The Sentinel=record., 1913-11-15
DIVIDED BY PARTY LINES, HAVE ABOUT COMPLETED TWO Fl.
 NANclAL MEASURES.
BOTH to TO THE SENATE
Democrats Draw One to Suit Presi- dent Wilson and Republicans Draw One Containing Objectionable Fea- lures to Democrats.

Washington. Nov. 1.-The admin. istration currency reform bill as it probably will go to the senate with the approval of President Wilson, was completed tonight by six democrats Of the senate banking and currency committee Senator Hitchcock and the five republican members of the committee continued to write in their draft of the measure amendments which the White House has disap- proved. Arrangements probably will be made to send both bills to the sen- ate for consideration some time next week
 The democrats completed their draft after working all day and we'll into the evening As completed the measure provides for a system of eight regional banks to be capitalized by enforced subscriptions from the national banks of the country with unlimited powers Of ~ediscount and currency issue and the power to hold reserves. the entire system 10 be un- der the control of federal reserve board
 In todays session the democrats Chairman Owen and Senators Pome rOne Hollis, Reed. OGorman and Shafroth-made minor amendments fn hn l tL., eral reserve board from nine, as fixed by former vote of the committee to seven, as originally fixed igl.--tl4e- house bill. The secretary of the treas. ury and six members to be appointed by the president with regard to the financial, commercial and geographi- cal divisions of the country" would compose the board. Each member would hold office for six years and would receive $10000 a year salary.
 Into the deliberations of both branches of the committee today the question of the guarantee of bank de posits was injected It was report ed during the day that the democrats had adopted an amendment proposed in the senate by Senator Williams of Mississippi providing for a tax ot 1 per cent on deposits to form a guar antee fund After the bill was com. pleted. however, the democrats de- clared the matter had been set aside and with other matters would be con sidered in connection with bill re- vising the banking laws to be taken mp at the next session of congress.
 The republicans considered prop osition advanced by Senator Bristow providing that after the regional banks had paid per cent dividends on their capital stock and had ac- cumulated a 20 per cent surplus the remainder of the earnings should be equally divided between the govern ment a fund to guarantee deposits.
 Senator B9istow was allowed time to draft his proposal into the earn ings section of the bill. The admin istration bill will provide that the banks shall pay 6 per cent dividends on their stock, accumulate a 20 per cent surplus and that all the earn ings above that figure shall go to the government.
 The democrats eliminated from the redemption section of the bill the pro- vision that the new currency should be redeemahle in lawful money as well as gold The redemption was made on flat gold standard but 1t was provided that the new reserve notes night be held in the reserve ol member banks on the same terms as gold.
 Senator Hitchcock and the repub- licans, holding that they were the only bonafide banking and currency committee, organized today by de signating Senator Hitchcock, the ranking democrat" as chairman. They declared the secret sessions of Chair man Owen and his administration sen ators were entirely outside the activi- ties of the committee. The matter probably will be strengthened ont to- morrow when the administration forces plan to go into the committee meeting and endeavor to arrange some program for a report.
 Senator Hitchcock and the republi' cans went after the bill in vigorous fashion. They eliminated entirely a ! provision allowing the appointment oi receivers for insolyent regional banks l holding that a receiver would only tic | up the entire reserves of the banks and that there was no possibility o ] a regional bank failing. The admins