New-York tribune., 1913-07-25
Wilson's Book Quoted.


ferences unless an agreement was soor
reached.
Wilson's Book Quoted.
Hours OF fruitless discussion were the
net result of the conference to-day. ana
into the discussion were interjected pas
sages from Woodrow Wilson's latest
book, "The New Freedom Representa-
tive Bulkley suddenly expressed violent
opposition To the section OF the bill cre'
ating the federal reserve board. The sys-
TEN proposed, he asserted. tended To "a
monopoly of credit" with the reserve
board as a superstructure. lie quoted
from The New Freedom to show the
Presidents disappfoval OF all forms OF
monopoly, and virtually charged that
Mr.. Wilson had changed front.
In his caustic statement Representa-
tive Henry. chairman Of the Rules Com
mittee and advocate Of the Pujo money
trust investigation. took credit for the
currency bill amendments proposed by
Mr. Bagsdale. Mr.. Henry reannounccd
his opposition to an asset currency bill
but declared that since such bill had
been determined upon he had prepared
for filing out and betterinG
that bill"
"If large business and the bankers ar,
determined again 10 force the govern
ment into partnership with the banks, u
said Mr.. Henry. "and II We are to disre'
gard the teaching Of jefferson. Jackson
nH nd q
institute marriage relations between the
government and banks in order TO es.
tabl!sh a large and permanent asset cur
rency, then ! insist we shall so amend
the Glass-Owen bill as to permit th'
farmer and wage Garner TO come. into tho
scheme upon the same terms. at the same
cost and upon the identical principle upon
which we admit the bankers and com.
mercialists.
After sincere and exhaustive study
have reached the deliberate conclusion
that the bill as now written is wholly ir
the interest Of the creditor classes. tn,
banking fraternity and the commercial
world, without proper provision for the
debtor classes and those who toll and
produce and sustain the country"
What Mr.. Henry Wants.
Assuming that an asset currency bill
was inevitable, Mr.. Henry said that hc
purposed to amend the measure so that
the industrial and agricultural interests
as well as the banking interest. shall be
served. The Henry-Ragsdale amendments
provide, IN brief:
That there shall be no refund OF tho
2 per cent bonds and their exchange for
3 per cent bonds without the circulation
privilege. The Texan says that he will
fight this in caucus and in the House.
That the federal reserve board shall
consist of nine members instead of seven
and banks agricultural interests and In
dustrial labor shall be represented on the
board. Provision Is also made that re.
firing Presidents OF the United States
shall be ex-officio members OF the re.
serve board, and shall be commissioned
to take the first vacancies on the board
occurring after leaving the Presidential
Office.
That the emergency currency issue shall
be limited to 100000, the issue being
divided into three classes. 3300.0C0.O0O OF
commercial currency" $4,000, 600 OF in
dustrial currency" and 500, 900 of "ag-
ricultural currency" The amendment
continues:
Under suitable regulations made by
the Federal Reserve Board this currency
shall be issued az follows: The 1890, 900, ,OOl
styled commercial currency Of the United
States OF America shall be issued TO the
reserve banks as provided under the gen.
eral provisions of this act. The $500. 900. .O0I
styled industrial currency OF the United
States Of America shall be issued through
the reserve banks TO the states and terri
tories upon legally authorized state OF
territorial bonds and county and munici-
pal bonds, when legally executed and in
dorsed by the state or territory in which
said county or municipality is situated
The 100000 styled agricultural curren-
cy of the United States shall be issued
through federal reserve banks to farmers
upon warehouse or storage certificates
certifying the deposit OF cotton, corn or
wheat In bonded. insured and solvent
warehouses or storage plants to be APP
proved by the Federal Reserve Board"
Industrial Currency Limited.
The Henry Ragsdale amendments also
provide that the issue OF Industrial cur
rency shall be governed by population
and taxable wealth. and that the issue 10
any one state or territory shall never ex-
ceed at one time 100000. The same
terms of cost are to apply to the banks
receiving commercial currency and the
states or depositors of agricultural Ger
The agricultural currency authorized is
to be issued ION cotton In warehouses
urhnn cnffnn In selling for Iesa than IL