot ofa ota board of a federal oral reserve O seven Continued on Page I I. I Column 3 3 BANKING BILL IS PASSED BY HOUSE Administration Currency System tern tem Accepted Unchanged by Vote yote of to 84 Continued From Page c 1 bers to b be appointed b by the President advised by a council of bankers The system would he administered through h In twelve the reserve r banks situated geographical divisions of the country countr capitalized at nt about which x capital must bo J subscribed b by tho the bunks In tho the reserve district At the eleventh hour tho the House wrote Into the bill bm a disclaimer of nn any intention to alter aller the gold old money standard fixed by law Sentiment regarding regarding- the measure has not crystallized In the Senate The Tue Senate committee is now nov hearing In Interested interested interested in- in citizens from all over the tho country countr on the principles of ot the bill bUt These hearings s ma may bo lo continued for several days Tho The committee Itself ItHel Is expected to talce take weel weeks s In discussion of or the measure although the administration LIon tion ion forces In tho the Senate hope to force orce i iRIl an RIl farl early report to the floor noor where fu further ther extended extend ll debate la Is expected I J Attacks Attack Administration Plan Plou William 1 II IL of or Philadelphia urged the Senate Senale banking committee today not to empower the tho ho proposed federal feder fed fed- er eral l reserve board to fix an arbitrary discount rate In the administration admin admin- currency bill Such a provision provision provision provi provi- sion of law he said would give financial man finan cia cial 1 cliques political control of the mone money marl market et Discount rates rateR should be te regulated res solely by business conditions condi lions Ions he said sallI There must bo be actual competition on both sl sides es of the bank hank counter said Mr tr nerr Berry Mr Ir Berry concluded his statement with an attack on the administration bill bUl Ho lIe declared Its results would bo be worse wor-o than existing conditions A contraction contraction con con- traction of credits amounting amounting- to fully I ultimately would result he lie said sail in III requiring a complete readjustment readjust readjust- moot ment o of business In two years cars lie ITo recommended a a. general g Issue of treasury treas troas- ur ury notes secured b by gold which would be acceptable as part reserves of banks and recommended that government o 3 per cen cent t bonds be made macIc exchangeable ea hie for or additional issues Issue o of treasury treasur notes note the bonds to be held helel In the treasury as security against the tho notes so O In response to questions by br Senator Reed need Mr Ir Berry said the only valuable point of or the bill was that it reduced the amount of reserves which national banks were required to keep Mr Ir Herr Berry said h he believed the banks would be he compelled to borrow back at once the greater reater part of ot the reserves that they might contribute to the general re reserve reserve re- re serve Sen-o banks |