The Birmingham age-herald., 1913-06-27
House Refers Measure to-
COmmittee-Delibera-
tions Today
SEVERAL CHANGES
WILL BE EFFECTED
Embody Suggestions Made by Those
in Legislation-Glass Prepares
for Speedy Consideration by
the House Committee

Washington June 26.-The adnin-
lstration currency bill was launched on
the troubled seas of legislative con-
sideration today when 1t was intro
duced in the Senate by Senator owen
and in the House by Representative
Glass, the banking and currency COM
mittee chairman. The House immedi-
ately referred the measure to the bank
ing and currency committee and prep
arations were made for the committees
to begin its deliberations tomorrow.
Several changes had been made in
the bill as the result of the numerous
conferences in which President Wilson,
democrats of the House and Senate
committee, treasury department Off
cials and committees of bankers took
part. following the publication of the
proposed measure several days ago.
The changes embodies some OF the sug-
gestfons made by those in the legisla-
ture
! However despite earnest appeals that
the federal reserve board to control the
proposed new currency system be in
creased and that the bankers be given
representation, no change in this pro-
vision was made. The board Will con-
sist of seven men to be appointed bye
the President. In the Senate Senator
Cummins contemplates proposing an
amendment which would make the
board an elective BODY.
Original Proposition
| Reinserted In the bill was the orig
inal proposition for retiring the present
bank notes within 20 years and tho
substitution OF additional federal re-
| serve notes for them This eliminates
the proposed limit Of 100000 in re-
serve notes contained in the bill as
originally made public. In replacing the
bank notes the government per cent
| bonds, upon which they are now is
sued, would be refunded by per cent
bonds, without the circulation pf ~
ilege
| Chairman Glass made preparations
for the speedy consideration of the
bill by the House committee He Sc
cured the passage through the House
of two resolutions to facilitate the
work. One provided for the printing
and distribution of $4,000 copies of the
new bill. The other. which was passed
|
$4,000 for the payment of experts TO
be employed by the committee
| Republican Leader Mann declared tho
latter resolution probably would lead
TO more democratic waste" He point
| ed out that the money trust commit
tee in the last Congress began its probe
on $4,000 appropriation. but that be-
fore the committee concluded its work
$4,000 had been expended
Mann Attacks Methods
| Mr. Mann attacked the methods used in
preparing the bill introduced today He
OBJECTED TO the statement of President
Wilson that the members of the banking
ond currency committee had been con-
suited in framing the bill
The President, he said, was a little
loose az to his facts or a little careless
as to his language The members of the
committee were not consulted The dem
octatic members were"
At tomorrow's meeting the House com
mittee viii take up the question of hold
ing public hearings on the bill and will
consider resolution proposed by sub
commmittee providing that all sessions of
| the committee during the consideration of
the Till should be open to the public.
Senator Weeks of Massachusetts a re-
| publican member of the Senate currency
| committee. and former member of the
national monetary commission, Issued a
| statement today in which he urged i'm
| mediate action toward currency reform
but Clitieised certain features of the new
administration bill
II think the worst feature of the bill
| is the federal reserve board as it is con-
| stltuted and the extravagant powers given
| to it," he said. Il am unalterably opposed
to anything which savors of political in
| fluences having any connection with our
banking system. There is vested in this
board greater power and of "A centraliz-
ing tendency, than has ever been proposed
for any organization by any party at
any time either in this country or abroad
II lave been, and am now, extremely
desirQus OF supporting the President In
this legislat ton which should from every
standpoint be non partisan. With this
idea In mind l took occasion nearly a
month ago to say to a prominent member
of the administration, who has been ac-
tive in the framing of this bill. that I
though the minority members of the
banking and currency committees
of the Senate and the House
should have an opportunity TO inspect the
proposed legislation before the admins
tration had put its stamp of approval
on il.
'"rhis request has not been granted
| The bill has been FAMED and repeatedly
revised without G1y minority member
| OF Congress having an opportunity to
| INSPECT ii. The President, as far back
as June 10, invited the members of the
| banking and currency committee of the
Senate to a conference to be held the
! ~~
tCOntinued Page .ine.I