The Birmingham age-herald., 1913-04-11
INTRODUCE NEW b
CURRENCY REFORM
BILLS IN HOUSE
Nearly a Dozen Such Bills
Now Before Congress.
None Bears Presi-
dents Endorsement

Washington, April 10.-New currency
reform bills were introduced In the
House today by Representatives Prouty
of Iowa. Nelson of Wisconsin and Pal
mer of Pennsylvania. Congress now
has nearly a dozen bills, covering all
branches of banking and currency re-
term, but none of which bears the in
dorsement of the financial committees
of the two houses, or of President VIII
son.
Representative Carter Glass, who
probably Will introduce the measure
about which money reform debate will
center in the House. conferred today
with Secretary McAdoo of the treasury.
who has been gathering information
from banks upon certain phases of the
financial situation. Mr.. Glass said at
the end of the conference that there
will be no difference of opinion between
himself and the Secretary of the Trea-
sury over the bin that he will intro
duce.
Want Further Hearings
An effort will be made in the Senate
to have further hearings, particularly
on the subject of the money stringency
at crop moving times, and the sec
tional demands" for money Senator
Hitchcock, a member of the banking
and currency committee of the Senate,
said today he would ask for hearings
at which more detailed facts could be
obtained, as to local demands for
money and local problems that should
be considered when Congress finally
takes up the work of reforming cur
rency methods.
Three general bills now are before
the Senate, The weeks bill embraces
the plan of the national monetary COM
mission for a national reserve assoeia-
tion or central bank, through which all
banks Will secure their note currency
The Hitchcock bill proposes 20 distinct
reserve. associations each with the
power to issue notes to its members
and to buy and sell commercial paper.
The Jones bill proposes 16 subtreasury
each subtreasurer being en-
powered to issue currency to banks on
approved bonds. Under this bill per-
manent national monetary commission
would be established. The measure
would impose a penalty of 10 years i'm
prisonment upon any person guilty of
trying to CORNER" currency, either d.
rectly or through a "chain of invest
ments."
Other Bills introduced
OF the hills introduced today that of
Representative Nelson proposes ma
tional currency board of seven mem
bers with power to issue treasury notes
through local associations of reserve
and discount" That of Representative
Prouity would create new emergency
currency, similar TO that created by
the Aldrich- -Vreeland law now in force;
but which would be much more access
sible for banks. Under this measure
the emergency notes. in amount equal
to 40 per cent of q banks capital and
surplus, could be stored in the banks
vaults and put Into circulation with
consent of the comptroller of the cur
rency.
Representative Palmer's bill and one
introduced earlier in the week by Sem
ator Hoke Smith would give banks
the right to loan money upon real
estate mortgages and conveyances. A
general banking bill has also been
introduced by Representative Levy OF
New York. The House banking and
currency committee will not be organ
ized until the tariff legislation has
been disposed Of Senator owen prob
ably will call meeting of the Senate
committee and outline plans for our
rency reform work to be considered in
the present session of Congress.