The Birmingham age-herald., 1913-07-25


serve board, Representative Bulkely of
ohio held the floor for an hour in a
discussion of President Wilson's at.
titude toward the bill.
Wide Disagreement
1t became apparent that the proposal
to keep this board strictly govern
ment institution, urged by President
point of wide disagreement.
Wilson as one of the essentials, was
Then Representative Ragsdale pre-
senteG a set of amendments practical
ly rewriting the essentials OF the Bill.
These amendments. framed by Repre-
sentative Henry and Representative
Ragsdale, represent the sentiment of
the so-called 'insurgent' democrats
on the currency question and provide
for currency issued on warehouse. re-
ceipts for cotton, corn and wheat
Representatives Henry and Ragsdale
announced their intention of fighting
for the amendments, not only in the
conference of the committee democrats,
but also in the full committee, the
democratic caucus and possibly on the
floor of the House.
Chairman Glass said tonight that at
the close of the days session he sug-
gested the impossibility of the demo-
Gratis agreeing and proposed that they
take the uncompleted bill to the full
committee and try to reach an agree
ment with the minority members, or
that they take it to the democratic
caucus The majority however, be-
lieved they should make further at
tempt to thresh out their differences in
conference.
President Wilson's recently published
political work, 1.-THE New Freedom
furnished the text of Representative
Bulkeleys work, passages which he
said showed that when the book was
written President Wilson was opposed
to the idea of placing vast govern
mental responsibilities in the hands of
restricted bodies which might in any
way be controlled or influenced by
financial or Industrial interests.
On this basis the Ohio representative
argued strenuously against the broad
powers conferred on the federal reserve
board by the Glass bill.
KorbIy Replies
Representative korb1y OF Indiana re-
piled at length to Mr.. Bulkeley and Chair
man Glass took a hand in the discussion,
troversy continued for greater part of
the meeting, and not a vote was taken on
an amendment or a step made in the di-
rection of agreeing to any of the features
OF the bill.
1t is expected that the debate on this
and other phases of the bill viii be ex-
tended and that some time Will have to
be spent in the consideration of the So
called 'insurgent' amendments These
propose sweeping changes in the meas
ure
In a statement accompanying the
amendments. Representative Henry to-
night criticised the Glass bill as written
wholly in the interest of the creditor
classes, the banking fraternity and the
financial world, without proper provision
for the debtor classes and those who toll
and produce and sustain the country"
If large business and the bankers said
the statement, ARE determined to again
force the government into partnership
with the banks and we are to disregard
the teachings of Jefferson, Jackson, Call
houn. Benton and Bryan, and again insti-
tute marriage relations between the gov
ernment and the banks in order to estab-
lish huge and permanent assest cur
rency plan, then insist that we so amend
and round out the Glass-Owen bill as to
permit the farmer and wage Garner to
come into the scheme on the same terms,
at the same cost, and upon identical prin-
ciples upon which we admit the banker
and the commercalist"
Would Reform Board
With this theory as a basis, the insiir-
gent amendments would begin by reform
ing the proposed federal reserve board.
They would authorize a board OF nine
members, including the Secretary of the
Treasury and Secretary of Agriculture
and the Comptroller of the Treasury and
six members appointed by the President.
OF these. one would be person exper-
fenced in general barking business" one
a bona fide representative of industrial
labor" and one a bona fde representa-
tive of agriculture
Except for the banking member of
the board all would be forbidden to
hold stock in any bank. trust company
or concern, the security or paper Of
which may be handled by any of the
banks named under this law"
Another provision would provide that
ex-Presidents of the United States
should be deemed ex-officio members OF
the board,
The amendments would increase the
maturity term of paper rediscountable lie
In the federal reserve banks from 60
days, as at present proposed by the
Glass bill. to 100 days, and would in
clude in tho rcGiscountablc paper, farm
loan mortgages The amendments would
continue the Glass bill provision for /,