The Washington herald., 1913-09-16
War ON MONEY
BILL IS FUTILE
Six Hours of 0ratory Fails to
Change Administration
Measure.
AMENDMENTS ARE LOST
Banker Under Investigation on Charge
of Bearing" Two's Refuses
to Appear.

Six hours of discussion of the Glass
currency bill under the five-minutes rule
resulted yesterday in the review OF nearly
one-third Of the text OF the measure
without any impression being made upon
the bill
Amendment after amendment was Of
fered by the Progressives and the Re
publicans, but upon each record vote the
Democrats smilingly smothered the oppo-
sition by votes averaging two-thirds Of
the membership of the House.
The discussion gave opportunity for the
injection of considerable campaign ora
tory by opponents of the measure where
by they expect to build up a supply of
campaign ammunition for 1914.
King Caucus was abused and derided
by the RcTvbEcans to the great resent
ment Of the PrOgressives and the amuse-
ment of the Democrats. Representative
Victor Murdock. floor leader for the new
party, took exceptions to the Republic
ans stealing Progressive thunder. He
accused the parent" party OF having
been the most fragrant beneficiary of the
power Of caucus in the days gone by
and tainted his adversaries at every
turn.
Only one amendment OF importance re-
ceived consideration yesterday. That
was a suggestion coming from Repre-
sentative Mondell of Wyoming that the
obligatory creation OF twelve regional
reserve banks should not be embodied
in the bill Mr.. Mondell expressed the
belief that IL the bill in its present form
was passed there was a strong possibility
that the unpopularity of the new law
with the banking interests would re-
suit in an unwillingness of the bankers
of the, United States to adopt the re-
gional reserve system in its entirety and
in turn to create the necessary twelve
regional reserve banks. Mr.. Mondell's
proposition was that the regional reserve
system be installed so soon as five or
more regional reserve banks were Gre
ated. His proposition was turned down
by a large majority.
LindbcrRh Amendment Lost.
Representative Lindbergh of Mime
sofa. the Progressive member OF the
Banking and Currency Committee, made
brave fight to have embodied in the
pending bill an amendment forbidding
interlocking directorates among the fed
orally controlled financial institutions of
the country. The Democrats. while, not
disappearing the principle enunciated by
Mr.. LindberGh. argued that the amend
ment was not germane to a currency
measure
In line with the position taken by
Chairman Glass in his concluding speech
in the general debate last Saturday, the
Democrats have taken the position that
anti-interlocking directorates legislation
should be part Of the Democratic party's
antitrust effort. They believe that this
legislation should emanate from the Ju-
dietary Committee as a part of projected
remedial legislation with regard TO cor
porations generally and not limited to
financial institutions
The Liudbergh amendment was defeat
ed by a vote OF a ayes to 73 nayes.
Another amendment proposed by Mr..
Lindbergh sought to extend the time for
payment OF subscription to capital stock
il the reserve banks from 60 TO 12O days,
This amendment was defeated, II to So.
Raps the Absentees.
Following the defeat of this amend
ment Mr.. Lindbergh introduced another
seeking to change the method OF col
lecnng capital stock subscriptions. It
was defeated. . to IS. and a third prop
ositiOn requiring banks to subscribe to
capital stock in the reserve banks in ac-
cordance With their capital and surplus
rather than in accord with their capital
alone was defeated. l9 to 81.
Representative Jerry Donovan. Of
Connecticut, Democrat. lectured his
fellow Democrats on the subject OF
absenteeism.
There are altogether too many
Democrats staying away during the
consideration Of this very important
BILL" said Mr.. Donovan. Hardly a
third OF the majority of this House is
on hand. They are being paid full
time for doing no work. 1t is out
rageous and dlsgraceful"
The belief prevails that not later