Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-12-20
CURRENCY LAW AS
CHRISTMAS GIFT
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Continued from First Pageo
understood to be agreeable to Presi-
dent Wilson.
As one administration official put 1t
today, "the plan is to have the Presi-
dent sign this bill before Wednesday,
so that it may become a Christmas
present for the American people.
Wilson to Appoint Board.
When the bill becomes law, Presi-
dent Wilson will be confronted with
taking the first step to put 1t INTO
effect. That will be the appointment
of a federal reserve board of seven
members, who will make all the ar
rangements for the transition from
the present currency system to the
new one. Many suggestions have
been made as to the personnel OF the
board. The President has not made
his selections, but will consider the
question carefully during his Christ
mas vacation.
On it's way to the conference the bill
struck a snag in the House, where a
fight over the number of conferees
and the question of a separate vote
on some of the Senate amendments
caused delay. Representative Glass
asked unanimous consent to disagree
to the Senate amendments and send
the bill to conference, Representa-
tives Hardwick, of Georgia, and Mad
den, of Illinois, commended the House
should have as many conferees as the
Senate, and said that they desired an
opportunity to vote on some OF the
amendments.
DELAYED at Start.
Majority Leader Underwood secured
unanimous consent to take up the bill,
but Representative Murray, of Okla
homa, moved to concur in the Senate
amendments, and the reading of the
fifty pages of changes made by the
Senate was ordered causing a. long
delay in getting the bill before the
conference committee.
The fight in the House developed a
movement to insure retaining the Sen
ate amendment for guarantee Of bank
deposits.
Representative Glass declared the
enactment of the measure into law as
it came from the Senate would be a
Calamity"
IT want the bill sent to conference"
he said, because l am convinced that
as the bill has been completed by the
Senate it would not be workable
law" He pointed out several pro-
visions in the Senate amendments
which ne SAID CONNECTED.
Attacks Bank Reserve.
Mr.. Glass attacked the bank reserve
requirements as amended by the
Senate.
"Under this provision" he said, THE
total reserves of the banks in the sys-
tenn, both in cash and in credit with
the reserve banks, would be less than
they are at present holding in cash
Within a few months under these pro-
visions we would have saturnalia of
expansion-of wild imitation" He de-
clared the Senate guarantee provision
was mere pretense.'
There are things in this bill which
would bring calamity to this country.
and they ought not to be allowed to
become law" he declared.
Majority Leader Underwood closed
the debate, declaring that the measure
should be sent to conference, and the
House lined UP for vote.
NEW YORK, Dec. 20.-Passage of
the currency bill in washington mas
the local banking community, which
was none too kindly disposed toward
the measure in it's incipient stages,
more or less ready to accept the sa-
lent features of the bill. Changes
which the new law must inevitably
bring have been taken note OF re-
Gently and it is not thought that any
national bank of Importance will
carry out the threat so often heard
few weeks ago to relinquish its fed
eraI charter and operate under a
State charter instead. In fact, the
president Of large Wall street bank
said today that all of the thirty-six
national banks of this city could be
depended upon to enter the new
banking system as soon as the law
took effect.
AS the currency bill in it's latest
form has overcome many of the OBJ
jections voiced by prominent imam
ciers, it seemed to be the opinion In
financial quarters today that the
privileges the nationally chartered in
situations would retain, together with
the prestige considered to attach to
national institutions, would outweigh
with most of them any remaining
objections they might have to the
new law. Moreover, were national
banks to yield their charters, they
would have to return to the govern
ment the reserve moneys now held by
them and retire their circulation
against their holdings of government
bonds.