Evening star., 1913-11-25
Democratic Majority in Senate
to Hold Conference
Tomorrow.
SENATOR HITCHCOCK
SPEAKS FOR OPPONENTS
Defends Substitute Measure and
Dwells at Length Upon BE.
gional Banks Feature.

jority In the Senate will be directed to
hasten consideration OF President VIII
sons currency reform bill by q demo-
cratic conference called for tomorrow
morning. Chairman Kern of the demo-
cratic caucus said today that tomor-
rows conference would not take up
the fundamentals OF the currency
BILL" but would be devoted largely to
outlining program that will hurry the
bill along, and to ascertaining the
views OF Senate democrats on the bill.
The struggle In the open Senate over
the administratton's second great legis-
lstive measure. the currency bill. which
was opened yesterday with a short state
Dent by Senator Owen. the administra-
ton leader. was continued today when
Senator Hitchcock, also q democrat took
up the defense Of the substitute bill
agreed upon by the opposition faction
Many Open to Conviction.
Although the bill presented by Chair
man Owen had the approval Of the ad-
nlinistration in most Of its particulars,
many prominent democratic senator's are
admittedly open to conviction upon the
vital points which split the Senate COM
mittee.
"a OC1uOCtAlC C6uCu6 Will I4k0 Ll0 6uU~
1ect up later and attempt to reconcile
democratic differences and bring the
party into accord upon q bill that will be
acceptable to the House and to President
Wilson.
The forces led by Senator Hitchcock.
who spoke today. include all of the re-
publican members Of the Senate banking
committee Many democrats are ia
vorabie TO those features OF the Hitch
cock bill which include public ownership
OF the stock OF the regional banks and a
small number Of those institutions.
Yields Tribute to President.
Senator Hitchcock pointed out the i'm
portance OF currency legislation to the
country generally. President Wilson In
making currency reform an administra-
ton measure has merited and received
the praise OF the whole country" said he
His wisdom and his courage in bringing
this needed reform to practical issue
Is to be highly commended. Nothing
less than presidential influence would
have made banking and currency reform
possible for some time. I yield this tri-
butte to the President OF the United States
the more readily because I have frankly
opposed and criticised him when he urged
hasty action which deemed danxerous."
The senator reviewed the differences be-
tween the bill he presented and that pre-
sented by Senator Owens. and dwelt at
length on the provision in his draft to
make the four regional banks publicly
owned and government controlled. He
declared that the House bill and the
Owen bill were faulty. in that they forced
banks to give up part of their present
capital for the new system.
Injury to Individual Banks.
ITO take away from these individual
banks at one sweep oIie-tenth Of their
oc,f, pon to-
take: it was to aggravate the evil
Of lack OF capital which already existed
and still further reduce the margin Of
safety for the depositor. And so,
have joined in recommending an amend
ment by which the capital in the re-
gional banks. instead Of being supplied
by the banks 1s themselves; is to be sup,
States
Senator Hitchcock said that his plan
contemplated regional institutions at New
York. Chicago. St Louis and San Fran
ital and the business Of the country
among these banks and described the
usefulness Of the four institutions to the
banks and borrowers Of each district.
For Longer Daily Session.
Chairman Owen OF the banking AMI
currency committee gave notice today
that he intended to press for speedy and
continuous consideration Of the pending g
currency bill. and that he would ask soon
the Senate to sit until o'clock daily for
the purpose Of considering the bill.
Senator Newlands gave notice that he
| would discuss the currency measure and
a substitute which he has to offer tomor-
row.
On motion of Senator Kern the Senate
agreed to meet at o'c ock tomorrow
afternoon instead OF at noon.
| When Senator Hitchcock completed his
address Senator Ehafroth Of Colorado, a
member of the Owen wing OF the banking
| and currency committee. defended the
bill as presented by Senator Owen. In re-
| ply to the remarks OF Senator Hitchcock.
He discussed at some length the weak
points OF the present banking and cur
rency system of the country and spoke
particularly Of the pyramiding of re-
serves.