The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-08-20
Father Of Administration Meas.
ure to Frame .
New One.
DOUBTS RESERVE PLAN
Hardwick Of Georgia Joins the
Rapidly Growing Revolt
in the House.

Of revolt against the Administration cur
rency bill growing among the House
| Democrats, Senator Owen Of Oklahoma,
| chairman OF the Senate Banking and
Currency Committee. startled his col
leagues In the upper house OF Congress
this afternoon by announcing that ne was
| In no wise committed to the present bill.
! The Administration bill all along has
borne the name of the Senator from
Oklahoma. being known AZ the GLASS;
Owen bill. and II has been assumed that
he was definitely committed to all Its
provisions
The Senator'S announcement was re-
garded as a serious setback to the Ad-
ministration's plan for banking and cur
| rency reform legislation at this session.
1t will materially hearten the radical
Democrats In the House. whose opposi-
| ton has been rapidly assuming formi-
| dabie proportions.
| Another discourag ging development to
the Administration to-day was tile an
| nouncement that Representative Hard
wick of Georgia. one Of the conservative
| Democratic leaders In the House. In Op-
posed to the Administration measure and
| will Join with the radicals In an effort to
recommit Il to the House Banking and
Currency Committee.
More Liberal COnpPOusSse.
l. F'uther evidence OF the strength OF the
| Democratic insurgents In the House was
contained In the statement that Leader
| Underwood 10 now willing to offer q more
liberal compromise than was originally
contemplated In the matter Of provisions
dealing with the discounting OF agricui-
! tural paper.
! Senator Owens announcement was en-
tirely unexpected. lie called his Demo-
cratic colleagues in hurried conference
this afternoon and announced to them
that he was ready to take up the work Of
framing 4 currency bill. adding that ne
d! was not In any way committed to the
| Administration measure.
He told the members Of the committee
| that II was his intention 10 hold daily
meetings. beginning Tomorrow. and Ia
work patiently at the task OF framing a
currency measure. In the course of the
meeting Chairman Owen expressed doubt
ss to the legality Of the proposed regional
reserve plan In the Administration bill
lie gave II as his opinion that there Is
no power in the Government to compel
national banks to purchase shares in the
proposed regional reserve banks
Not Long In Sessisa.
The Democratic members OF the COM
mitt-e were not In session long. Shortly
after they disbanded the Information
spread that there had been an extraordi
nary turn In the situation. Democratic
members OF the committee expressed tn.
opinion that the attitude taken by Mr.
Owen had destroyed the last chance OF
general currency legislation at this ses
sion. Chairman owen. however, did not
subscribe to this view.
There IL going to be general currenc!
legislation at this session." he said. 1--WE
are going to stay here until We revise
the currency laws. because II is an i'm
portant and necessary work and should
be done without delay. ! am at loss tt
understand why there should be any par
ticulsr signincance attached to what oc
Cured at the meeting to-day. an
nounced nothing new or startling as to m,
attitude.
when I presented the currency bill
in the Senate I stated that It was tenta
tive draft which was to form the bash
for working out . bill to relieve th'
situation. Members Of the committee have
not given sufficient consideration to thu
matter to know whether they are exactl.
in accord or not. Some Of the features
of the bill may not be acceptable to then
after they have studied them fully"
Won't Tell Objections.
The Senator declined to explain ir
detail his objections to the Administration
bill
Following the meeting some Of thu
, Democratic Senators expressed the opinion
that the most that could be expectes
from this session In the way OF currenc!
legislation was the passage Of some sucl
bin a. that introduced by Senator LUX
!, Lea Of Tennessee extending the Aldrich
Vreeland emergency currency act will
. notifications that will enlarge It some
what
II was considered significant that Sena
|. tor Owen In the course Of the Afternoon
!. had said that the revision 0f currenc!
laws to meet the immediate necessitie
, was after all - simple matter"
II introduced . bill few days az
. that contains only about fifteen lines tina
would meet the situation absolutely" sail
the Senator from Oklahoma.
Asked for details Of the measure tn
! Senator explained that he had suggeste'
It at the time the Aldrich- -Vreeland bill
was under consideration and that
simply authorised the Secretary Of tn
Treasury to keep on hand at all time
. supply Of Treasury notes ready to b.
issued on demand secured by approve,
collateral. In an amount not less thai
$50. O.OOO.00 He proposed to tax thss
Issues 8 per cent for the first year AM
per cent. thereafter until >their retire
3 ment was brought about after the emer
. gency calling them into existence ha'
r passed.
Not Like AlaPich Plss.
a When II was suggested to Senator Owel
that this proposed legislation was afte
. the plan OF the Aidrich- -vreeland act h
n differentiated the two plans BY point
r Ing out that emergency currency author
Q ised by the Aldrich- -vreeland act woul
not get into circulation until after IN
. panic had actually come, while his bi
was intended to be preventive measur,
. Republican Senators were much Inter
0e~ttwvsS ss TAtrS PaSs.