Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1913-12-24
GLASS WILL FIGHT
CURRENCY CHANGES
Refuses to Accept Certain of Re-
serve Clauses in Bill.
SEES PERIL TO FINANCE
Representative Terms Senate Plan Un-
workable and Enactment Would Be
"CaIamity"-Conferees Face
Delay in Agreement.

Washington, Dec. 22.-After lively
debate in the house, administration
leaders had their way and sent the
currency bill to conference commit
tee, with Representatives Glass, Korb-
ly and Hayes as the house conferees.
Attempts to concur at once in the SEN
ate amendments were defeated, 294
to SO.
The bill went to conference, how
ever, with the house managers in
structed to accept the senate amend
ments extending the rediscount privt-
lege to six months commercial paper
and permitting national banks to make
fve-year farm mortgage loans.
The guarantee Of deposits amend
ment was passed over during the hight
on the floor, but the house conferees
before meeting the senate committee,
decided to fight the provision.
This amendment was strongly sup
ported in the senate, and further
fight is predicted if the conferees elm
mate the provision.
Find Serious Difference.
mo one WOulu pICU1CI WITCH Oil
agreement would be reached, and Rep
resentative Glass fatty declared the
differences were serious and no imme-
diate agreement was looked for.
When the conferees adjourned just
before midnight, about twenty mate
rial points of difference had been
found after the entire bill had been
fol
these up, but any changes in phrase
ology of senate amendments were
agreed upon.
Reading of the bill was begun by
the Democratic conferees from both
houses Immediately after they met.
Within an hour serious points of diff
ference developed The house members
announced their intention of insisting
that the secretary Of agriculture and
the comptroller of currency be re-
tanned as members of the committee
to organize the new system and as
members of the federal reserve board.
The senate amendment removed them
from both
Fight Twelve Banks.
House conferees agreed to accept
the senate provision regarding the
number of regional banks in so far as
it fixes the minimum at eight, but in
sisted that the provision fixing the
maximum at IL be eliminated.
They also announced they would in
sist on the house provision that the
capital stock of each regional bank be
fixed at five per cent. of the capital of
the national banks in its district, in
stead of six per cent. of the capital
and surplus of the banks, as provided
in the senate bill.
Senate Democratic conferees de-
cided at the night session not to take
their Republican colleagues into the
conference, but house conferees de-
sired to have their Republican col
league, Representative Hayes, join in
the deliberations.
Representative Glass in the house
declared the enactment of the meas
ure into law as it came from the SEN
ate would be calamity"
Defeat Hitchcock Bill.
By vote of 211 to 81 the Demo
Gratis voted down Instructions offered
by Representative Mann, Republican
leader, to substitute the Hitchcock
bill.
After the house had wrangled back
and forth for more than four hours
Speaker Clark finally got things to
point where he could name the con-
ferees.
Mr.. Underwood closed the debate,
declaring that the measure should be
sent to conference and the house lined
up for vote. He sees no serious
points Of difference in the two bills.
Senators Owen, Reed, O'Gorman,
Pomerene, Shafroth and Hollis, Demo
Gratis, and Senators Nelson, Bristow
and Crawford, Republicans, represent
the senate in the conferences.
There is sure to be lively contest
after the board is appointed over the
location of district reserve banks. New
York, Chicago, st. Louis and San Fran
cisco are put down as natural selec-
tons. Outside &C these cities there
will he a contest