Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-12-13
Leaders Hope to Take Final
Vote Next Wednesday, Thus
Sending Measure Back to
House for Action,
DIFFERENT OPINIONS BY
VARIOUS STATESMEN
CumminS Has Plan Of His Own
for Settling Financial Prob
lens Of Country He Says in
Speech,

isv sosHiso ioussAl srueisl Ltsssn sisti
Washington, Dee. l2.-The senate
made fair progress today and tonight
In the debate OF the currency bill
hut no further steps were taken to-
ward reaching an agreement for h-
nal vote Senate leaders stlll hoped that
speeches could De concluded and
amendments disposed Of In time for
vote on the passage OF the bin next
Wednesday To-day was spent in list
ening to set speeches By senators Hol-
lis, Cummins. stone. Newlands and
Borah
Senator Hollis. democratic MEM
Der OF the banking committee. who
Joined in the preparation Of the owen
bin, defended the lregional reserve
system ana the bank ownership stock.
THE time may come. he said.
when we wish to incorporate great
federal bank with the stock owned by
people in general, dealing directly
with the people. and competing with
our present banks But we are not
addressing ourselves ON that problem
now We are attempting 10 provide
institutions In which existing banks
may place their reserves with safety
and yet have the use OF them To
reasonable extent
"if people IN general are permit
ted to take pll the stock, there viii
be no responsible ownership upon
which an efficient double liability may
be- placed Since the government de-
posits are TO be entrusted to the re-
serve banks. this responsibility should
be compelled The argument for
bank Of the people sounds most at
but every bank Is that al
ready"
Efforts are to be made by the sem
ate leaders TO have general debate
completed as nearly as possible by
Monday in-the hope that disposition
Of amendments viii then progress
rapidly
a vigorous defense of the demo
cratic caucus as the only method of
party promises into effect.
marked the opening of the currency
debate Replying to the severe arr
OF the caucus made last
night by Senator Hitchcock. who diff
fered from his democratic associates
On currency legislation. Senator New
ands declared the caucus was the
instrument by which administration
measures representing the results of
the party counsel, could be made ef-
fectlve
Senator Stone assailcd the positions
aiken by various bankers organiza-
ions toward the BIN He charged that
he conference Of the bankers at Bos-
on and Chicago which proposed sub
tantal changes In the plan. were
controlled by the "Wat street group,
md mentioned A. Barton Hepburn
IS the moving spirit Of both confer
noes.
'The great banks. he said. "have
'uilt mp great financial oligarehy
which we propose to destroy by this
,nl."
senator Cummins proposed amend
nents to the owen bin providing that
he number Of banks of the federal
eservc should elect four instead OF
tx of the directors and that the fede
al reserve board should elect five in
toad of eight Ie explained that he
elleyed the people, instead OF the
,ankers should be- given more pow
+ over the money of the country
The lowa senator declared that
either the owen nor the Hitchcock
in was to his liking lie said he pre-
irred To amend the present laws so
S To prohibit national banks paying
itercst on demand deposits and 60
rohibit the loaning Of any money
n speculative stock exchange deal
lgs.
To provide for an emergency cur
,ncy Senator Cummns said he
ould give authority to the govern
ent to issue United states notes for
definite period These notes could
issued by officials, he said orga-
zcd into a bureau Of the treasury
into a central bank, the latter be-
g preferable.
Senator Smoot of Utah, denied the
large that the banks of the country
ere "curtailing business IN order to
ing about financial distress"
ut Is unfortunate. he added that
political platform declared against
e central bank. | feel certain that
majority Of the senators on this
,or, certainly those who have studied
is question are convinced that
ntral bank would settle the financial
oblems of this country for hun
ed years to come
Senator Sterling of South Dakota,
ld a number Of letters from South
kota bankers endorsing the Hitch
tx plan. He said the Hitchcock pro-
ion to allow the regional banks to
icount a certain amount of six
'nths paper would extend the bene-