New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-12
HITCHCOCK REVIEWS
MONEY BILL FIGHT
Refuses to Accept Caucus Meas
ure as Observation-Disclosures
Only Four Regional Banks.
From The Tribune Bureau


Washington, Dec. 1.-THE New Free
dom" OF Woodrow Wilson was used as q
fall to-day by Senator Hitchcock in an
attack upon the caucus method OF legisla-
ton which has been followed by the
Democrats in the case Of the currency
bill.
The Senator from Nebraska read from
the volume. which has become the gospel
OF the administration followers. il not the
administration leaders, quotations urging
open discussion and Legislation in the
open" as the cure for the evils which be-
got the United States brought about by
deliberations behind closed doors" and
the shaping OF laws I'm committee
rooms
How much worse it is" said Mr.. Hitch
cock, "to enact legislation in secret
party caucus. behind closed doors, where
there are no representatives Of the minor
ity present. than in a committee room
where the minority is represented! l shall
refuse to believe that the Democrats
many Of whom have expressed 10 me per-
sonally objections against the measure
agreed upon by the Democratic confer
ence, will vote against their convictions
and against their better judgment until
the rollcall discloses the fact.
Il cannot believe that. in the face OF the
recommendations which have read from
this volume, my colleagues will stultify
themselves by submitting to caucus
decree in a situation like this
The Senator declare that he declined
10 consider the measure completed by
the Democratic caucus as unalterable.
Il yentured to suggest at the time the
tariff bill was under consideration said
Senator Gallinger. that that measure
was enacted I'm the manner described by
the Senator from Nebraska
That was a different thing" said Mr.
Hitchcock. The tariff was a party issue
and a party policy. The currency bill Is
not"
The first important parliamentary clash
over the currency problem drew near To-
day. when the Senate began the reading
Of the Hitchcock amendment. Senator
Hitchcock declared that the plan for four
regional reserve banks was much sounder
than the plan for twelve. II the centra!
bank idea was 10 be rejected. and pre-
dicted that some Of the smaller regional
banks proposed by the administration bill
would be closed soon after they had been
established because theye would be too
weak 10 be OF any service 10 the member
banks that would be dependent upon
them.
The same idea was expressed by Sem
ator Burton. who spoke in support or MS
bill for central bank. The Democratic
plan" he said, "plunges sword into the
present system and attempts TO divert
banking from the normal channels IN
which il has moved. San Francisco. for
example, which can now depend upon
New York or Chicago in times OF stress
will he cut entirely on and be thrown
upon the resources OF the region OF winch
il will be the centre
Senator Root introduced amendments TO
the currency bill. striking out the deposit
guarantee provision and bringing the re-
serve against demand liabilities up to 30
per cent, and imposing graduated tax
when the reserve falls below that amount
lie also introduced an amendment pro-
vidlng that whenever the federal reserve
notes and nationa, bank notes exceed
$500 coo 600. no further issue shall be made
unless backed by 100 per cent gold or
lawful money. and that tax shall be
imposed on notes in excess of this amount.
Further attempts to reach a vote to-day
were unavailng. largely because OF the
Ill - -fVar
that the Senator from Wisconsin would
take the floor for the final day or two To
the disadvantage of other Senators who
might wish to discuss amendments. the
Republicans refused TO agree to a final
vote on the bill on Tuesday or Wednes-
day. 1t is expected, however. that the
bill will be passed next week.
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