Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-12-23

because he believed n am improve
ment OF both senate and house hills.
Under this bill he said. the rec
serves ia wall street can no longer
bo used in stock speculation, but
must he used to meet the commercial
needs of the country
Representative Moore Of Ponnsyl-
yunia. characterized the hill az "a tra-
vesty upon democracy sp-celled pop-
ulaf rdip and confession of dieta-
ton
Representative Gurnscy of Mnine,
republican, said he opierted to tht biz
chiefly because the reserve board
would be controlled hy partisan in
terests
Representative Ragsdale of south
Carolina, Heflin OF Alabama, and a..
Mitchell Palmer OF Pennsylvania,
democrats. supported the report in en-
thusastic addresses
Announcing that he would vote for
the conference report Victor Mur-
dock, progressive leader in the house,
Insisted the democrats had acted too
hastily and struck only "a half blow
az special interests.
~In the last eight months said
Mr.. Muraoek. II have seen the mental
latitude OF democratic leaders change
from desire TO serve the public 20
on attitude Of trying 10 avert national
disaster There Is no panic in this
country yet There are no hard times
lyet. but the special interests Of the
country have been spreading the poi
son OF pcssimism an over this coun-
Try
Representative Iindbefgh of Min
nesota. progressive assailod the con-
ference report on the ground it even
tually would increase rather than de-
crease the cost Of living. The vital
defect Of the measure, he said. was
that it did not give the federal reserve
hoard the right 20 fix rates of inter-
est TO be charged by tho bankers 60
the borrowers OF the country
Representatives Kahn. of Califor-
MIA. and Platt Of New York, repubi-
cans. criticised the report declaring
liz would prove a disappointment to
the nation.
Much of the discussion concerned
the elimination by the conferees Of
the senate's scheme Of guaranty OF
hank deposits Representative Glass
declared the senate provision would
haVe defeated any real guaranty of
bapk deposits and intimated that fur
Their legislation on this might be un-
Gcrtaken lie said that such n guar
Innty of deposits ought 20 place the
tax On the banks and not on the gov
ernment
Representative Temple, progressive,
of Pennsylvania, announced that, al
though he voted against the house bin
ne would support the conference re-
port because he believed it great
Improvement over the original riea-
SIRE.
Majority Leader Underwood. as the
debate noared conclusion. WAS given
/ "a great avation when he rose 90
iFprak lfe congratulated tne house
lrnd senate and the banking and cur
rency committee "an accomplishing q
result that man congresses and
lnary committees have attempted in
twenty years and failed
Mr. Underwood referred 90 the talk
&C a money trust and said that one cf
the great reforms under the bul is
the taking Of the reserves out of the
reserve oenters and scattering them
through the regional reserve banks
under governmental supervision. he
said ne had a firm conviction that the
great banking interests would accept
tho bin and that II would be boon
to the people.
Minority Leader Mann closed tie
debate for the republicans. declarms
that democratic control Of nine
nonths duration had east its malign
influence over two great countries"
Mexico" he said. 'lies PROSTATE,
bleeding, and America lies PROSTATE,
is men out of employment and ita
factories closed"
AS remedy for this, he said. the
democrats proposed TO initiate the cur
rerey and he predicted IL would re-
turn to the house "an unwieldy re-
publican majority next November"