New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-02
Notified That They Must
Hold a Quorum to
Debate the Bills.
FOUR MEASURES NOW
BEFORE THE SENATE
Burton Presents One Providing
Central Bank, and Caucus
Plan Is Reported.
From The Tribune Bureau

Washington. Dec. IA bill for the es-
tablishment of a central bank, the stock
Of which would be owned by the people
and which would be governed by federal
board appointed by the President. was
presented TO the Senate to-day by Sen
ator Burton, an expert in finance ana
economics. who was a member of the
National Monetary Commission.
In introducing his bill. which resembles
in many respects the plan proposed by
Frank Vanderlip. president of the Ma
tional City Bank. of New York. Senator
Burton expressed the conviction that II
would ultimately be adopted, thereby in
timating that it would be necessary to
change the present Democratic plan atter
it was put into operation.
Senator Burton's bill. which Is the
fourth now before the Senate. provides
for a federal reserve bank, with its CEN
trail office in Washington and with twelve
branches. The system would be governed
by a federal board Of seven directors APP
pointed by the President for terms OF
fourteen years. with the advice and con-
sent of the Senate. The branches wouId
be managed by executive boards OF hNe
members. each appointed by the Federal
Reserve Board. In other respects the
Burton plan is similar TO that proposed oy
the Republican members of the Banking
and Currency Committee, except that II
tnrovides for a national clearing house
such as Mr. Nanderlip suggested.
Caucus Bill Also In.
The bill agreed on by the Democratic
caucus was also informally laid before
the Senate II includes provision FOR the
insurance of bank deposits and the Nc
Adoo plan for the retirement OF the per
cent bonds.
There are now four bills before the
Senate-the House bill, the Burton BILL
the bill of Republican members oil the
Banking and Currency Committee ana
Senator Hitchcock, and the modified
Owen bill. as approved by the Democratic
caucus.
plans of the Democrats TO jam the
measure through encountered opposltioH
at the outset of the regular session he-
nublican Senators declared that II was
not their purpose to delay the OIL ana
that they were willing 10 meet at an carry
hour and sit until late at night, Out theS
served notice on the majority leaders that
there would be no perfunctory perform
aDces and that the Democrats must De
present to maintain a quorum and TO con-
slider the bill carefully if it was 10 pass
before Christmas.
Attendance at the Democratic caucus
which placed its seal on what is now the
administration bill probably averaged less
than half the Democratic membership o.
the Senate. At times it was much less
Senators Root. Gronna and other Repuo-
licans gave notice to-day that more care
full consideration must be given to the
oil! in the Senate.
Must Have a Quorum.
ITO have real discussion which shal De
addressed 10 members Of the Senate as a
deliberative body is one thing said Sen
ator Root. 81 am willing TO put myself
10 personal inconvenience to do TINS. but
II members are TO scatter to their com
nittee rooms. leaving an array OF empty
seats. with Senators speaking 10 the
empty air, with no result except to nave
their words printed in The Record that
&c another. The debate should appeal to
the conscience. the wisdom and the IN
telligence Of the Senate"
"There are some of us remarked Sen
ntor Gronna, who will see to it that this
bill is considered only when quorum OF
. the Senate is present