Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1913-11-13
Will Vote on the Currency
Bill as President Wilson
Wishes
CONTROL UNSETTLED
Talk of Congress Adi0urning Soon Is
Set mt Naught by the Mexican
Situation.

Washington, Nov. 12.-Senators
O'Gorman and Reed, who for weeks
have stood out against some of the
material features of the administra-
ton currency bill, have capitulated
They let it be known today before the
party conference was held, that they
would agree to such a measure as
the President wished in the secret
meeting of the Democratic members
OF the Currency Committee Later
in the day they voted as the Presi-
dent wanted.
They supported eight regional re-
serve banks. reversing themselves on
their previous vote for four banks
The President made concession in
this respect, dropping from twelve
as provided by the House bill to four
Senators O'Gorman and Reed also
agreed that the capital stock of these
reserve banks shall be supplied by
the banks themselves through the
adoption of the compulsory features
of the House bill.
To make this less burdensome
for the banks this stock subscrip-
ton will be fixed at six per cent
of the combined capital and surplus
of each member hank, payable one
third in cash, one third in thirty
days and one third in sixty days.
Make Transfer Easy.
The transfer of the bank reserves
to the regio1als also is to be dis.
tributed over several months to pre-.
vent any serious disturbance that
might follow RECRUITMENT for the
immediate transfer Jof the entire
amount at one time.
The question of controal of these
regional reserve banks was not
definitely agreed upon today. Sena-
tor O'Gorman voted for bank control
for which he had always contended
Senator Reed, who wants public con-
troll, has not yet conceded bank con-
troll, but will do so in the end.
1t was claimed tonight that these
senators would agree upon re-
. port by the first of next week. Sena-
tor Hitchcock was invited to thu
meeting of the majority members
Luz uo,ooirod ho1f on hour
Declaring that he could not recon
cile his views on essentials will
those of his colleagues, Senator
Hitchcock thought it would be less
embarrassing for them If he with
drew, which he did. The full com.
mittee will hold another session /,
! the morning in final attempt to gel
majority vote on the bill as the
President desires it reported.
If this fails, as it probably will, tn
committee may agree upon an unani
NOUS report on those details of which
all approve and submit disagreeint
reports on essentials over which the!
are divided.
Late tonight taleo possible ad
journment received setback. l
was stated that regardless of cur.
rency legislation, which the Presiden
lnow knows to be impossible during
this session the President believes
the Mexican situation is in such al
acute stage that Congress shall re
main in Washington uniterreptedly
Democratic members of the coIn
] mittee remained in session until l
I O'Clock tonight. Bank control o
tho regional reserve banks wa
agreed upon. Notes authorized. t
; be issued or to be redeemed whe
presented to any reserve bank u
gold "or lawful money" but the fina
redemption at the United State
Treasury is to be made In gold or,
This plan is borrowed from the ter
man system. Provision Yves mad
that the banks reserves must b: mad
10 gold.
t The majority members decides
that when the full committee meet
tomorrow they will ask an adjourn
meat until Friday. BY that time th
Democrats expect to have their con
plete plan ready to present to tn
Republican members. Then VII
follow two or three days commits
! consid Iteration, Chairman Owen statia