The Chickasha daily express. (Chickasha, Indian Territory [Okla.]) 1899-current, 1913-06-27
Bay State Senator Opens the Debate
in Opposition to the Wilson
Glass Bill Fayors Cen
trail Bank
POINTS OUT DEFECTS
In PRESENT SYSTEM
Opposed to Plan Of Regional Re-
serve Observation-Disclosures
Bill Introduced in House
and Senate Yesterday
Telegram by United Press.

Telegram by United Press.
Washington, June 27--Comparing
the currency system to the arrange
ments which city might make for
water or fire protection Senator Weeks
Of Massachusetts in speech today
upheld the Aldrich central bank
scheme as against the twelve regional
reserve banks proposed by the wilson
Glass bill.
The water supply Of city would be
more effective in one reservoir instead
oi seing distributed from twelve tanks,
he said, and applied the same reason
ing to the currency bill
The senator said serious defects or
the present system are the unwise and
ineffective location OF bank reserves,
the lack of elasticity in our currency
SO that it fails to respond in issue and
retirement to commercial needs, and
the inability Of the banks to cooper
ate and make use Of united resources
in the time Of need.
The administration currency bill
was lauaclIBd I'd the tToubled seas of
legislative consideration Thursday
when it was introduced in the senate
by Senator Owen, and in the house by
Representative Glass the banking and
currency chairman The house imme-
{ diately referred the measure to the
banking and currency committee and
preparations were made for the com
mittee to begin its deliberations
+ Several changes had been made in
1 the bill as the result Of the numerous
conferences in which President Viii
son, Democrats of the house and sen
ate committees. treasury department
! officials and committees OF bankers
i took part. following the publication o.
i. the proposed measure several days
o ago. The changes embodied some Of
the suggestions made W those inter-
e ested in the legislation.
% However, despite earnest appeals
n that the federal reserve board to con
troll the proposed new currency sys-
IS TEN be increased and that the bank.
n ers be given representation, no change
in the. provision was made. The board
ut win consist Of seven men to be ap
a. pointed by the president In the sen
a ate Senator Cummins contemplate'
Is proposing an amendment which would
IL make the board an elective body.
ar Re-inserted in the bill was the orig
inal proposition for retiring the pres
Of ent bank notes within twenty year
ii and the substitution Of additional fed
at eral reserve notes for hem. Thi
W. eliminates the proposed hnlit Of $500
100000 in reserve notes contained /
it the bill as originally made public. /
ne replacing the bank notes the govern
W. ment two per cent bonds, upon whie
re. they are now issued would be Fefun'
lie, ed by three per cent bonds without th
ian circulation privilege
ier Chairman Glass made preparation
for the speedy consideration OF tf
nd bill by the house committee. He 5
nee cured the passage through the hous
1ne Of two resolutions to facilitate II
His work One, providing for the printir
S0. and distribution of $4,000 copies Of Il
new bill and the other which w
he passed after a partisan discussion, pr
G. yided $4,000 for the payment Of exper
"lt to be employed by the committee.
in Republican Leader Mann declarl
re- the latter resolution probably wou
but lead to more Democratic waste"
ate poined out that the money trust co
mittee in the last congress began
probe on a $4,000 appropriation. b
9 : that before the committee conelud
, It's work s50.0oe. had been expend'
> Mr. Mann attacked the methods US
= ln preparing the bill introduced VI
. terday He objected to the statemt
= OF President Wilson taat the men1b,
: Of the banking and currency spmu
> tee had been consulted in lFamlng /
= ; bill