Semi-weekly herald., 1913-06-23

EXTENSION
OF POWER
United Press

United Press
WASHINGTON, D. c., June 21.-
Assistant Attorney General Denison,
Special Attorney Esterlin and Con-
gressman Broussard this morning
recommended to the house judiciary
committee that the commerce court
be continued and its jurisdiction en-
larged. The committee has postponed
final action.
WASHINGTON, d. c., June 21.-
The senate this afternoon confirmed
DR.. B. L.. jefferson Of Colorado as
minister to Nicaragua, Thomas Nelson
Page ambassador to Italy, William
Gonzales minister to Cuba and Pleas
ant Stovall minister to Switzerland.
DR.. Henry Van Dyke of New Jersey
was nominated as minister to the
Netherlands.
WASHINGTON, D. c., June 21.-
The senate Democratic caucus this
morning considered the chemical
schedule of the tariff bill, and ap-
proved practically the same schedule
as contained in the Underwood bill.
WASHINGTON, d. c., June 2l.-
Final preparations were made today
by President Wilson and Democratic
leaders at the capitol for the debut
of currency reform legislation next
week. The president has appoint
ments with the legislative leaders and
hoped to launch the currency program
Monday by personally reading his
message in the house chamber.
Although the president Il hopeful,
party heads at the capitol declared It
improbable that the currency bill
could be passed before the special sss-
sion adjourns. The president, how
ever, strenuously will urge immedi-
ate action.
1t was learned today the message
will declare that tariff and currency
are twin" necessities; thst the A.
nancial reform measure will insure
safety to the country from any IT,
fects Of drastic tariff cuts; and will
forestall any manufactured panic" ("
The outline of the compromise cur
rency bill became known today. It
follows the general regional reserve"
banking system in many features, like
the Aldrich Central bank" plan, sx-
cept, that government control IL as
sured.
As now framed, the bill divides the
country into fifteen regional reserve
districts, each with governing board,
but all under central reserve board
in Washington. This reservs board
is to be composed of nine msmbers-
three cabinet officers, three members
elected by the regional ressrvs asso-
Citations, probably bankers-and three
members appointed by the president.
Issue of $500, ,O00, 900 in emergency
currency by the reserve board II au-
thorized in the bill. This to be . sps-
cies of asset currency" not based
upon gold reserves, but upon federal,
state and local bonds or commercial
papers, the latter to be approved and
limited by the judgment Of the reserve
board.
Interest upon the emergency cur
rency is to be fixed by the separate
reserve associations. It 10 not pro-
posed that 1t be uniform In all Of the
fifteen districts.
Membership Of all national banks in
the separate reserve associations II
obligatory. according to the bill, and
loans upon real estate limited to so
per cent Of its value and to period
of nine months are another proposed
feature.
That the tentative bill will be ma
terially changed in both the senate
and house banking committees, d.
spite the approval given It by the
president was widely predicted today
ut the capitol.