New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-16
Democrats Yield to the Demand
for Credits Backed by Ware
house ReCei pts.
SHARP ATTACK ON THE BILL
Representative Hardwick, Of
Georgia, Denounces 1t as
"Populistic" Underwood
Rushes to Defence.
From The Tribune Bureau. |

Washington, Aug. 15-It was necessary
for Representative Underwood TO make
an unexpected defence OF the adminstra.
ton currency bill in the Democratic eau.
Gus to-day. The measure was so bitterly
assailed by Representative Hardwick, Of
Georgia, who has not been heretofore
cassed as an insurgent that the major-
ity leader threw his influence into ths
breach TO prevent the emasculation Of tha
bill.
Irrespective OF Mr.. Cnderwood's att.
tude, 1t is now admitted by even the
most optimistic conservatives that the
redscounts section will be amended 10
provide specifically for an agricultural
credits" currency Mr.. Underwood him
self to-day suggested an amendment
which may not go far enough, 10 suit the
radicals. II this proves 10 be the case
Mr.. Underwood will agree 20 change The
wording.
The administration bill was denounced
as "populistic" by Mr.. Hardwick. II
means. he said. that the government 10
going into the banking business. which u
contrary TO the teachings Of Benton. Cal
houn, Jackson and other Democratic
statesmen. Mr. Hardwick criticised the
proposed federal reserve board and tn
great powers. doubling the wisdom Of
ntrustlng to a political board contro, q
the country's currency and finance.
He attacked the measure as CREATING
a great monopoly in money and estab-
fishing "a gigantic political and financial
machine, comforting greater power than
any man or set OF men should have" and
said that the day was apt 10 come when
some mounted Roosevelt would get the
government reins and perpetuste himself
as Diaz, with all the powers OF banks.
railroads and other corporations linked
Mr.. Underwood rushed 10 the defencs
Of the bill. arguing that the President Of
the United States might be trusted TO Ap-
point the right kind Of board. II was In
conceivable. he said, that the people
would elect a man President who would
not make satisfactory appointments. IN
self-defence x for no other reason. No
administration, contended Mr.. Under
wood. wanted a panic on its hands and
this in itself would make the Chief En-
ecutive careful in his selection OF the men
who will constitute the federal reserve
boards OF the future.
The majority leader also thought Il was
good idea to distribute the bank re-
serves IN twelve regional districts, In
stead OF having them concentrated, as
heretofore. In New York
Mr.. Underwood conceded the claims u
the radicals that the bill should be
amended so as TO provide for the issue CT
currency against the paper OF the farmer
backed by warehouse receipts covering
agricultural products. including cotton,
corn and wheat. This, he said, could be
accomplished by a slight change in the
language OF the rediscounts section. but
the majority leader tentatively agreed
that. II the opposition insists upon Ian
guage different from that proposed by
him he is willing 10 leave the matter 20
the Judgment OF the caucus.
The probabilities are that the Henry
Ragsdale faction will insist upon the SUD-
stance OF the amendments drawn by Mr.
Henry. which stipulate. in unmlstaksbis
language, what the privileges II tbs
farmer shall be.
General debate on the currency bill was
not exhausted to-day. and Mr.. Palmer
caucus chairman. said the bill would re-
main in caucus another week.