Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1913-12-24
WILSON signs
CURRENCY BILL
TUESDAY Night
SENATE PASSES THE ADMINISTRA.
TION BILL BY A VOTE OF FORTY
THREE TO TWENTY-FIVE
PRESIDENT LEAVES FOR
SOUTH AFTER SIGNING BILL
Three Republicans and One Bull Moose
Vote For The Bill

Washington, D. c., Dec 23.-The
report of the congressional confer
ence committee on the administers
ton currency bill, revising the fiscal
system of the United States, was
passed by the senate this afternoon.
The vote, was 43 to %. The bill
previously had been passed by thu
house and now goes to President VIII
son for his signature. ev
Three republicans voted for the
conference report. Senator's Jones.
Norris and Weeks. Senator Poindex-
ter, progressive, also voted for the con-
ference report
Six o'clock tonight was the hour
set by white house officials for Presl-
dent Wilson to sign the bill. Five
hours later the president will leave for
Pass Christian, Miss, for three weeks
vacation.
Senator Owen and Representative s
Glass, co-authors of the bill, with
members of the congressional bank
ing committees and leaders in con-
gress, we're invited to attend the
ceremony. The president sfgned the
bill with two gold pens and presented
one to Senator Owen and the 9th Or
to Representative Glass
The president had cabinet session
early today and exchanged Christmas
greetings with his official family.
Generally speaking, the first steps 10
be taken to bring into operation the
l a',on's new financial system will Re
through an organization committee,
consisting of the secretary OF the treas
ury, secretary of agriculture and thef
comptroller of the currency. BankS
have go days within which to file theif
applications for membership in the
Lew system, and one years time is al.
lowed before the government will COM
pei the dissolution Of any national bank
that refuses to join.
The new law will make little direct
change in the operation of the present
national banks, except to allow thera
to loan certain amount OF theirfundM Z
upon farm mortgages. It's chief purT
pose is to add new piece of machine
cry to the banking system that will
take up the slack" during the chang
ing business conditions of each year:
that will give the banks a place to.
quickly convert their assets into cash
in time of need, and that will bring
out new federal currency when it y.
needed. and retire it when money be-
comes cheap"
Banks are now required to keep q
certain percentage Of their deposits as
reserves, part in cash in their own
vaults and part of which may be re-
deposited in the banks of New York,
Chicago, st. Louis and other desig-
mated cities. In times OF sudden finan- !
cial demands when banks have loaned !
up to the full limit OF their reso, ~
these reserves furnish little relief. beNA
cause If they are paid out to meet the
demands, the banks are left in pre-
carious condition.
To Get Reserves In Action.
The basic principal OF the new law
is to get these reserve funds out into
circulation when necessary, without
lessening the safety Of any bank, ami
to provide place to which local banks
may rush in a crisis and get cash for
the prime commercial paper" ~
hold in their vaults.
This is to be accomplished II. "a III
chain Of regional reserve baaxx. Tll
reservoirs Of reserves" in ~'-"''-'''s-