The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1913-06-20
STAGE IS SET FOR
CURRENCY REFORMBY
CLOSE OF THE WEEK
AN ALL DAY CONFERENCE BE.
TWEEN PRESIDENT AND
THE LEADERS.
The PRESIDENT WRITES MESSAGE
Approves the Measure to Be introduce
ed Friday or Saturday, and a Pro.
posed Retirement Of All Govern
ment Bonds Now Outstanding.

ment Bonds Now Outstanding.
WASHINGTON, June 1s.-Final
conferences were held Monday by
President Wilson's advisers on the
administration currency reform bill.
BY shutdown the stage was set for the
introduction of the measure in con
gress this week and the opening of
the struggle to place it on the stat
ute books. President Wilson finish
ed his currency message this morn
ing and will read it in person to the
senate and house probably on Friday,
The completed administration bill
went to the printer today.
| Word has been passed along by
Representative Oscar w. Underwood,
the democratic leader of the house,
that unless the bill was introduced
at once all hope of getting 1t through
the house at this session would go
a-glimmering. President Wilson and
his advisers took the hint.
J How great revolution is proposed
in the currency will be appreciated
from the fact that the bill provides
for the gradual retirement during
twenty years of all government per
cent bonds. These are now the basis
of nearly all national bank notes in
circulation. The only incentive for
purchase of per cent bonds is the
circulation privilege. The national
monetary commission declared that
while this bond secured currency
had all the qualities of ultimate safe.
ty it is not responsive either in ex-
pansion or contraction to the ever
changing conditions and demands of
business. The 2 per cents now out
standing consist of $646,250,O0O of
Consols of 1880, $54,631, 900 of Pana.
mas of 1886 and $30,000,0OO of Pana.
mas Of 1888. 1t is provided that these
shall be replaced with per cent
bonds bearing no circulation privi
lege. This will assist the abandon.
ment of bond secured bank note cur.
rency to asset-secured circulation
through a system of regional reserve
associations under close government.
al supervision.
President Wilson is satisfied with
the bill as it stands. He will not,
however, attempt to ram it down
the throat of congress-" All amend
ments offered in the house and senate
will be carefully considered by the
President and his cabinet with an
open mind of still further improving
the measure.
] Public opinion, the sovereign voice
in law-making, is to decide whether
there shall be currency legislation
during the present session of con.
gress.
This was the view which Represcn-
tative Oscar w. Underwood, the dem.
ocratic leader of the house, took aft.
er a conference with President Will.
son at the White House late today.
In the face of conflicting expres.
sions from prominent democrats in
congress as to the necessity for cur
rency reform during the present SEES
sion, it is the avowed purpose of the
administration to launch a currency
bill in the house and senate before
Friday of this week, which will be
accompanied or followed by the Pres
ident's message describing what he
believes to be the necessity for bank
ing reform. Then, according to Mr.
Underwood, the plan of the house
will be to rest on its oars, thoroughly
discuss the new banking proposals
and await the expressions of the
newspapers of the country and the
opinion of bankers and business men
generally as to the merits Of the dem
ocratic proposals. Should the discus
sion of the bill in congress be back
ed up by en- insistent demand from
the country at large for an immediate
revision of the currency system, 1t is
the belief of the administration that
senators and congressman will yield
their pleas Of personal discomfort in
the approaching hot weather.
DIR. FRIEDMAN