The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-08-20
CURRENCY BILL
MAY Be DELAYED
IN THE SENATE
AT Conference of Democratic
Members of Committee,
Chairman Owen Notes
Opposition.
HE WILL OBJECT TO
SEVERAL FEATURES
AS Result of Development
Presidents Plan to Obtain
Early Legislation
May Fail.


pected developments in regard to cur
rency reform legislation in the senate
today promised serious complications
for President Wilson's plans for the
passage of currency bill at this ses.
sion Of congress. At conference Of
Democratic members of the senate cur
rency committee, Chairman Owen, who
has been considered one Of the original
trainers of the bill, now before the
Democrats of the house, made it clear
to his associates that he was opposed
to several features of the bill, including
the plan for twelve regional reserve
banks, and that he would recommend
important changes in the measure
Matter Is Left Open.
The results Of the senate conference
have been to leave the currency situa.
tion entirely open tonight, as far as
the senate $ probable action is concern
cd. Senator Owen did not suggest a
definite plan to his colleagues, but said
he was opposed TO the regional re-
serve bank plan; to the proposal to
compel all national banks to enter the
new federal system, and to other feat
ures of the bill as it was introduced by
Chairman Glass of the house currency
committee.
The attitude of other Democrats oD
the senate committee, including Sena-
tors Hitchcock, O'Gormau and Reed, is
such as to indicate that there will be
material changes in the administration
measure, if not complete remodeling
of it, before it comes before the senate
for action.
Several members of the committee to-
night inclined to the opinion that the
senate ultimately might be asked to
consider some measure Of temporary
character, similar to the bill recently
introduced by Senator Lea, Democrat,
which would amplify the Aldrich-
Vreeland emergency currency law, and
so change its provision as to bring a
form Of special currency within the
redch Oh all nHClODai DankS,
Attitude of Owen.
Senator Owen tonight said he be.
lieved the conference to be held at the
senate and the changes that might be
made in the currency reform plan,
would mean definite action upon cur,
rency legislation ut the present con
gress. Other senators said if law
was passed it probably would be Of
temporary character.
When I introduced the present bill
in the senate. [ did not foreclose my
self against amendments or changes in
its forn,'' Senator Owen said. "There
have been many changes made in the
bill by the house committee and I be-
lieve more will be made in the house
before it is passed there. 7 do not know
what the senate will do with the bill,
but Il think changes will be made in
some of its provisions.
The change in the situation in the
senate came Mt Il time when admins
tration supporters were endeavoring to
reconcile all elements amongst the
Democrats in the house caucus and
bring about a united support Of the
measure there.
Plans Not Definite.
Those who participated in the com.
mittee conference today declared to-
night that no definite plans existed for
tho remodeling Of the Glass bill. The
principles embodied in the Lea bill re-
ceived much support from several sena,
tors, and represent the character Of leg
islntion that many would like to see en-,
acted. Under the Lea bill banks could
organize local currency associations
with a minimum membership of five
banks and minimum capital Of one
million dollars, and could secure cur
rency from the secretary Of the treas
ury on approved securities, through
! Bubtreasuries.
Democratic leaders in the house have
virtually agreed that the adminstra-
tion bill now pending in the caucus
shall be amended so as to specifically
provide for the same rediscouuting
rights to paper based on warehouse re.
ceipts or other evidence of ownership
of agricultural products as are accord
cd commercial and industrial paper.
| Chairman Glass of the committee, in
CONTINUED on Page Two.)