Pine Bluff daily graphic., 1913-11-14
RIVALS CONFER ON
 CURRENCY BILL Factions Have Agreed That Report Will go to Senate
 By Thursday TIME GROWING SHORT Dissenting Reports Are Certain-Six Democrats Agree Upon
 Fundamentals.
TIME GROWING SHORT

Washington, Nov. 1.-Two rival |camps ~.1ked all day today on GIL, rency legislation. Six Democrats met ir the room of Senator Hollis an applied themselves to the recon. struction of innumerable details Five Republicans and Senator Hitch cock occupied the great room cf the Currency Committee and remained until 6 o'clock whipping thei' meas ure Into final shape.
 Beth fartioas are agreed that there sfall 5e |; report to the sen,e. No obstacles are to be thrown Tn the way. The bill will reach that body with dissenting reports fo., the Ut. most @tr.ngth of the Dem3:., will be the six votes of Senators Owen, OGorman, Reed, Pomerene, Shafroth and Hollis. A full meeting of the committee will be held Saturday.
 Senator O'Gorman tonight stated that in his judgement the currenc. till would not go to the Senate 1ntil next Thursday. That will the twentieth with but nine working days of the special session remaining
 The two factions in the committee are ireconcilably split over the fun damentel questions that are vital tc the measure. On questions of mere detail there may be a unanimous re- port to the Senate and this will be the vehicle, in which the measure WIZ travel on its way back from the com mittee into. the Senate. The six Democrats have agreed upon funda mentals that will include the follow ing and which will be acceptable to President Wilson:
 Tight regional reserve banks, capi- tai stock to be subscribed by the banks, and the reserve banks to be controlled by the banks.
 Capital stocks of the regional re- duced from ten per cent of the com bined capital of the member banks to six per cent of the combined capi- tai stock and surplus.
 All reserves held by the reserve banks to be in gold. Notes authoriz- ed to be issued to be redeemed by the reserve banks, either in gold or law full money, but ultimately by the Treasury in gold.
 The secretary and the treasurer to be the only public official re- tained as a1 ex-officio member of tie Federal Reserve Board.
 The section in the House bill re- latirg to saving banks to be struck out.
 So many protests have been receiv- cd against the action of the Demo- cratic members in providing that the botes shall be redeemed by the re- serve banks in gold or lawful money, that the statement was made after adjournment this afternoon that this conclusion was only tentative, on. might be changed.
 The DIG. ision as agreed upon yes terday was held to be matter of great convenience to the reserve banks and had the advantage also of centering in the treasury at Wash ingtcn a greater amount of gold. The u:tir ate redemption of these notes in S..id by the treasury wl.,v'l Is borrowed rom the German s;st.Ir. advocates cf this plan say. aosslut';y guarantees the continuance C. tl.e gold standard. Notwi,r.'tandia. the
 policy of the Government in this re specl has been weaAe 'cd.
 The Democratic faction has consid :. cred forty-two pages of the bill and expect to finish the remaining thirty
 i've tomorrow. Among the chief mat ters disposed of today were the powers of the Federal Reserve Board. and the conditions under which state banks and trust companies come in- to the system. Senator Reed, who had yielded on a number of<fmpor- tant questions upon which he had firm convictions, today told his as- sociatss he would not sign the re- ports unless the Federal Reserve Board was given greater powers over the management and control Of the Reserve banks than they would have