The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-10-08
cuaEAs4 MIv 10 lE ISSUE.
BILL PASSED ny HOUSE TO FIND
OBSTACLES IN SENATE. ''s'

~ White House there Il Confidence
CURRENCY Legislation win bt
Enacted this Ssssfon-Presidcnt's
view OF Encss of Tatin is i'm eAe-
cordance with Expressions from,
Representative Underwood and
Otlier Lcadcrs-Ireeiom OF Cre.ii,
Essedtial To Ffee Competition
Thinks Mr.. Wilson.c ''''s.' '' -
M - Sc hiIt1C
washington. Oct. 5.-Political
Washington. relieved of the long
drawn out consideration of the tarifY,
will focus its attention this week on
the second or the Democratic reform,
MISUNDERSTANDING and currency Leg
islation. ~ '''" ''N -'.-'i'.' 's.
Though the administration currency
bill easily passed the house, its path
why IN the senate admittedly is full Of
obstacles AT present the senate bank
Ing committee has not yet begun con-
siGeration Of the bin.' Predictions at
the capitol are general that the senate
committee will be at work for a month
on the measure. "a ''ufE 'ii
While there was unanimity on tar
liz revision. widely divergent views are
held by Democratic senators on
banking reform. A strong desire for
single bank with branches, under
Government control. instead of a reg
ional reserve system OF banks, has
made It's appearance in the informal
discussion. Other changes of a far
reaching character are being suggest
ed and 1t is regarded generally as
doubtful IL bill satisfactory to the
senate banking committee can reach
the hoor of the senate before the mid
die Of November. '"-' "T' rs 1
AT the White House there Is a con-
hdence that the bill viii be passed
this session or placed on the statute
books before the first OF the year. The
president wants thorough considera-
tion OF the currency bill and any i'm.
provernent that the senate can make
upon the measure as passed by the
house will be welcomed. His dispo-
sitien. however. is to strongly oppose
any undue delay. President Wilson
believes a general decrease in the cost
of living that will be felt by the rank
and file of the country. is not also
dependent on tariff revision, but up
on prompt reform or the nations
monetary system as well as careful
amendment of the antitrust laws.
The presidents view Of the effect
Of the tariff is in accordance with ex-
pressions from Representative Under
wood and other Democratic leaders
that while reductions in some cases
viii he immediate. the general bene-
fits will n,t at once be apparent.
Even though the tariff laws might
bring many imports into this country
at low rates OF free duty, the evils
OF price fixing. under-selling and 9TH
er determinations In restraint of trade
might. In the presidents opinion. de-
Feat the fruits Of tariff reform.
Another essential to free competi-
lion. In the presidents view, is free
iom OF credit. With the concentra-
tion of credit in what the president
described as IAN inner circle" even
the benefits Of trust regulation and
tariff reduction can be withheld from
the consumer by the sitting of enter
prise.
None OF the administration leaders
entertain the idea that the tariff will
have any adverse effect. On the 9TH
er hand they have pointed out that
an elastic financial system is now
necessary more than ever. AS soon
as the December session opens. the
administration will begin to centre
Its attention on the antitrust pro-
gramme. There is no intention at the
White House to draft the Administra-
tion measure. What Is expected to
happen Is that the members of the
house comm ittee and tie senate com
mittee on Interstate commerce will
confer early with President Wilson
and discuss the subject informally.
The president hopes that before the
antitrust bill is launched there will
be a common agreement on 1t in the
committees