Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1913-11-28
EXPECT VOTE FEB |
DEBATE ON CURRENCY MEASURE
TO LAST UNTIL END OF
SPECIAL SESSION.
MADE UNFINISHED BUSINESS
Agreement to Consider Hetch Hetchy
and Alaskan Road Bills VIII Delay
Senator Owen Argues for Wilson
Act


Washington, Nov. 25.-The currency
bill, with the amendments proposed
by the divided senate banking and
currency committee, was laid before
the senate on Saturday. Debate on
the measure began, but the final vote
is not expected much before Febru-
airy l.
The two factions of the committee,
headed by Senator Owen and Senator
Hitchcock, filed their divergent views
on the administration measure and the
bill as passed by the house was made
the unfinished business" Of the SEN
ate.
Senator Owen fired the opening gun
In the debate for the administration
forces. Senator Hitchcock will follow
with an attack on the administrators
proposals in a speech setting forth the
position of his faction of the commit
tee. From today until the end of the
special session, week off, senators
will make set speeches discussing the
currency reform problem
Although the administration finally
has succeeded in getting the currency
bill before the senate, other obstacles
which threaten to delay the measure
are apparent. On December the SEN
ate will set aside the currency bill
and by agreement take up the bill to
give San Francisco the right to use
water supply from the Hetch Hetchy
valley. The measure will be disposed
OF by December 6, but on December 8
the senate has agreed to take up bill
giving the president authority to build
a government railroad in Alaska. This
may be set aside in favor of the cur
reucy bill.
Senate leaders were not inclined to
predict when the currency bill might
be finally acted upon, but it was de-
clared certain that it's consideration
would run well into next year, proba-
bly, up to about February 1.
The report of the administration
Democrats reviewing the differences
In the committee, concludes:
These differences arise in the main
because of two schools of thought, one
part of the committee believing in
central bank administered by GEN.
trail board, and the other part Of the
committee proposing to establish
number of comparatively independent
district banks administered by boards
of directors chosen from the several
districts
The report submitted by Senator
Hitchcock declared many amend.
ments it recommended had Deen in
dorsed in the entire committee before
the administration and anti-adminis-
tration forces separated, and added
that its signers were generally in IA
vor of government-owned central
bank
Waving strong preference which
prevailed in committee in favor of a
single government bank with branch
es,' said the report, I'VE accepted the
Regional bank plan as the only hope
full outlook for action by this congress,
but retained the amendment substitute
Ing four regional banks for twelve.
While the single government bank
plan would produce the only perfect
mobilization of reserves. as has been
demonstrated by the experience of
bther countries, the adoption of four
regional banks under a single control
will, it is thought, approximate this
result and, in a country as large as
ours. with SO many banks, probably
prove efficient"