Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-08-25
Pronouncemeot from Chicago
Against Glass Bill Expected
10 Make il More Popular in
Lower House,
PRESIDENTS POSITION
MUCH STRENGTHENED
Bryan S Advocacy of Financial
Measure and Triumph Of
Free List in Senate Tariff
Actions Is Gratifying

fsy soRHna JousHAL sprcitt trAcco wiEEi
Waahington, Aug. 24-Tho answer
off the administration forces to the
criticisms Of the currency bill made
D., lhc conference or bankers at chi
raeo yesterday. viii bc ulAtening
mp of the lines and more vigorous
endorsement of the bin as 1t now
stands,
Informal conferences of the demo
cratic members of the house currency
committee today emphasized the fact
that the active supporters of the pres
idcuts currency plan expect 10 pass
the measure through the house With
ont substantial changes
The amendments proposed hy the
bankers, ii was pointed od by house
leaders today, all were considered IN
dctail when the bin originally was
prepared. and in the long debate over
IFS provisions in the house committee
on banking and currency The pro-
posal to reduce the quantity of re-
serves and give country banks the
privilege Of keeping part Of their re-
serves i'm the large cities had many
supporters and ultimately may bee
worked into the bin in the senate.
but the change is not expected i'm tho
house.
The bankers will have an oppor-
tunity to present their views openly
To congress after the currency bill
gets into the senate. Chairman
owen Of the senate currency com-
mittcc. said today that while hear
inps had not yet been arranged. he
expected leading representatives oil
the various factions among the
bankers OF the country would be in
Nitcd to give their views of the bill
To- the senate committee.
81 sec great deal of merit in the
proposal to reduce somewhat the
quantity Of the reserves" said Sena-
tor owen. owe have not discussed
the new legislation sufficiently in
committee, however, 10 know what
changes may bc made in the bill"
The fact that the leading bankers
hold differing views of the effect Of
the new legislation, particularly with
regard to the possible reduction OF
loans and curtailment of credit, has
lCd members of the senate committee
10 believe that further discussion of
the bin at open hearings would re-
suit i'm winning the cooperation and
support Of a large portion of the
banking fraternity Of the country
In the opinion of democratic lead
crs. the last week has seen greater
progress toward united support Of
President Wilson's legislative policies
than at any recent stage of congress
sional activity. by the entrance of Sec
rotary Bryan as the whole-heartcd adj
vocatc of the administration cur
roncy bill, in his letter read in the
house caucus, the united front pre-
scnted by the democratic leaders Of
the house against amendments Ia the
currency measure. and the complete
success Of the senate democrats.
Few Of the changes advocated by
the bankers conference in Chicago
will receive favorable consideration
from the democratic forces in the
senate. Chairman owen is unalterably
opposed to the idea of changing the
federal board of control so banking
interests would have a share in its
management, or the creation of a
currency to be issued by the banks,
instead of by the federal government
Senator Shatroth, majority mem
bcr of the currency committee, tomor-
row will produce in the senate a pro-
posed plan for the retirement Of all
existing currency, except silver cer
tficatos, and the issuance of a general
form of treasury notes secured by a
so per cent gold reserve
Senator Sharroths bill also would
substitute treasury notes at once for
all outstanding national bank notes,
and would cancel the government
bonds that now form the security for
the national bank currency. He said
today his bill would save $14,S0000
In interest now paid by the govern
ment on bonds used to secure national
bank currency. sum that would be
increased $22,246,0 ,0O0 if the 2 per cent
bonds were refunded with per cent
bonds