The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-17
People M u st Decide
Question Of Currency
Reform.
WILSON HAS BILL
READY TO LAUNCH
1t Will Be introduced in House.
Together With His Message;
Then Lawmakers Will Sit
BY and Await Discus
sion of People and
Newspapers.

washington. June l6.-Public opin-
ION. the sovereign voice in lawmaking.
is to decide whether there shall he
currency legislation during the pres
ent session OF Congress
This was the view which Renrcaep-
tative Oscar Underwood, the Demo
cratic leader in the House. took after
conference with President Wilson at
the White House to-day
In the face Of conflicting EXPRESSIONS
from prominent Democrats in Con-
gress as to the necessity for currency
reform during the present session. it
is the avowed purpose of the admins
tration to launch "a currency bill in the
House and Senate before Friday of this
week. which will be accompanied or
followed by the Presidents message
describing what he believes to be the
necessity for banking reform Then.
according TO Mr. Underwood the plan
of the House will be to rest on its
oars. thoroughly discuss the new bank
ing proposals. and await the express
sion of the newspapers OF the country
ana the opinion Of bankers and bust
ness men generally as to the merits
OF the Democratic proposal Should
the discussion OF the bill in Congress he
backed up BY an ins.stent demand from
the country at large for an immediate
revision of the currency system it is
the belief Of the administration that
senator's and congressman will yield
their pleas of personal discomfort in
the approaching hot weather.
President Is Confident.
The President believes strongly that
the country Will back him up in his
views that the currency system ought
u be reformed so as TO alleviate any
stringency that might follow the mas
( sage OF the tariff bill.
Representative Underwood. after his
conference with the President said
that while the Democratic party had
made up its mind what ought 10 he
done on the tariff. currency reform was
practically new question. and il
would be impossible TO predict how
I long the House would take for a dis
cussion OF the bill. 1t will take some
time he added. for members to hear
from their home communities He
would not venture a guess as to
whether approval or disapproval OF the
bill could be reported In month or
longer. and took the position that the
currency situation could only lac solved
by the attitude which the nation re-
veals when the bill will be debated
thoroughly.
Meantime, Secretary McAdoo, Chair
men owen and Glass. of the Senate and
House Banking and Currency Commit
tees. to-day finished the bill that rep
resen,s the administrations views. 1t
went to the printer tonight, and Rep
rcsentative Glass was Of the opinion
that IT probably would be presented
Friday. There has been no decision
as to whether the President will read
his message 10 Congress in advance OF
the Introduction of the bill or after
wards This point probably will be
determined tomorrow.
Elasticity.
The hill il its present form en-
braces q system OF regional reserve
associations, with local governing
boards, all under control of Federal
reserve board OF nine members at
Washington. Elasticity of the cur
rency is 10 be secured through the issu-
ance OF United States notes TO these
reserve associations. and by them to
the local banks upon adequate secur-
ity. including commercial paper OF a
qualified class The local banks maxi
ing Up each reserve list will be re-
quired to keep a specified amount of
their reserves in their association
vaults.
No present issues cf treasury notes
or gold or silver certificates are % he
disturbed by the rcw currency. but the
bill would require the gradual retire
.lcnt of all national bank Eotes within
a miXimum period of twenty years
The new currency system would he
come opera live July /. 1914.
The Presidents message. written first
in shorthand and transcribed by him
self on the same little typewriter on
which he wrote both his inaugural ad-
dress and his tariff message. was also
sent to the printer tonight. IL will
be read To tn. cabinet Tomorrow
more conciliatory spirit toward
Continued on Third Page.)