The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-12-20
ADMINISTRATION SIDE SCORE.
IN FIRST VOTE IN SENATE PARTY
MEASURE RECEIVES MAJOR
TTY.
Democrats Manage to XIII OF Hitch.
cocks Amendment TO Put One Big
Institution In Control Of Monetary
Systcni-The Vote 40 To IS,

test or strength on the currency re-
form bill marked today's session OF
the senate. The vote, 40 to 36. tabled
a substitute offered by Senator Hitch
cock for section Of the administra-
tion bill. proposing a system Of four
regional banks. with a possible in
crease to eight. the regional banks
stock to be owned by the public.
The defeat Of the amendment prac-
tically assured the adoption of the
Owen plan, which provides for from
8 to IL regional banks. with the
stock owned by the national banks
that become members Of the respec-
tive regional banka The Democratic
leaders claimed that the result Of the
test vote, involving one Of the most
important features of the fight. indi-
Gated the complete success Of the ad-
ministration measure.
Efforts to get an agreement for a
time to begin final vote on the bill
were not successful today, but lead
ers on both sides OF the chamber
looked forward to an early termina-
ton Of the debate and Tor final action
before the end Of the week.
When the Hitchcock substitute had
been tabled. Senator Reed made a
speech vigorously defending the owen
bill and replying to Senator Root.
who on Saturday attacked the meas
ure and called Secretary Bryan "the
dominating influence" behind the pro-
posed new currency system.
Replying directly to Senator Roots
predictions that undue imitation and a
financial panic might ensue II the
currency bill were passed in its pres
ent form, Senator Reed declared no
Imitation OF the currency could occur
unless the Sound money men who
run the banks brought 1t about
This 10 workable bill." he declared.
1T Ia not surcharged with destruction
to business. II added checks ought
to be put In, I. for one. am willing
to put them In. But the senator from
New York spent his time telling Of
the dire things that would happen to
business and spent but little time ex-
planning his own proposed amend
menta.
mo one has the right to undertake
to alarm the business interests where
there is no just cause for It. / doubt
the high patriotism OF the man who
will stand here and cry Wolf. wolf
where there is no wolf"
Senator Reed said a "typewritten
document" proposing Senator Root
for the presidency had been prepared
and given to the press before he made
his speech. 1T Is not difficult then
to understand why the secretary of
State was brought in" he added.
When the voice of ambition is cali
ing to higher honor. 1t Is not diff
cult to understand that men will
sometimes let their interests overcome
their cpirit of fairness and candor.
IF we ever have imitation Of the
currency bill. 1t will be caused by the
bankers OF the country and by no one
else. This proposed federal reserve
board can not put out 81 of addi-
tional currency until there has been
a call made upon 1t by the regions
whose boards will be controlled by
the sound money men who run the
national banks" u
Senator Hitchcock made a sharp
attack on the proposed control OF the
regional reserve banks by the bank
ing interests Of the country He de-
clared this feature OF the bill would
turn the country reserve to the use
Of these bankers md would legalize
the methods and the combination of
control. against which the country
has long protested.
Quoting the speech Of Senator
Stone Saturday. in which tho latter
attacked A. B. Hepburn and Frank
A. Vanderlip Of New York and Nil.
ton Allies OF Washington, as repre-
sentatives OF a class of bankers who
were fighting effective currency re-
form. he insisted that under the
Democratic bill the control Of the cur
rency system Of the country would be
turned over to these and other bank
ers
III the Vanderlips and the Aileses
are going to CONTROL" interrupted Sen
ator Stone. 1T Is remarkable that
they are opposing this whole system.
They have been down here fighting
Il. They arc fighting it yet They are
invoking every agency to defeat 1t.
They want to get central bank"
Democratic senators renewed the
criticism OF Senator Roots speech at