The Washington herald., 1913-11-13
CAUCUS DELAYS
Definite ACTION
Promise Of Early Currency
Bill Report Causes
Adjournment.
OWEN WINS CONFERENCE
Committee Chairman Makes Speech
Declaring Agreement May Be
Reached Within a Week.

The Democratic Senatorial conference
today was halted suddenly on assurance
from Senator Owen. chairman or the
Banking and Currency Committee. that
the majority OF the committee would
be able to make a report to the Senate
on the currency bill within q week or
ten days.
AS soon as the conference met at I
o'clock Chairman Owen took the floor anc
made an explanation OF what had been
done up to date in committee. and asked
for further time. Senator Owens speech
was practically the only one made In
the conference. After he had concluded
his explanations there was a brief inter-
change OF views. and a motion was made
to adjourn the conference subject to the
call of the chairman. which unanimously
was carried.
Questions discussed Informally before
the Conference met as to whether Its
sessions should be open or closed. and
as TO tnstructing the leader. Senator
Kern. to move in the Senate to discharge
the Banking and Currency Committee
from further consideration of the bill
and bring the measure directly before
the Senate were postponed In view OF
the statement by Mr.. owen
Adjournment Is sneEested.
The conference was in session an hour
and twenty minutes. Most OF the Demo
cratic leaders expressed the belief last
night that It would not be reconvened
prior TO reporting the bill to the Senate
The only other interesting question raised
In the conference was as to whether IL
would not be advisable to adjourn the
special session OF Congress as soon as
the Banking and Currency Committee re-
~ fh,a 1fxy hrfaf raaffnR anall
for Senators, who have been occupied
continuously with tariff and currency
legislation since last April. But this ques-
tion was not disposed of. II is the under
standing that the President Is willing to
have the extra session adjourned before
passing a currency bill. but he admitted
to some OF his callers yesterday that he
had about given up hope of having the
bill passed at the extra session.
Six Democratic members Of the Finance
Committee were In session last night at
work perfecting a bill TIE full mem
hership of the Senate Banking and Cur
rcncy Committee will meet this morning
at 10 o'clock. II is likely that a f1nal ef-
fort will be made to reach some sort Of
an agreement by which a report can be
made to the Senate next week
Hitchcock Also Present.
Senator Hitchcock is said TO have been
talking in a conciliatory way to some OF
his Democratic colleagues He IL not
ready to concede any OF his views as TO
what Is necessary in the banking bill,
but may concur in a report reserving the
right 20 file exceptions in the Senate. In
doing SO the Senator from Nebraska
would simply be trying to expedite the
legislation Senator Hitchcock met with
his Democratic colleagues In the COM
mIttee yesterday. following the adjourn
ment OF the conference.
At the Democratic conference yester-
day of the membership of the banking
a slight change was made in
the plan Of capitalization for the reserve
association. 1t was voted TO make II
per cent of capital and surplus Of the
banks included. which would make a
total capitalization of Sl0s.000,0O0 The
Senate Committee on Banking and Cur
rency had adopted this feature, but had
voted to require the payment OF one
third Of the capital at the time IL is
subscribed, one-third in thirty days and
the last third in sixty days. The Demo-
cratic members of the committee yester-
day changed this tentatively, SO that the
banks will be required to pay
only one-half OF the amount subscribed.
leaving the other half to be called for by
the Federal Reserve Board whenever
necessary. The plan Of paying the per
cent Is the sane as that approved by the
Senate Banking Committee, and requires
cash, one-third in thirty days,
and one-third In sixty days.