The Birmingham age-herald., 1913-08-20
owen IS OPPOSED TO
SEVERAL FEATURES
OF CURRENCY BILL
Serious Complications in
Passing Measure Threat
ened May Make In
p0rtant Changes

Washington August 1s.-Expected de-
velopments In regard to the currency re-
form legislation in the Senate today prom
ised serious complications for President
Wilson'S plans for the passage Of a cur
rency bill at this session of Congress. AT
a conference of democratic members Of
the Senate currency committee, Chairman
owen, who has been considered one of the
original trainers of the bill now before
the democrats of the House, made it clear
to his associates that he was opposed 80
several features of the bills including the
plan for 12 regional reserve banks and
that he would recommend important
changes in the measure
The results of the Senate conference
have been to leave the currency situa-
tion entirely open tonight, so far As the
Senate probable action is concerned Sem
ator Owen did not suggest a definite plan
to his colleagues, but said he was op-
posed to the regional reserve bank plan
to the proposal to compel all national
banks to enter the new federal system
and to other features of the bill as it was
introduced by Chairman Glass of the
House currency committee.
No Material Change
The attitude of other democrats on the
Senate committee, including Senators
Hitchcock. O'Gorman and Reed, is such
as to indicate that there will be material
changes in the administration measure, If
not a complete remodeling of it, before
1t comes 10 the Senate for action.
Several members of the committee to-
night inclined to the opinion that the
Senate ultimately might be asked TO con-
slider some measure of a temporary char
acter, similar to the bill recently intro
duced by Senator Lea, democrat. which
would amplffy the Aldrich-Vreeland
emergency currency law and so change
it's provision as to bring a form of spe-
cial currency within the reach of all ma
tional banks
May Make Changes
|. Senator Owen tonight said he believed
the conference to be held in the Senate
and the changes that might be made in
the currency reform plan would mean
definite action on currency legislation az
the present Congress. Other senators said
if law was passed it probably would
be of temporary character.
when 7 introduced the present bill in
the Senate, I did not forclose myself
against amendments or changes in It's
| FORM Senator Owen said Many
changes have been made in the bill ~
the House committee and I believe more
will be made in the House before 1t Is
pa ssed there. / do not know what the
Senate will do with the bill, but | think
changes will be made in some of its pro-
Visions"
The change in the situation in the
| al t4rl,R "a -
| istration supporters were endeavorinS
/ TO reconcile all elements among demo
Gratis in the House caucus and bring
about united support of the measure
| there.
| Those who participated in this COM
mittee conference declared tonight that
no plans existed for the remodelling
of the Glass bill The principles em-
bodied in the Lea bill received much
support from several senators, how
ever, and represented the character or
LEGISLATION that many would like TO
see extended
Under the Lea bill banks could or
ganize local currency associations with
minimum membership of five banks
and minimum capital of s1,oOo,00o
and could obtain currency from the
Secretary of the Treasury on approved
securities, through subtreasuries.
Agree Upon amendments
Democratic leaders in the House have
virtually agreed that the administra-
tion bill now pending in the caucus.
shall be amended so as to specifically
provide for the same rediscounting
rights to paper based on warehouse re-
ceipts or other evidence of ownership
of agricultural products as are ac-
corded commercial and Industrial pa
per. Chairman Glass of the committee
insists that the bill as drawn sufficient
" provides for the credit of the farm
err but Speaker Clark, Democratic
Leader Underwood, Representative A.
Mitchell Palmer of Pennsylvania and
other leaders favor more specific and
clearer language.
General debate on the bill Will con-
tinue in the caucus tomorrow. Today
Speaker Clark. Representative Palmer
of Pennsylvania and Representative
Dies of Texas defended the bill and
Representatives Sims of Tennessee.
Murray of Oklahoma and Brockson of
Delaware attacked 1t.
Mr. Clark talked for the farmers"
He said there never would be Presi-
dent who would appoint federal re-
serve board lacking in ability and In
| tegrity. Mr.. Palmer said the bill would
increase the amount of the reserves to
tmeet expanding business and would
prevent contraction of credit
| Representative Eagle of Texas, in
surgent member of the House commit
tee, today introduced as substitute
| for the administration currency bill, a
| measure to provide $5.000,000 Of United
| States notes, to be deposited by the
United States with national banking
associations under certain stipulated
| conditions.
|
n CnArEDT