Evening star., 1913-11-29
CAUCUS IS ADJOURNED
BY SENATE'S MEETING
No Decision Regarding Re-
tirement of Proposed
Currency Notes.

The retirement of the proposed notes
under the new currency law was dis
cussed practically the entire morning by
day. No decision was reached in the
matter Prospects for completing its
work on the currency bill tonight ap-
peared very slim when the caucus took
a recess at / o'clock for luncheon. The
meeting of the Senate this afternoon at
2 o'clock made an adjournment of the
caucus necessary.
The Senate will adjourn this afternoon
until 10 o'clock Monday morning. The
present session will merge with the new
session at noon, without recess.
Gold Redemption at Treasury.
The democratic conference defeated a
proposal to broaden the redemption fea-
lures Of the new currency bill SO that
the proposed Treasury notes would be
redeemable at the United States Treas
ury in lawful money. The committee
had recommended that the final redemp-
ton be limited strictly to gold and after
a lengthy debate this proposition was
upheld by the conference. The bill "a
now agreed to permits note to be re-
deemable in either gold or lawful mon
ey'' at the regional banks, but in gold
only at the Treasury.
A change was agreed to in the form oi
the Owen bill which would make the new
Treasury notes acceptable for the pay
ment of customs duties. This was op-
posed on the ground that the customs
receipts furnished one certain method OF
getting gold in time of need for the use
Of the Treasury.
McAdoo Issues Statement.
Secretary McAdoo issued a statement
last night declaring that banks through
out the country reported to be restrict
ing credits in order to meet the provisions
of the expected currency law are makin2
mistake He announced that the re-
sources of the Treasury will be at tbs
disposal of the banks to aid them in COM
plying with the new law when il is put or
the statute books.
The statement, in part. said:
The Secretary expressed the convic-
ton that the new law will impose nc
hardships on the banks, and that the
transfers of capital and reserves TO the
proposed federal reserve banks will be
accomplished with little or no inconven-
ience to the banks and to general buSi-
ness. The Secretary said that the Treas
ury Department had large available re-
soruces at it's command that he should
not hesitate to use them for the purpose
of aiding the banks to comply with the
new law, and that. in his opinion, the
banks could with perfect safety proceed
with the granting of accommodations e
their customers in the normal and usual
way.
Treasury to Be Helpful.
"The Secretary said that he did not. OF
course, assume to advise the banks-he
only wanted them and the business public
to know that there is no ground for ap-
prehension. and that the attitude of the
Treasury Department is to be helpful,
and that he thought il could be effective
ly helpful. He said that if any banks are
new law will necessitate or occasion q
restriction of credits. they are controlled
by error. as no such thing viii result.
THE Secretary stated that up to date
the banks had called upon the Treasury
for only $34 ,661 900 for crop-moving pur-
poses: that these deposits were under the
arrangements to be returned in four in
stallments, beginning December 10 and
ending March 1.
The Secretary said that he would con-
slider favorably and upon its merits the
application of any national bank holding
crop-moving deposits for a postponement
for thirty days of the time for beginning
repayments. SO that payments may COM
mence on the 10th of January, 1914. in
stead of on the 10Th of December next
dod'