The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1913-10-08
PRESIDENT URGES
CURRENCY BILL AS
APARTY MEASURE
C0nfers With Leading Sen
ate Democrats on COnsid-
Grafton of Measure.
Situation Doubtful

Washington, October THE admin
istration currency bill and President
Wilson's announced determination to
write it into law before December 1,
islative activity. A series of confer
ences at the White House, prompted by
the desire of the President to hasten
consideration of the measure. made ap-
parent a rather doubtful situation.
surrounding the bill in the Senate COM
mittee on banking and currency and
resulted In a general conference among
Senate democrats.
President Pro-tem Clarke of the SEN
ate, Majority Leader Kern, Democratic
Whip Lewis. Chairman owen of the
banking and currerey eommittee, and
Senator ollie James Of Kentucky We're
called to the White House to discuss
the situation. After the conferences it
became apparent that measures were to
Senate behind the currency bill as a
party measure. The White House took
the attitude that the determination of
the Senate banking and currency COM
mittee to conclude it's hearings ION or
before October 25,'' showed that the
republicans of the committee, with the
aid of two or three democrats opposed
to the bill, were controlling the situa-
tion and that the democratic majority
should at once take steps to demon
strate its responsibility for legisla-
ton.
Democrats Responsible
The senators who conferred with the
President, all took the position that as
the democrats were responsible for cur
rency Legislation they should take the
matter into their own hands. 1t was
indicated that one method which might
be pursured was 70 withdraw the bill
from the consideration of the full COM
mittee, where it is now tied up and
turn 1t over to the committee demo-
Gratis as was done in the House. BY
this methcd, if the committee demo-
Gratis were unable to agree on the bill,
it could be taken direct to the demo-
cratic caucus, although Senate leaders
We're doubtful as to the outcome of a
currency caucus under present condi-
tions. 1t would, however, be a choice
committee of republicans and demo-
Gratis or taking 1t into caucus.
Majority Leader Kern said today that
If it became apparent that the bill was
being delayed the democrats, in order to
assume their responsibility for legislation,
would call caucus. Senator owen also
took the position that the measure should
be made party matter. The days de-
velopments showed no change In the at
t,1An Of Snf,o Tor Ao1 ottd f,h< 1aIr
the democratic members of the committee
who have contended for full considera-
ton and opportunity to amend the bill.
Senator O'Gornan, who has taken a
similar position, did not attend today's
hearings
C. M. Fowler Heard
The committee today heard Charles n.
Fowler. former member of the House and
former chairman of the banking and cur
rency committee. He attacked the bill,
declaring it would create currency
which was not adapted to the needs OF
the country" and ii passed would result
in commercial bedlam and financial
ruin
He characterized the present Aldrich-
Vreeland emergency currency law as an
'niquity."
THAT measure he said. was jammed
through Congress by former President
hOOSeVelL, unueT Tie SdIHe udHlIaDIe pre-
tense that is being used by President Will
son to force this bill through Congress-
pass the bill or plead incompetence"
Mr.. Fowler advocated the establishment
of a system of pure bank note asset cur
rency,. under which each Individual bank
would issue it's own. notes as currency, as
they were needed. He recommended that
the present 5o,0o0000 of bank notes re-
main in circulation, but that the pei
cent government bank notes securing
them be retired and the notes become
"credit currency" issued by the banks
He said per cent tax would form q
guarantee fund which would be hello
against notes outstanding issued by banks
which might fall. Against the notes, he
said, the banks should be required tc
hold a reserve equal to their reserve
against deposits. He recommended iths
holding of a gold reserve of s1,25O 900, ,O0i
by the government to enable the govern.
mont to control the gold supply of the
country.