The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-06-19
COMPLETE OUTLINE
GIVEN WITH TEX
OF CHIEF SECTIONS
Few Changes Made in Last
Few Days. Is Wilson's
Statement
BILL AND MESSAGE
TO CONGRESS MONDAY
Standard of Revolt Raised
Against Chairman Glass BY
Three Democratic Mem
bers of Committee

WASHINGTON, June 1s.-A4tGr
further conferences today, on tho
currency bill, President Wilson ana
his cabinet members, and the adj
mintstration leaders in congress, ma
themselves in substantial agreeTno1t
on the principal features of the msae-
ure. While the bill itself has not
been made public officially the vir-
ginian correspondent Is able to pre-.
sent herewith complete outline ~
the bin with the text of the more
important sections.
This bill Is the one which VIZ
agreed upon by the president. hfs
advisers, and members of the bank
ing and currency commissions in cors-
gress, n day or two ago. and tho
president himself asserted this maotn-
ing that there had been no serious
disagreement since, and that changes
decided upon at last nights :White
House conference related only to mat
tiers of minor detail.
At Wilson's Suggestion.
1t is understood tonight that one
of the changes made in the bin, ~
the suggestion OF the president, 49,
In regard TO the composition OF TIM
federal board Of control AS printed.
and originally agreed to, the bill pro-
sided for the appointment OF three
members of the board by the pre-
dent with the consent Vt the snmm1lEs
the election of three by the federal
reserve banks. and the remainfA9
three were to be ex-off7cio membefS
the secretary OF the treasury. the sec~
rotary OF agriculture. and the comp
troiler of the currency
The change that has been mado
in the bill Is In the direction OF gfv-
ing the president greater power over
this federal reserve board, which viii
control the issuing of the new trean.
Try notes to the federal reserve bankg
and the mum Der to represent the fod-
eral reserve bank decreased. Thtn
however. is merely a matter OF Do
tan and the general principles under
lying the bill and the system to ~
put into effect remain the same.
A slight change also was made H.
night In the phraseology of that &c.
ton of the bill relating to the rettre-
ment or the two per cent bonds now
used as a basis of circulation for
national bank currency. 1t was learls-
ed. however. that this change did
not affect the general purpose, or plan
Of the bill. as originally agreed upon.
Present indications are that the
measure will be introduced on Mon
day and that on the same day Mr..
Wilson will deliver in person his mes-
sage urging the enactment of the
m easure into law before the current
session comes to an end.
Turmoil In Congress.
In the meantime there is turmoil
in congress over the question:. and
opposition to many features is grows
ing.
Already it Is apparent that Chair.
man Glass will have a good deal OF
difficulty getting a report on the 90
called administration bill from tho
house committee on banking and
currency. The flag of revolt has beeh
already run up by Representatives
Eagle. of Texas: Nealey. of KanaaG
and Ragsdale, Of South Carolina, De-
mocratic members of the committeS.
who have not been consulted in the
framing of the bill that is now NM
der discussion. Other Democrats are
said to disapprove the Glass bill. iA@
so far as they understand it's termG
and fear Is expressed that comht*
nation may be effected in commftt44&
with the Republicans that may del4X
action on the measure. Szsss
Things have reached such p4n&M
that the party leaders In congre1NN
are gloomy over the situation. Oppo1(ZE
at the very start to any atteuqrkS
to pass such legislation al this seoQ&&
they now fear that 1t will be impqx
sible to put through bill, CO.
though the administration exertA ~
its influences to attain the end. sss
The administration bin pr0TIl<
that within sixty days after the p41 -
age of the bill the secretary Of 411M
treasury, the attorney general. nN
the comptroller of the currency. aG =
ing as a reserve hank orgaui1a1fGW3
committee, shall divide the Unif~
States into not less than twelve III
tricts, each district to contain q 441&a
eral reserve city. sSSi2
The districts are to be appufttoH&
with due regard to the convAnl0S (
and course of business Of the "a
munities, and will not nacenand
coincide with the area Of the A4M$
The districts may be readjuAted ~
federal reserve board created hy
act. This readjustment may
brought about upon q Joint appa
ton Of not less than ten natl
banks situated within any one 0&S
existing districts.
In each federal reserve city
organization committee shall drGS
q federal reserve bank, 5A&5
Division Of Capital Stood
Section z of the bin prcscz4b&&&
the- pital-st0ck of each -&o1a&2
serve bank shall be divides
shares OF $l00. 3sSaR
Section 4, OF the bill. reQulr
federal reserve banks to becu2
rc-orated, and provides tn
- have succession for p&4
< v-five years n thsir