New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-23

the inactivity OF business will pass to-
morrow. when the President signs this
bill The passage of this bill carries
to our people a promise OF prosperity,
business success, employment for labor
and better times throughout the coun-
try.
Appropriate Christmas Message.
There is no better time for us to
put this great measure on the statute
book than the day before that day
that marks the celebration Of the ad-
vent OF the Prince of Peace. There
is no better time for the great party
10 which we belong to send forth the
message prosperity and good will 10
the business interests of the country
TO the men who toll in factory, work.
shop and field.
THE opening Of the new year VIII
proclaim for the American people an
expansion Of business ideals, the
loosening Of the letters of commerce,
the development Of our commerce be-
polls next November a verdict for our
party that we have kept our pledges
and have kept the faith
In closing speech Of three minutes
Mr.. Glass provoked laughter by refer
ring TO Mr.. Mondelrs speech as "a
one-minute whine of the geyser from
Wyoming" Mr.. Mondell had criti-
cised the bill because it might cause
imitation and also because 1t was
political measure.
As Mr.. Glass took his seat amid loud
Democratic cheers the rollcall began.
Prolonged ana uproarous cheers
from the Democrats greeted the an
nouncement of the vote by Speaker
Clark. and many members of the
House FASTENED over to the Senate to
see the report received there.
Fight Lasted All Night.
The agreement on the currency bill
was not reached until the small hours
Of the morning when the tired mem
bers Of the two houses. after an all
night struggle, abandoned the conflict.
As the bill came from the confer
ence committee several important
changes were made. The Controller
of the Currency. on the insistence OF
the administration, was restored as an
ex-officio member Of the Reserve
Board. The provision for the insur-
ance Of bank deposits inserted by the
Senate was eliminated. The Senate
provision permitting the reserve
banks to include among their reserves
federal reserve notes was stricken out
A new provision was written into the
bill for the retirement of the = per
cent bonds.
The Democrats adhered 10 their pur-
pose of making the bill a partisan
measure by excluding the Republican
conferrees from the deliberations until
the bill was agreed upon. This did not
please either Senator Nelson or Sena-
tor Bristow. Senator Bristow resented
the suggestion that the bank guar
antee provision, which was dropped
from the BILL would be made the sub
ject of special legislation in connec-
tion with the consideration Of agTi-
cultural credits
They are trying to fool the public"
the Senator said. They have no in
tention of enacting law for gusran-
teeng bank deposits. What they are
after are jobs
Planning for Reserve Districts.
Democratic Senators rubbed their
palms together with satisfaction when
the report of the conference commit
tee was announced and Immediately
set about discussing plans for the di-
vision Of the country into federal re-
serve districts. II is assumed that the
organization committee will establish
twelve regional reserve banks, to give
every section of the country which
may have a logical claim a regional
bank. The South was confident Of
having two banks, and the scramble
among Senators from other sections OF
the country was keen. This feature Of
the bill Is regarded as designed 10 in
crease the power OF the Executive 10
compel the confirmation Of his nomi-
nations TO the Federal Reserve Board.
II was also assumed that the con-
ferrees agreed TO restore the Con-
troller of the Currency TO eN-off1cio
Membership on the Federal Reserve
Board TO make a berth for John Skel-
ton Williams, now Assistant Secretary
Of the Treasury, who engineered the
deal by which the Munsey Trust Com
pany absorbed the deposits Of the
United States Trust Company Of
Washington. II it is the Presidents
purpose to appoint MIR. Williams to
the Federal Reserve Board, it will not
be accomplished without hard fight
by Republican Senators.
The Senate conferrees were dead
locked for three and a half hours on
the question of making the Controller
a member OF the Reserve Board. Sem
ators Owen, Shafroth and Hollis stood
by the administration, and Senators
O'Gorman, Reed and Pomerene were
opposed to the provision. Senator
Pomerene finally yielded and broke the
deadlock.
Report Read in the House.
REPRESENTATIVE Glass presented TO the