The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-09-19
CURRENCY BILL IS
PUT THROUGH BY
BIG MAJORITY
Original Measure Passed BY
Vote of 286 to 81
THREE DEMOCRATS APPOSED
TWenty-Four Republicans and Four
teen Progressives Join With
Majority.

Washington, Sept. 19.-The com
plete revision of American banking
and currency methods, proposed in
the democratic currency bill, was
started on its way to the statute books
yesterday. By a vote of 2S6 to "a, the
House passed the bill in practically
the same form in which II was origin
ally proposed Three democrats OPP
posed the bill and "a republicans and
IA progressives Joined with the major
ity in voting for it. With this over
whelming advantage in the House and
the Endorsement of President Wilson
behind il, the measure was sent over
10 the Senate. There is was referred
to the banking and currency commit
tee, before which hearings on the sub
ject already are in progress. The com
mittee may not be ready TO report for
several weeks.
The three democrats who voted
against the bill are Representatives
Galloway of Tex. Elder OF La. and
Witherspoon of Miss. The republi-
cans voting for It were. Baltz of ILL.,,
Browne OF Wis, Carey of Wis.,, Coop
er of Wis. Cramton of Mich, Dillon
Of S. d., Esch of Wis, Farr of Pa,
Fess of o., Frear of Wis. Haugen OF
la. Helgesen of n. D., Kent of Cal,
Lenoot of Wis, Linquist OF Mich,
Mapes of Mich, Mclaughlin of Mich,
Nelson of Wis, Porter of Pa, Samuel
Smith of Mich, j. NJ. c. Smith OF
Mich, Smith Of Mimi. Stafford OF
Wis, Young OF n. d.
The progressives' vote split, two,
Temple and Waters of Pennsylvania.
voting against the bill. Fourteen 9th
ers voted for it. They were Represen
tatives Bell OF Cal, Hinebaugh OF ILL.,,
Woodruff of Mich. Kelley Of Pa, LAT
ferty of Or Lindbergh of Mimi, Mac
Donald of Mimi, Manahan OF Mimi,
Murdoch of Kan. Nolan of n. D., Rup-
ley of Pa, Thomson OF H., and Steph-
ems of Cal.
Representative Wingo OF Ark, de-
manded record vote on the so-called
geld standard amendment. and on a
division 165 democrats and republi-
cans voted for it and 40 democrats
voted against ii. A rollcall was or
dered. which changed the vote 10 POS
i'm favor of the amendment to ~
against It. All those voting no
were democrats.
The progressives offered u motion
to recommit the bill TO the committee
with instructions TO incorporate a pro
vision to prohibit interlocking direc-
tCrates in national banks. II was de
feated, goo 10 II. After much parlia-
mentary jockeying Progressive Lead
er Murdoch succeeded in forcing a
roll-call on the motion to recommit,
and that disclosed a vote of 266 to 100
against IL.
The measure as passed would elimi-
nate the present American bank note
system, under which banks issue cur
rency against government bonds, and
establish currency. to be issued by
II federal reserve banks based on
sound commercial paper. which the
government assumes the responsible
ity CT redeeming in gold or lawful
money.
1t would place practically every
phase of banking under the control of
a federal reserve board of seven mem
bers to be appointed by the president
and a council OF bankers which would
have only advisory powers. The sys-
TEN would be administered through
the reserve banks. situated in 10 geo.
graphical divisions of the country,
capitalized az about S5,000.000, which
capital must be subscribed by the
banks in the reserve district. At the
18th hour the House wrote into the
bill a disclaimer of any intention 10
alter the gold money standard fixed
by Law.
Ten days of earnest consideration
in the House failed TO alter the bill in
any material particular. and It passed
virtually as drawn by Representative
Glass Of Nirgiana, chairman OF the
House banking and currency commit
tee. after conferences with Senator
Owen. chairman OF the Senate com.
mittee: Secretary McAdoo OF the
treasury department. and the presi-
dent. Throughout The debate republi-
I cans and prOgressives vigorously de-
nounced the methods employed by the
democrats in framing the bill and in
perfecting its details In caucus. The
democratic lines held firm. however.
, and no minority amendmen S. were
| adopted.
Sentiment regarding the measure
has not yet crysialized in the Senate.
The Senate committe is hearing inter
ested citizens from an over the coun-
/ Try on the principles OF the bill.
There hearings may continue for sew
eral DAYS AZ least. The committee IL
self is expected to take weeks in the
| discussion Of the measure. although
the administration forces in the Sen
ate hope to force an early report "a.
the hoor where further extended de-
] hafc is ovuocfef