The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-12-27

vision extending credit on farm loan.
was a gold brick" in that only 8
small part OF the surplus of the small
banks could be loaned to the farmers
Representative Lenroot of Wiscon.
sin (Republican) announced that ht
would vote for the conference repor,
because he believed 1t an improve,
ment on both senate and house bills
Under this bill" he said, "the re.
serves in Wall street can no lon se,
be used in stock speculation, but mus,
be used to meet the commercial
needs OF the country"
Representative Moore Of Pennsyl-
vania characterized the bill as "a
travesty upon Democracy's 80 called
popular rule" and confession OF
dictation.
Representative Guernsey Of Maine
(Republican) said he objected chiefly
because the reserve board would be
controlled by partisan interest.
Representative Ragsdale Of South
Carolina, Heflin OF Alabama and A.
Mitchell Palmer of Pennsylvania
(Deinocrats) supported the report in
enthusiastic addresses.
Announcing that he would vote for
the conference report. Victor Muir
dock, Progressive leader In the house,
insisted that the Democrats had acted
too hastily and struck only a half
blow" at special interests.
"In the last eight months" said Mr..
Murdoch, II have seen the mental az
titude of Democratic leaders chang.
from n desire to serve the public TO a
desire to try to avert national disas-
ter. There are no hard times yet, but
the special interests Of the country.
which are no mean enemy. have been
spreading the poison OF pessimism all
over this country"
Representative Linderbergh Of Min
nssota (Progresslve) assailed the con-
ference report on the ground that II
eventually would increase rather than
decrease the cost Of living. The Vita
defect OF the measure, he said, was
that 1t did not give the federal reserve
board the right to fix rates Of interest
to be charged by the bankers.
Much Of the discussion concerned
the elimination by the conferees OF
the senate's scheme OF guaranty OF
bank deposits. Representative Glass
declared that the senate provisions
would have defeated any rea. guaran-
ty Of bank deposits and intimateG
that further legislation on this might
be undertaken. He said that such a
guaranty Of deposits ought to place
the tax on the banks and not on the
government.
Representative Temple Of Penn.
sylvania announced that, although ht
voted against che substitute. he would
support the conference report because
he believed 1t a great improvement
over the original measure.
Majority Leader Underwood, as the
debate neared conclusion. was given
great ovation when he rose to
speak. He congratulated the house
and senate and the banking and cur
rency committee ION accomplishing a
result that many congresses and many
committees have attempted in 20
years and failed"
Mr.. Underwood referred to the talk
of a money trust and ssid that one
Of the great reforms under the bill
Is the taking OF the reserves out Of
the reserve centres and scattering
them through the regional reserve
banks under governmental super
vision. He said he had frm con
viction that the great banking in
terests would accept the bill. that it
would be a boon to the people.
Minority Leader Mann closed the
debate for the Republicans, declaring
that Democratic control of nine
months duration had cast its malign
influence over two great countries" "
Mexico" he said, Lies PROSTATE,
bleeding. and America lies PROSTATE.
Its men out Of employment, and fac
tories closed" As remedy for this,
he said, the Democrats proposed TO
initiate the currency and he predicted
II would return to the house IAN un-
wieldy Republican majority next No
vembcr."