The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-11-26

Washington, Nov. 26.-The curren-
cy reform struggle was transferred
from the open senate to closed pre-,
cincts of the democratic party caucus.
The leaders didn't expect the con-
ference would come to any binding
agreement upon the support of the
owen bill as a whole. Those support,
ing that bill are determined to fight out
any differences between the adminis-
tration, forces and the So called Hitch
cock wing of, the party behind closed
doors and reach a general under,
standing. There will, be- no wholesale
changes in the measure. ! ....s
u. ,..,s; Goess Into Caucus. 81 "@
The currency situation took an ex-
peoted q iIn In the a4late late yestes-
day when democratic leaders decided
to summon party conference at once.
to dispose Of the, point of difference
and to attempt to unite party members
behind a; bill that would have the sup
port Of President Wilson, ..
The conference will begin at II
o'clock tomorrow. 1t was said by the
democratic managers last night
that its conclusions would not
be binding, but that it was
would be able to agree upon vital feat
ures OF the bill and unite upon amend.
ments to the pending, bill which can
be accepted by the president.
The second days debate upon the big
reform measure was notable for the
absence Of show of ill-feeling between
the advocates of the different currency
plans presented by the Owen and
Hitchcock bills. Senator Hitchcock
held the senate for more than an hour
with his speech in support Of the bill
agreed upon by himself and the five
republicans of the senate committee.
His remarks WereI characterized by rec
ognition of the efforts Of the president,
the house and the democratic wing of
the senate COMMITTEES and expression
of the hope that the senate would find
it possible to unite upon @ satisfactory
form of the currency bill, ..-
The decision to bring democrats to-
gether for party conference was the
result of talks between the president
and party leaders in the senate. 1t
was determined that before the de-
bate proceeded further members Of the
party should discuss the two bills be-
hind closed doors and reach as full an
agreement as possible upon the feat
ures Of the legislation which split the
senate committee.
Senator Owen had announced early
in the day that he would ask the SEN
ate to work until o'clock each night
to consider the currency measure at
all times when special orders did not
prevent.
Senator Shafroth one Of the demo-
cratic committee members who helped
in the preparation of the owen bill
followed Senator Hitchcock with a
comprehensive explanation of the
problems confronted In trying to
change the currency system of the
country and an endorsement Of the
principles of the Owen bill. He insist
ed that less than eight regional banks
would leave the country without ade-
quate protection in case Of panic
! because of the inability of remote
country banks to get money from the
reserve banks. The senator attacked
| interlocking directorates and large
combinations of banks with power to
deny or restrict credit for worthy
enterprises.
Senator Shafroth criticized what he
termed the central bank tendency in
the Hitchcock amendments. France
Germany, Belgium, Holland and Eng
land, he said have central banks but
they are within few hours travel of
all parts of the territory they serve
With but four regional banks in this
country the southern banker would
have to go 1,400 or 1900 miles to
oSSNLEI -sE llE 6d1LlS
situation would obtain in all parts of
the country,
The public ownership and govern
ment control feature Of the Hitchcock
plan, Senator Shanfroth said, would
| defeat the purposes of the legislation
because the banks would not enter any
system under which they were forced
to place their funds in banks over
which they could have no control.
! Still another currnecy plan was pro-
posed today by Senator Newlands
which he presented and discussed. His
scheme would create state reserve as
sociations in which the membership
| of state and national banks would be
compulsory These associations would
| hold at least one third of the reserves
of all of the banks in their respective
Estates. In turn they would deposit
one third of these reserves In a feder-
| al association at Washington. Il
| Mre. Roosevelt Returns.
Santiago, Chill, Nov. 26. Mrs. Roose-
welt and Miss Margaret sailed foi
/ Panama on their return to the United
4