Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-12-18
CURRENCY Bill TO PASS SIM
ATE LATE FRIDAY OR
EARLY SATURDAY..
future Debate IS Limited
Expected the Completed Bill 10 BE
Signed by President Wilson Me-
fore Christmas Day.


]
! bill on the Legislative day Of Friday
| December l9 was reached In the sem
ate late today. The agreement pro-
vides that debate tomorrow and Fri
| day shall be limited to fifteen minutes
! for each senator upon each amend
ment or upon the bill itself
While the legislative day may run
over into saturday. 1t ia tho expecta-
| ton OF senate leaders that the bill
| will be passed before midnight Friday
night II important amendments are
| pending az that time, however a re-
cess may be taken until Saturday
morning, as the republicans would
not consent TO the agreement until
| the democrats promised they would
not keep the senate in session all
night Friday
Democratic leader Underwood Of
the house was in conference with SEN
ate leaders today in preparation for
the final stages of congressional ac-
tion Of the currency measure II Is
thought that but two days will be
taken for completion Of the bill in
the joint conference committee. House
leaders have kept in close touch with
all changes made by the senate and
they expect President Wilson's sigma
ture to be attached to the measure
before Christmas.
The big task OF organizing a fed.
eral reserve board and creating the
vast system Of regional banks then
will begin.
The senate spent today in consider
ing Of further amendments proposed
by Senator Hitchcock defeating by
III to 81 his amendment TO extend the
guarantee Of bank deposits to cover
state bunks that joined the new sys-
TEN as well as national banks. Sena-
tor Owen expressed his approval Of
This idea, but the democrals would
not support II because il had not re
ceiyed the endorsement Of the eau
Gus. A motion by Senator Hitchcock
To increaso from ninety dayA TO 1870
days the maturity date Of paper thai
could be submitted for rediscount at
the regional banks also was defeated
80 to "a
The democrats gathered In a hur-
riedly called conference at six O'Clock
tonight to settle all final differences
over the bill and agreed upon amend
ments which they would support The
list OF amendments submitted TO the
caucus included many Of those which
had been proposed by Senator Hitch
cock or by republicans and voted
down and II was said several Of these
might be offered tomorrow or Friday
by Senator owen and adopted as part
OF the bill With the defeat Of the
last OF the Hitchcock amendments
which Is expected easlv tomorrow. af-
firmative work on the currency h,ll
will begin at once. The amendments
comprised the essential features Of
the measure defeated by Senator
Hitchcock and the five members II
the senate banking committee. with
these out Of the way Senator Owen
will offer his bill. endorsed by the
senate democratic caucus as the sub
stitute for the Glass bill that passed
the house
Republican senators Joined Senator
Hitchcock today in a strong fieht
against the provision Of the owen bill
limiting to go days the maturity per
iod Of commercial paper that might
be redlscounted at the proposed new
regional reserve banks
Senators Crawford of South Dakota
and McCumber Of North DAB ota de-
clared 1t would make II impossible
for country banks of the west to meet
an emergency; and that the mass OF
six months notes Of farmers and
stock raisers would be valueless in
time Of panic because they could
not be rediscounted.
with this 80 days provision von
are simply creating a bank OF big
hanks" declared Senator Crawford
"a bank 10 help big banks. but for
which you assess the little banks to
get the capital. The little uanks are
simply commanded to cartv wood
and water for the big banks
you say TO the Nsnderllps and the
Hepburns and the Morgans and the
Reynoldses' come in with your short
term paper and get the money" but
you say To the Smith and tho Browns
and the Jones' from the small coun-
try districts "go somewhere else with
your LONG time farmers paper. we
cannot discount It."
Senator Shafroth replied that the
Limitation against long tern paper
had been settled upon solely to as-
sure the federal reserve banrs having
paper that would b. liquid" and
quickly convertible into cash I'm time
OF stress
The numerous attacks on the note
issue provision and the reserve re-
quirements OF the bill by those who
contended the measure would open
the doors TO initiation. moved the
democratic conference tonight to re-
wise the reserve section. The required
gold reserve behind the my clrculat-
Ing notes was increased fom 81 per
cent as provided In the owen bill. 20
10 pa cent. with q .ax Of one per cent