The Mena weekly star., 1913-08-21
|lUCUS MAY ADOPT
 V|NCO AMENDMENT
-.ooressman Fighting for Redis- .a,,nlino of Farmers Notes Cur rcucy Bill Idea-A Feature
 Not Understood.

go .bineton. Aug. l5.-Congress- n Otis T. Wingo of Arkansas, o has championed the cause of farmers and southern cotton blers. and who has insisted upon .ampndment to the administra- banking and currency bill, that es secured by evidences of title hvnership of cotton or other ele farm products shall be sub to rediscount when endorsed 'tbe country banks holding the es may win his point before the ase caucus.
 Ir Wingo contends that the ncrs should not be discriminat- acainst in the framing of a cur ey reform measure. The lead fDpmOcratic conservatives, in dipg Majority Leader Under nd. now agree that the Wingo pndment is sound in principle I should be adopted in some n Mr. Wingo is being backed fhp Arkansas congressional dele Ion and it is probable his amend nt or some similar proposition, i be included in the Glass bill en it comes from the caucus. Feature Not Understood. Vhie this feature of the curren- bill was not at first generally un- Blood by many members of Con ss they are now seeing the light. ee the advantages that will fol- to the farmer are better un- Blood and since MP. WingO has hatcd the object of his amend nl congressman from the agri- hral sections of the country now hzo that the bill, in it's present h. really discriminates against I farmers of the country and y arr Inning up behind the Wingo enImrut. It is predicted that IWm-o amendment, or some ilar provision. will be adopted lhc caucus.
 hauau Glass of the banking currency rommitte has modi- n, stand against the redis- bun notes secured by ware kp receipts. and says he was not if some provisions in the bill Iel would admit the rediscount- #of uo'rs secured by farmers
 ehou,r receipts. Most of the e ul .lr caucus today was taken h discussing the WUngo amend ai to permit this. Mr. Wingo I 0>. uj4ht in commenting upon samendmcnt:
 I Wiugo Explains Position. Thc proposition that confronts ls whether the notes that the ncr gives ,o his local country \ and which are secured by cot t >hl.. he subject to discount at Government regional bank when &coun.Iy bank endorses it.
 Tl, Is a different proposition n the Henry Ragsdale amend II To use a concrete illustra- | Ict u, take the farmer who has .baIcs of cotton of the market ae of, say, $500. He thinks the Fke price Is too low. and that hodln- his product for 60 days ean get its real value, which he alds as 5000. He places the ten Hs in a warehouse and takes his Rhou,o receipts to his local bank IborroW, thereon % per cent of DnarArt value of his cotton, or T with which to pay his supply rhau. the account that he owes I NoW shall the local bankers 1crm.'ri to take this note to 1ed"r1I reserve bank and redis- T D~ 1r does other notes?
 kolcN for Speculation.
 T am nIas, and .he other \ .'0..a- say that lhe farmers q -NW for speculative pur- & I should not he taken by T n"". reserve bank. In other II they ID effect say that the n lo1.d bo forced to sell his nn oN" though the market price RoN .he cost of production. k take lhc position that the ner should be permitted to do II p,oo~es with his cotton. It is
 T "por'Y to do with as he sees Hnd sell or hold as his judgment 4 derde. The amendment I I offered merely seeks to keep,I
 1arnor from being discriminat- T lInNJ, and am sure it will be 1 #d 10 by the caucus" PNrneS Against Amendment. ' feSentatlNe Byrnes of South \ ma declared that the provi- Y mat paper having more than T N maturity should not be re- s @sunled by the reserve banks so T u the amount of paper which
 Iu banks could rediScount , T i'' reserve banks would he ab- !
 F oi mo service to the coun- !
 local banks. He explained 1 M per cent of the paper made l T 5uhg l through the country or i
 1'nN, were made to mature , T october
 <. speakers yesterday included !. # 'n.anNe Byrnes of South ! \ la phcIan of Massachusetts. ! n oI Indiana and others.
 \ leSenlaiiVes Racsdale of South !
 l' and Henry, while approv- | 'N y proposed amendment, de- l Il dld not fully meet their 1