The Jeffersonian. [volume] (Atlanta, Ga.) 1907-1917, 1913-07-31


series Of amendments was presented
by Representatives Ragsdale of
South Carolina, representing those
members Of the opposition following
Representative Robert L. Henry, of
Texas, Chairman of the Rules Com
mittee.
These amendments would radi-
cally alter the Owens-Glass bill.
They would provide for the issuance
Of about $20O,000,000 of United
States notes through the Federal re-
serve banks to farmers on warehouse
or storage certificates covering cot
ton, corn, or wheat in bonded, in
sured, and solvent warehouses or
storage plants tC be approved by the
Federal Reserve Board.
These amendments were presented
as a substitute for some of the main
sections of the OWens-Glass bill
Ostensibly to perfect the admins
tration measure, but conservative
members think they would kill all
hope of banking and currency legis-
1atiOn if accepted. These are the
amendments which certain Demo-
Gratis have been promising to offer
"to take care of the farmers of the
South and West" The proposal for
the issuance of agricultural cur
rency' was ridiculed today by con-
sentative members of the committee
as a plan to create cotton" money,
wheat" money" and corn" money.
Representative Brown, of West
Virginia, who opposed the Henry
plan, said that if such money were
issued, there was no reason why the
raisers Of peanuts, who were nu-
merous in his State, should not re-
ceive peanut" money issued on
warehouse receipts representing
crops Of COOLERS. Representative
Stone, of Illinois, said at the session
of the Glass Committee that it would
be just as logical to issue money on
Whiskey in bonded warehouses.
Representative Henry is not a
member Of the Banking and Cur
rency Committee, but members who
have been criticising the Glass-OWen
bill have held conferences with him,
the result being the substitute Of
fered today. While Mr.. Ragsdale
presented the amendments in the
Democratic conference printed
copies Of them, with a long explana-
tory statement, were given out by
Mr.. Henry. In this statement Mr.,
Henry said in part:
In Interest Of Debtors Glasses.
The bill as now written is wholly
in the interest Of the creditor classes,
the banking fraternity and the COM
mercial world, without proper pro-
vision for the debtor classes and
those who toll, produce, and sustain
the country.
The Henry plan provides for re-
writing Section II so as to provide
substantially for the issue of United
States notes instead Of Federal re-
serve notes, not to exceed 500, O0O,-
600. 1t provides that these notes
shall purpOrt on their face to be OBJ
legations of the United States Gov
eminent, issued at the discretion of
the Federal Reserve Board solely for
the purpose of making advances TO
the reserve banks. These notes are
to be redeemable in gold.
The Henry amendment provides
that the currency be divided into
three classes: Glass A consisting of
100000, designated as com
mercial currency" Glass B, consist
ing of 100000, designated as
industrial currency" and Glass G,
consisting of $2OO,00O,OOO, desig-
mated as agricultural currency"
Then the Henry plan proceeds to fix
the items upon which this currency
would be issued to the agricultural,
in II ctrio1 on6 0O1,o ia o1 IN