The Birmingham age-herald., 1913-11-17
PLANS TO REVISE
NATIONAL BANKING
LAWS OF COUNTRY
Important Items Taken
From Currency Bill Will
Be Considered
TAKE UP QUESTION
OF RURAL CREDITS
Antitrust Programme Being yigor-
ously Pushed by Congressional
Leaders--Currency Report Is
Expected This Week

Expected This Week
Washington, November With the
administration currency bill due to be
reported to the Senate this week. after
long delay, a plan to revise the national
banking laws to meet the new currency
system has made Its appearance in legis-
latlve circles. 1t will include important
questions originally contemplated as a
part of the currency bill. but set aside
until the next session of Congress. when a
general revision Of banking laws has been
promised by the administration.
In connection with this proposed revision
Congress will take up the far-rea ching
question Of rural credits, the problem of
providing cheaper money for the farmer.
who now mortgages his land at high rates
OF interest 10 secure ready funds. The
rural credits commission, after an ex
haustive investigation of the subject in
eluding an examination of farm loan svs-
TENS abroad, is at work on report to
Congress which will recommend some sort
of law on the subject. The commission
expects to report early in the next ses-
sion.
Many Recommendation
The many recommendations of the
money trust investigating committee
OF the House, which went into the ques-
ton of concentration Of money and cnedits
exhaustivey during the last Congress,
a will ~ tt,o
The regulation of clearing house associa-
tions and stock exchanges by federal law
will be considered in this connection. One
OF the provisions which probably will be
inserted in the ne wlaw will forbid inter-
LOGGING drectorates In national banks An
effort has ben made to put this prohi-
bftion in the pending currency bill, but the
administration had maintained it should
go into the banking law. The Senate
banking and currency administration sup
porters has declined to consider a scheme
for guaranteejng national bank deposits
with the understanding that that question
lwolld he taken NJ snext. session.
( AdSocates vi tiis bank las revision
plan are seeking to place their projects
ahead of the proposed anti-trust legisla-
! tion in the administration programme.
The antitrust programme Is being vigor-
ously discussed, but has not taken definite
III III so idi bs lttt Is con-
cerned, although many individual anti
trust measures are appearing in the
House and Senate. The progressive anti
trust programme, the main feature of the
third party's legislative plans for the next
session, is outlined in three bills which
Representative Mardock of Kansas, pro-
gressive leader of the House. Will in
troduce tomorrow. They embody pro-
posals to create an interstate trade COM
mission to prohibit unfair competition and
to suppress monopolies. Following confer
ences held during the last six months.
these bills are the joint production of Mr..
MurdoclS, Dean William Draper Lewis of
the University of Pennsylvania Law
school. Herbert Knox Smith former COM
missioner of corporations, and Donald r.
Richberg, director of the progressive ma
tional legislative reference bureau.
Measures Will Be Added
These measures will be added to the
House judiciary committees already full
docket of antitrust bills introduced by
members of all three parties.
Mr.. Murdoch said tonight that his bills
which he called the progressive trust
triplets," would solve the whole trust
problem, wipe out monopoly and create q
trade commission that would relieve the
courts of administrative functions in busi-
ness regulation and bring quick, adequate
relief to the small business man.
The proposed commission would have
seven members serving seven year terms
at a salary of $4,000 year each.
The trade commissions jurisdiction
would be limited to corporations and busi-
ness combinations having more than 50,
io0O, 600 gross annual receipts from business
in the United States.
1t would have plenary power to get
complete information. to criticise and
it.afi Hon, inf, in.
competition, misrepresentation or oppres-
sive use of credit and to assist the courts
in forcing DEGREES of dissolution.
Interlocktng directorates, oppressive
contracts localized price cutting, procur-
ing favors from common carriers and
procuring dishonest conduct from en-
pioyes of competitors are among unfair
trade practices that the second bill would
under the ban.
The third bill would empower the trade
commission to investigate complaints of
any business organization which exercises
Substantially monopolistic power and
If designed to deal with acts not in
themselves wrongful but resulting on in
tolerable conditions. 1t would make "con-
trary to public policy" a corporation $
control over sufficient portion of an
industry to control prices of raw mater
ials or finished or partly finished prod
ucts The commission would be empoW-
cred to restrain the unlawful acts or
| to work out a reorganization plan If the
acts only tend to monopoly"
Currency Bill Discussed
Administration senators hope tonight to
begin work on the floor of the Senate
on the currency bill the latter part of
| this week. The administration draft OF
| the bill is framed by six democratic mem-
bers of the banking and currency COM
mittee was discussed with the President
| tonight by Chairman Owen of the COM
mittee The President generally indorsed
| the measure as finally agreed on by the
! six democrats
| In an effort to hurry the bill along to
| the Senate the five republicans on the
committee and Senator Hitchcock, demo-
crat held a meeting tonight and contin-
ued work on their draft of the bill. max
| ing minor changes and correcting phrase
oogy. The republicans hope to conclude
their first draft by Tuesday. and the bill
will be taken UP at a meeting of the
| full committee called for that day. Re-
publicans and democrats will report
Unanimously on those features of the bill
upon which they can agree and will re-
port a disagreement on disputed points
|
Medical Congress Closes
| LIMA. Peru, November 16.---The Med
ical congress, which was attended by
delegates from Brazil, Uruguay, Argen-