New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-16
The Revised Administration
Currency Measure to
Pass This Week.
REED REPLY TO ROOT
SAYS HE'S AMBITIOUS
Typewriter Document Propos-
Ing Him for President Preced-
ed New Workers. Speech"
tFrom The Tribune Bureau

Washington. Dec. l5-The beginning Of the
end Of the currency debate in the Senate
came into sight to-day BY test vote OF
~ to 90 Section . Of the Hitchcock amend
nent, which involves the fundamental
problem Of the number and ownership or
the proposed regional reserve banks. was
laid on the table, the Democrats, with the
exception Of Senator Hitchcock. standing
solidly behind the owen amendment.
which is the revised administration bill.
Senator Poindextei. the lone Progressive
voted with the Democrats.
After the first test vote had been taken
Senator Hitchcock offered a substitute
FOR Section { OF the owen bill, relating to
the creation Of the Federal Reserve
Board. which was defeated tonight by r
vote of 80 TO S6. The amendment would
have placed the control of each federal
reserve bank in the hands Of the govern
ment by authorizing the central board To
appoint FIVE Of the nine directors. The
defeat Of this amendment made virtually
certain the adoption Of the Owen plan.
which would leave the control Of the re-
lsional banks i'm the hands of the member
banks that compose them.
The votes were interpreted as sign that
the majority would reject all amendments
TO the caucus measure. Although IL has
been foregone conclusion ever since the
Democrats made the currency bill a party
bnatter that II would be passed. there had
bee1 faint hope that II might be modified
TO some extent in the Senate. This hope
!, h. plypr
rof aggressive hostility disappeared and
The fight took on a perfunctory aspect.
II is possible that an agreement 10 take
the final vote on the bill on Friday or Sat
'urday will be reached tomorrow. Sena-
1ors are beginning TO show the effects OF
the parliamentary siege under which they
fhave been laboring. and ali are disposed
10 bring il to an end before the week is
over.
Senator owen, chairman OF the Bank
ing and Currency Committee, replied to-
night TO Senator Roots denunciation Of
the bill as an infationary measure open
ing the way for financial chaos. Senator
Reed. also a member of the committee.
admitted that there were possibilities OF
imitation in the bill. but insisted that II
was not prODaDle Nidt lNe results pIeuiCl-
ed by the Senator from New York would
ever be brought about.
Reed Replies to Root.
The bitterness that exists between SEN
ator Hitchcock, who is at odds with his
party colleagues was reflected to-day in
his demand in the Senate that certain
recommeI tons made by Senator owen
in his speech on Friday criticising the
Senator from Nebraska be stricken from
the Record" Upon the motion Of Mr..
Hitchcock the matter was eliminated. but
Senator owen achieved his purpose By re-
iterating II to-day and having il incor-
porated in The Record" of to-day's pro-
ceedings.
The defeat OF the Hitchcock amendment
practically insured the adoption of the
owen plan. which provides for from eight
TO twelve regional banks, with the stock
owned by the national banks that become
members OF the respective regional banks.
The Democratic leaders said that the re-
cult Of the test vote, involving one of the
most important features of the fight indi-