Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-12-19
SENATE NEAR
ON CURRENCY BILL
Final Action on the Measure
Expected This Afternoon
or Tonight.
NEWlANDS ASKS CAUCUS
TOTAKE UP AMENDMENTS
Some Republicans Expected to Sup
port the Bill-Big Majority
Anticipated.

Anticipated.
With final vote on the currency bill
Elomentarily expected, one Of the most
memorable debates in the history of the
Senate is closing this afternoon 1t is a
foregone conclusion that the administra
tion bill will pass In fact, it is believed
that not more than thirty votes will be
cast against the measure, many of the re-
publicans being expected to join with the
democrats on the final passage
Many amendments rejecting the ideas
of the republicans and of Senator
Hitchcock. the democratic in~urgent,
have been agreed to by the democratic
caucus and inserted in the bill Some of
the republicans feel that the bill is an
Improvement over the existing banking
and currency law, and they arc willing
10 vote for it on that account.
As soon the bill is passed by the
Senate il will be hurried to confer
ence- IL is expected the House will
accept practically all of the amend
ments of the Senate and that the con-
ference will be comparatively brief.
The Christmas recess of Congress,
therefore. may begin Monday or Tues
day.
Newlands Wants Caucus.
Senator Newlands of Nevada is seeking
to have another session of the democratic
caucus Of the Senate on the pending bill
for the consideration of some amend
nients offered by himself. Should his re-
quest be accepted. it may delay final
action until tonight. Mr.. Newlands Of
fered an amendment striking out the re-
striction that not more than twelve re-
Elonal hanks should be organized.
Mr.. Newlands also insisted that before
final action on the bill the greatest care
should be exercised to compel the auto
rnatic retirement of the federal reserve
notes after the demands of a panic or a
stringency had been met. Retirement
should be automatically enforced. he said
BY gradually increasing interest exacted
by the reserve banks.
Hopeful of Early Vote.
The Senate assembled at 10 O'Clock
this morning with every expectation of
reaching final vote on the currency bill
before adjournment. So rapid had been
the progress made last night that the
leaders thought the bill might have been
disposed of then had tho session Com
tinued for few hours longer.
The democratic majority. lined up SOL
idly with the exception of Senator Hitch
cock of Nebraska, continued today to
bowl over all amendment offered unless
they first had the approval of the demo-
cratic caucus. Among the interested
spectators in the Senate galleries during
the ciosing hours OF the currency debate
were Miss Margaret Wilson and Miss
Eleanor Wilson, daughters of the Presi-
dent.
The order. as yesterday, set limit
of fifteen minutes upon all speeches
and allowed each senator to speak only
once on each amendment offered The
republicans, seeing the futility of op-
posing the majority, ceased asking for
roll calls on the amendments and ac-
cepted the results of viva voce votes,
which We're Always in favor of the ad-
InInistration bill.
Amendments Voted Down.
Among the amendments which were
offered by republicans and defeated was
one by Senator Crawford of South
Dakota prohibiting d director of one
member bank from serving on the di-
rectorate OF another member bank, thus
preventing interlocking directorates.
Another was offered by Senator Cum
Minis of Iowa which would have per-
Initted the regional reserve banks to
lend ~ per cent OF the reserves to in
dividudls or corporations directly pro-
vided that security acceptable to the
regional banks was offered.
Affect District Trust Companies.
Amendments to the bill affecting trust
companies in the District of Columbia
have been accepted as follows: An
amendment making eligible for member
ship in the new system all trust COM
panies in the District organized under
the act approved October 1, 1891; an
amendment giving the trust companies
of the District of Columbia the insurance
features of the bill, guaranteeing deposi-
tors against loss in the case of failed
lF1Is hf.@h rtks.x-x
the system.
Points Demanded by Republicans.
When the democratic conference ad-
journed at O'Clock last night it had
completed work on the bill and had in
dorsed amendments covering a number
OF points most vigorously demanded by
the republicans. These included provi-
sion for an extension of the time limit
on rediscountabie commercial paper of
agricultural transactions from 80 DAYS to
lsO days, with the discretion left to the
board or reserve to accept the longer
time paper, the guaranty OF deposits in
state banks that may JON the assoca-
tionS well as in the national banks
and provision that would permit clear
ing house associations to continue their
present system of examining the trans
actions oi the banks within the clearing
house association
Inc dHitisuHeHt proposing to increase
the gold reserve behind the new Treasury
notes from 30 per cent to 40 per cent was
further modified so that an additional tax
OF L per cent would be imposed when
the reserve falls not more than ~ uer
cent below that figure, and an additional
tax of liz per cent for each additional
decrease of ~ per cent in the amount of
the reserve
Amendments Are Adopted.
The amendments agreed upon by the
conference We're adopted later in the Sen
ate, many of them without opposition.
The republicans opposed the provision ex
empting employees from the civil service
and were Joined in the vote by Senator's
Lane and Thomas. democrats, but thew
were voted down, "a to -
Concessions made in the bill to accom
modate agricultural notes were the result
of an amendment introduced in the con
ference by Senator Smith of South Caro-
lima and supported by all the southern
and western democrats. The provIsions
agreed upon provide that notes drafts
and bills drawn or issued for agrfcultural
purposes, having a maturity not exceed
ing six months, may be rediscounted IN