The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1913-12-19
CURRENCY BILL
(continzsd from rirss r.~..,

tcontinasd from rirst Y.ss)
sented one 20 authorize the Federal
reserve board 10 appoint attorneys.
experts and assistants" without re-
gard 10 eivn service laws. Then the
Republicans broke forth In protes,
and prevented immediate action.
Es-OrIelals Barred.
One amendment adopted provided
that banks In the new system could
not employ former secretaries Of the
treasury. assistant secretaries, comp
trcllcrs OF the currency or members
OF the federal reserve board for two
years after they severed their connec-
change gave the secretary Of the
treasury discretion TO use q part OF the
earnings OF regional banks to build ND
the gold reserve. The salary OF the
members of the federal reserve board
was Increased from $4,000 TO $4,000
A number OF amendments Calculated
10 simplify the work Of putting tho
new system into operation were adopt
ed and various changes were made 10
facilitate the entrance OF state banks
and trust companies.
Senators Root. Bristow. Burton and
Cummins attacked the Democrats for
the proposal that the employees of the
board should be exempted from civil
service requirements.
Senator Owen declared that but a
small number OF employees would be
affected by the provision and asserted
that the amendment WAS proposed IN
order that the federal reserve board
might not be hampered or delayed In
beginning work.
When the senate recessed at 6
sembled 10 perfect final amendments
10 tho bill
Adopted Republican Amendments.
Wheu the Democratic conference
adjourned at s O'clock Il mad com
pleted work on the bill and had en-
dorsed amendments covering n mum
demanded by the Sepubilcans. These
included the provision for an exteu.
sion or Che time limit On red,scoun;-
able commercial paper OF agricultural
transaction from 90 days TO $50 DAYS
with the discretion left to the board
or reserve TO accept the longer time
paper the guarantee OF deposits in
state banks that may Join the associ.
auons as well as in the National
banks. and a provision that would
permit clearing house Associations 20
continue their present system OF ex-
amining the transactions OF the
sociatiOn.
The Democrats determined 10
stand by the amendment taking out
OF the civil service the experts and
onicers of the new currency system.
The amendment proposing 10 increase
me gold reserve behind the new
treasury notes from IS 10 10 per
cent was further modified so that an
additional tax OF one per cent would
be imposed when the reserve falls
below hat figure. and an additional
taX or ~ per cent for each addition.
al decrease OF two and one-half per
cent In fhe amount OF the reserve.
Amendments Adopted.
Inc amendments agreed upon by the
senate. many OF them without oppos!-
ton The Republican, opposed the pro
vision eEemptins employees from the
ciNll service and We're Joined IN the vote
by Senator's Lane and Thomas, Demo
Gratis. but they were voted down. 90
Concessions made in the bin 70 40
oomInodate agricultural notes we're the
result Of an amendment introduced In
the conference by Senator smith. OF
South Carolina and supportad bv All
the southern ana western DernoSrafs
The provisions agreed upon provide
that notes. drafts and bills drawn OF
q maturity not exceeding sir months
may re discounted ia an amount 10 be
limited TO a percentage OF the capital
of the regional reserve bank TO be asc.r-
tained and fixed by the federal reserve
board
Bni 90 Pass To-day.
Jemocruffc leaders FOR "A time con-
tempIated trying TO pass IN. bill TO-
night. but finally gave IL up. The meas
ur- was 20 nearly completed. however.
thSt II wa- bclieN cd 10 will be passed
tomorrow afternoon
The most important change made to-
night was reduction In tho rates o'
taxation 90 emergency currency fhet
may be issued under the existing
A4drich-Nreeland Law which thus fa-
has never been called into operation
An amendment adopted - The request
or senator owen ana intended 10 esss
the situation until the new law can Lc-
come fully Operative. would reduce IN.
taxation rate on emergency currency
from per cent 20 % Ter cent for tire
Iirst three months the notes may ~ In
circulation. After that the rate vsp-it
increase = per cent a month until g:
reaches per cent.
With one exception only amendp,or,,,
offered by Senator owen. with the COM
cent % the Democratic caucus v.ar.
adopted tonight An amendment M.
posed by Senator Norris. and aratt..l
10y a." Democrats would make the ri-bfs
- depositors in failed bar ka preferen.
you q" tho rights of any other c~edltors
!H then claims on the banIs r.araute,
fund "'''''
l'ne REDEMPTION provisions az the new
laW ne finally ngreed upon by the con
ference and which viii be slbrritfad 10
me senate tomorrow. PROV de thta the
proposed new currency fral1 be reIs.,,.-
able iu gold at the treasury ana A..
.li0'r told or Iawful money" al the