The Washington herald., 1913-07-25
SLAP DELIVERED
AT MONEY BILL
Henry-Ragsdale Amendment,
Strike at Fundamentals Of
Currency Measure.
SESSION IS STORMY ONE


The situation in the House Banking ana
Currency Committee became more chaouc
late yesterday when. Representative
Ragsdale, insurgent member OF the COM
mittee offered the Henry-Ragsdale
amendments, striking at the very 1unoa-
mentals of the administration currency
bill The expected amendments were
prepared by Representative Henry, chair
man of the Rules Committee. and Repre-
sentative Ragsdale. They expect the So
called insurgents on the Currency Com
mittee to support them
The issue of emergency currency
against warehouse receipts covering cot
ton corn, and wheat and the distribution
among the commercial, industrial and
agricultural classes of sIOo,WO In emer-
gency currency is the keynote of the
Henry-Ragsdale amendment 1t is also
proposed that the Federal Reserve Board
shall consist OF nine instead Of seven
members and that the President shall
appoint to the board three men, repre-
senting, respectively. the banking, agri-
cultural. and labor interests. 1t is pro-
posed TO rewrite entirely five sections Of
the bill.
Several hours of fruitless discussion
occurred in the House committee and no
vote was taken on the amendments.
Representative Henry issued a state
ment assailing the Glass-Owen measure
as now written.
During the discussion in committee
Repre- sentative Buckley Unexpectedly at
tackled that section of the bill delegating
the powers of the Federal Reserve Board
He feared a monopoly of credit with
the board at its head. Mr.. Buckley
quoted from Woodrow Wilson's book,
The New Freedom to show that the
President was opposed to all forms of
frft 1I,- OH al ha
President now favored a board which
might become political and monopolistic
one. Chairman Glass vigorously conf
batted the argument
No Retirement Provision.
That retiring President of the United
States shall be appointed to the Federal
Reserve Board is proposed in the Henry
RaSsdale amendments. The amendments
make no provision for the retirement of
the > per cent bonds and the banknote
circulation based upon them.
The AGRICULTURAL currency proposed
IN the Hcnry-Rassdale amendments IS
to be issued on cotton in warehouses
when cotton is ling for less than 10
cent per pound basis middling; on corn
in warehouses when standard grade
corn is selling for less than 60 cents
per pushel: on wheat in warehouses and
elevators WNen - ScIiiiS
for less than 81 per bushel.'
In his caus:ic statement, Representa-
tive Henry takes credit for the amend
ments proposed today by Mr.. Ragsdale.
Mr.. Henry reannounces his opposition
to an asset currency bill, but declares
that since such a bill has been deter
mined upon. Il have prepared amend
ments for filling out and lettering that
bill
If large business and the bankers
are again determined to force the gov
eminent into the partnership with the
banks" says Mr.. Henry. land il We are
TO disregard the teaching of Jefferson,
jackson. Calhoun. Benton. and Bryan,
and again institute marriage relations
between the government and banks in
order to establish a large and permanent
asset currency. then / insist We shall so
amend the Glass-Owen bill as to permit
the farmer and waGeearner to come in
TO the scheme upon the same terms. at
the same cost. upon which we admit
the banker and commercialist.