The Sentinel=record., 1913-11-21
WILL BE LAID BEFORE SENATE BY DIFFERENT WINGS OF THE
 COMMITTEE TODAY.
ALL BASED ON SAME THEME
Original Bill Will Be Offered With the Two New Bills in the Nature of Amendments to the Former Ad. mnistration Bill.

Washington, Nov 20-FinaI prepa. ratlons were made today for the bat. tie over the administration currency reform bill on the floor of the senate which will begin Saturday. Three dis tinct currency. bills, all based upoq the same general theory will be laid before the senate by the divided banking and currency committee
 Unable to agree ou amendments. the committee will present the Class Owen bill as originally endorsed be the administration and passed by tao' house The measure with amend. ments assumed to be acceptable to' the president, will be submitted by Chairman Owen and five other demo crats of the committee, Senator Pom erone. Hollis, Reed, O'Gorman and Shafroth A bill materially changing the structure of tbe house measure will be presented by the republicans, Senators Nelson. Weeks, Bristow, Me Lean and Crawford and Sena O. Hitchcock.
 All three of the proposed bills con template the issuance of a currency secured by prime commercial pape held by the banks of the country Each proposes the establishment ofI reserve banks which will issue eur rency in exchange for commercia paper to the banks. which will hold the reserves behind their deposits mobiized for use in any emergency and which will re-discount the parerI held Jy the banks in the system thus keeping available always ample cred il and currency for use to ward of financial crises.
 Each bill proposes ,o put the eu-i tire system under the control of al federal reserve board to be appointed by the president
 Although agreeing as To tbe pur poses to be accomplished by the pro posed legislation. the three plans di-I fer in almost every point as to means provided to carry out these purposes As if passed the house. the Glass Owen bin proposed the creation of l2 regional banks The democrats ol the senate committee cut that down 10 eight the minimum number the president was willing 10 accept Th"| republicans reduced the number toI four. holding that t3e smaller nun ber could more effectively conccn trate the reserves of the country
 The l2 regional banks proposed by inc house bill would be owned by the banks. through compulsory subscrip ton to Inc stock. and the banks wouFd elect six of the nine directors of each regional institution This plan was retained by the democrats of the sen ale committee, although it was fur tber provided that if the banks dit not furnish enough capital to run the system, the stock might be sold tol the public
 On this point Senator Hitchcock and the republicans departed from the administration Theory of creating bank of banks" aud materially changed the bill They provided that lhe reserve banks capital should pc subscribed by the public, the banks taking whatever part the public would not take, and that the government through the federal reserve board should appoint five Of the nine dl- reetors of each regional bank. rms was the proposition which split the senate committee Into two camps
 Each of the bills materially re- daces the present reserve which ma uoual banks must hold against de lositors The house bill would TX the reserve at 12 per cent for coul lfy banks and Is per cent for banks m present reserve cities. These rates were retained by the administrator forces in the senate committee. pu' the republican wing cut down the 'c' serves of the city banks to l5 per ment
 In the house bill the paper naue eligible for re-discount and as DaSis for currency is commercial paper based on actual merchandising trans actions maturing in not less than 'V days. 1lhis provision was retalheu ty the democrats in the senate coh'' mittee, but the republicans oroau ened it maetrially Under thelr pli part of the member banks reuif counts may be in paper maturing ui to six months The provision gNes lhe advantage to banks with s'na'i