The Washington herald., 1913-11-17
LONG CURRENCY
TALK PREDICTED
Senator Hitchcock Believes
Measure VIII Be Debated
Until February.
NO AGREEMENT IN SIGHT
Minority Reports Probably VIII Be
Presented the Last of the Week.
Sunday Session Held.

Senator Gilbert NJ. Hitchcock of Ne
braska said last night he believed the
currency bill would be before Congress-
until February.
Mr.. Hitchcock intimated he had little
expectation OF an agreement in the Sem
ate Banking and Currency Committee
on any form of bill The outlook. as he
sees it, is that the committee will d.
vide evenly and report a disagreement.
and that motion will be made in the
Senate following the reported disagree
ment to discharge the Senate committee
from further consideration OF the biIl,
and the House bill will be before the
Senate, and as the paragraphs are
reached in the progress of the considera-
ton of the House bill. amendments will
be offered by each side wing of the com.
mittee. Reports or statements viii be
filed by each wing of the committee.
but no formal report can be filed with the
committee evenly divided.
Republicans Cause Delay.
The Democratic six. who completed
their Iabors Saturday and submitted
copies of their bill to the other side for
inspection. will take no further action
until the Republicans and Senator Hitch
cock are ready TO report, which will not
be before the end of the week.
A meeting OF the full membership of
the committee is scheduled for tomor-
row, but II is a foregone conclusion that
the Republicans will not be ready With
their bill by the time fixed for that
meeting and the committee probably
will meet and adjourn until a later date
lF.F.T afaHl II NIaa n
their bill will be ready by that time,
and a disagreement may be reported to
the Senate on that day. It is probable
that the Senate, following its recent
practice, will adjourn until Thursday.
There is a growing sentiment in both
houses for an adjournment after the
bill has been completed by the Senate
committee. The President is opposed to
an adjournment. Debate on the bill
may be begun at once, as soon as the
Senate committee notifies the Senate Of
its disagreement.
The Republican members OF the COM
mittse and Senator Hitchcock met last
night In the Senate committee rooms at
the Capitol They had progressed as
far as the fifteenth section OF the House
bill, and took up the note issues 1t was
not expected any important changes
would be made.
Minority Makes Changes.
Republican members of the Banking
and Currency Committee, and Senator
Hitchcock, agreed on number Of
amendments to the currency bill at their
session last night They voted to In
crease the gold reserve required to be
held against notes from % l-S per cent.
as provided by the House bill, to 40 per
cent. They added an amendment that
the note shall not be good for reserves
either with the member banks or the
regional reserve association.
Another amendment agreed on by the
Republicans provides that notes once re-
deemed at the Treasury Department shall
not be reissued except on compliance with |
all of the original conditions OF their
issue in regard to reserves and collat- |
erals The members OF the committee /
Yesterday authorized the Secretary Of the
Treasury in his discretion to Increase the
fund I'D TO a maximum OF 10 per cent,
whenever in his judgment the increase
was deemed necessary. The change was
made in a feature OF the House bill which
makes it discretionary with the Federal
Reserve Board to grant or refuse an ap-
pIication from q regional reserve associa-
ton for notes.
Under the amendment agreed on today
by Mr.. Hitchcock's committee, the
Federal reserve board is required to sup
ply the note whenever the applicant has
complied with all of the requirements Of
the act. in the matter of the securities
and gold reserve.
Chairman Owen was at the White
House last night TO lay before the Pres
ident the bill approved by the six Dem
ocratic members Friday. AS most OF the
changes made in this bill by the six II
Senators were made with the approval
Of the President after having been sub
mitted to him. there appears to be no
doubt that he thoroughly approved Of
the measure and it probably will receive
support in the Senate.
Chairman Owen declined to discuss his
visit to the White House.