The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-12-24
CURRENCY BILL PASSES.
DEMOCRATIC MEASURE BY VOTE
OF 81 TO 81 GOES THROUGH
SENATE.
All Democrats Stand Firm at End
Hitchcock RejOins the Party and
Six Republicans and One Progress
sive Go With Majority. Wilson
Pleased at News That Bill Passed

istration currency reform bill, pro-
posing a revision Of the financial sys-
tenn of the United States and the cre-
alton Of regional reserve banks to act
as stabilizing elements in the bank
ing and financial world, tonight pass
ed the senate by a vote of 54 to 34
Forces that had fought together
for amendment of the measure to the
last divided when the final vote came.
Senator Hitchcock, who had led the
opposition to the bill, returned to the
Democratic ranks and Senator Weeks,
one Of the leaders on the Republican
side, with five other Republicans and
Senator PoindeXter, (Progressive)
voted for the passage of the meas
ure.
Wide differences exist between the
form Of the legislation passed by the
senate tonight and the bill that sew
eral months ago passed the house.
Democratic leaders already have
partly bridged these differences how
ever, and it was tonight predicted
that the bill would be completed by
a conference committee and sent to
President Wilson for his signature. by
Monday night.
The adoption of the administration
bill, known as the "Owen BILL" fol-
lowed upon the formal defeat, by A
to Al, Of the Hitchcock bill, which
had been indorsed by Senator Hitch
cock and the five Republican mem
bers of the evenly divided senate
committee that passed on the legis-
lation. The senate previously had re-
jected, without roll call, central
bank" bill offered as a substitute by
Senator Burton.
Through the afternoon, when q vote
on the bill was momentarily expected,
Mrs. Wilson, with a party Of friends
from the White House, So c-otary Nc
Adoo, and Joseph P. Tumulty, fresi-
dent Wilson'S secretary, were interest
ed spectators of the senate's proceed
ings. Galleries and the floor Of the
senate were crowded throughout the
day and the passage Of the measure
was greeted with unchecked applause
grom the galleries.
To hasten final enactment Of the
bill, the senate tonight named it's
conference committee, which will
work with a house committee to COM
pose the difference between the two
bills. The members are Senators
Owens, O'Gorman, Reed, Pomerene,
Shafroth and Hollis, Democrats, and
Nelson, Bristow and Crawford, Re-
publicans.
Members of the house conference
committee already determined upon
are Representative Glass and Korbly,
Democrats, and Representative Hayes
of California, Republican. The house
tomorrow will name it's conference
committee.
| Many of the chief points Of diff
ference already have been gone over
between currency leaders of the two
houses in conference with Secretary
McAdoo Of the treasury department.
and it is believed but "A short time will
be required to reach a compromise.
Among the chief points Of differ
cnce between house and senate are
the following:
| The no Use provided for IL regional
banks; the senate for from eight to
l2," discretion being left to the fed
eral reserve board.
| The senate added provision Gre
atlng a fund to guarantee the deposits
Of failed banks that arc members OF
the reserve assoc CATIONS.
The house limited the redscount
of commercial paper at the regional
| banks to that maturing in 80 days
the senate provided that 1SO-day agri-
cultural paper could be accepted un-
der certain limitations.
The gold reserve required Of the
regional reserve banks against cir
culating notes was placed at 33 1-3
per cent. by the house and at 40 per
cent. by the senate.
Banks would be permitted to loan
on five-year farm mortgages by the
senate Dill; on one-year mortgages
by the house bill.
Senator La Toilette proposed two
amendments which caused a mild
sensation. One of them was written
into the bill and the other rejected by
an overwhelming vote.
The first provided that no United
states senator or representative i'm
congress shall be member Of the
federal board, director in federal
reserve bank or an officer or director
Of any member bank.