The herald and news. [volume] (Newberry S.C.) 1903-1937, 1913-06-27
WILSON'S Personal PLEA
LIKELY TO BEAR FRUIT
Continued from page 2.

currency question. Fhey peHeVe II
sets forth the presidents position as
being so positive On that point that he
would call another extra session OF
congress if necessary to dispose of the
matter.
LAS soon as the bill is introduced
both senate and house banking ana
currency committees will get down TO
work and early reports On both SIDES
are expected Senator Owen expects
to put the bill in Tuesday.
Although a house caucus has been
called for this wesk, it is probable
that it will not take any definite ac-
tion on the currency bill. The eau
cus was called to consider the ques-
ton of a reform of the approprla-
tion system by the initiation OF some
sort of a budget plan and while the
currency question may be discussed
action is likely to be deferred until
special caucus is called later.
For Emergency Issue.
The president made it clear in in
formal talks with callers today that he
regarded the Owen-Glass bill as prl-
marilv an instrument through which
an emergency currency of S5OO,Ooo'ooo
would be obtained. The provision to
retire the 2 per cent bonds which
now secure $712,OO0,OOO of currency
had been omitted from the bill, ac-
cording to information at the Wh1te
House, chiefly because no plan hao
been perfected to substitute thls
amount of currency, which the volume
of business indicated ought not to be
Withdrawn. 1t was pointed out, that
an elaborate machinery would be re-
ouired to refund the per cent bonds
at the same time the $5OO,0OO,OOO is
sue of federal reserve notes was being
supervised by the federal reserve
board.
The president indicated that he
felt this was a great problem in itself
and he has taken the view that for
the present the subject of retiring the
bonds should be treated independent
1y.
Criticisms of the bill that have
reached administration officials from
bankers centre largely on the alb
sence of any provision for the retire
ment of the bond secured currency.
Representative Glass, who conferred
briefly with the president before the
latter went to the capitol, is prepared
to champion a provision for the re-
rtirement of the 2 per cent bonds Dy
refunding them with 8 per cents.
Although shorn of some of the nov
eltv that attended his first appear
ance, when he upset presidential ira
ditions of more than a century, today's
visit of the president to congress took
on a deeper significance. On his first
visit he delivered a message, long
anticipated, urging the carrying out
of the party's pledges for immediate
revision OF the tariff.
His address today was an appeal to
every member of the house and SEN
ate to lay aside personal considera-
tions and sacrifice comfort and even
health, if necessary, to secure at once
a revision and reform of the national
banking system. Only in that way, he
declared, could the country secure the
benefits of the tariff revision soon to
be completed.
Duty is Clear.
at is perfectly clear that it is our
duty to supply the new banking and
currency system the country needs,
and that it will Immediately need it
more than ever" said President Will
son. "Shall we hasten to change our
tariff laws, and then be laggards
about making it possible and easy for
the country to take advantage of the
change? There can be only one an
swer to that question. We must act
now, at whatever sacrifice to our
selves"
The vigor and strength of his short
message held rigid attention of his
large audience throughout its deliv-
cry. AS on his first appearance be-
fore congress, the chamber was filled
with senators and representatives,
galleries were crowded with men and
women of the official set, and corri-
dors about the gallery doors were