Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-12-18
REJECTS HITCHCOCK pRoPosALe
As FAST As THEY ARE
PRESENTED.
MODIFICATION ASKED ~
CLEARING HOUSES AGREED TO
Present System Of Examination and
Report Permitted to Rsmain-Guar.
antee Of Bank Deposits Not Certain
Senate Agrees to Final Vote on Bill
Friday.

ffcation of the currency bill to permit
clearing house associations to continue
their present system of banking exam
nation and report has been agreed
upon.
Protests of clearing house associa-
tions at Los Angeles. Atlanta, Column
bus and other cities. saying the use
fulness of the associations would be
destroyed under the restrictions of the
bill, caused the change.
The senate debate continued today
with limit Of fifteen minutes for each
senator.
Senator Hitchcock's proposal to In
crease tho gold reserve from 80 to 10
per cent was tabled by vote Of AZ to
40.
Senator Bristow asked whether the
democratic managers had decided to
drop deposits guarantee. Senator Owen
replied there was nothing In the ru-
NOR" that such q conclusion had been
reached; but he would not say whether
the provision was to be retained In the
bill.
Another amendment by Senator
Hitchcock to increase from $4,000. 900,
to $4,000, 900 the capital required by
each regional bank was tabled. 43 to 40.
May Reach Vote Friday.
An agreement to vote on the final
passage of the administration currency
bill ION the legislative day Of Friday.
Dec. 49," was reached in the senate late
yesterday.
It is thought that only two days win
be taken for the completion Of the bill
in the joint conference committee.
House leaders have kept in close touch
with all changes made by the senate.
and they expect President Wilson's
signature to be attached to the meas
nrc before ChristmaS.
The senate spent much time IN con.
sideratiOn Of further amendments pro-
poised by Senator Hitchcock. defeating
by Al to 81 his amendment to extend
the guarantee Of bank deposits to cover
etate banks that Joined the new system
as we'll as national banks.
A motion by Senator Hitchcock to in
crease from ninety days to $50 days
the maturity date Of paper that could
be submitted for rediscount at the re-
gional banks also was defeated 80 to
"a. ~
Republican senators Joined Senator
11lICILCOCh III b SITOuS tight against I10
provision Of the Owen bill limiting to
ninety days the maturity period of
commercial paper that might be redis-
counted at the proposed new eegional
reserve banks.
Senator Shafroth replied that tho
limitation against long term paper had
been settled upon solely to assure the
federal reserve banks having paper that
would be '1iquid'and quickly convert
ible into cash in time Of stress.
Amendments Rejected Rapidly.
With limit on debate and the ma
jority on hand to support the Owen
bill. amendments were defeated with
rapidity. One, proposing six banks as
a compromise between the eight Of the
Owen bill and the four Of the Hitchcock
plan. went to the table by a vote of 43
to 30. Another Hitchcock amendment
that forced q vote on direct ques-
tion Of whether the government or the
banks should control the reginal banks.
was also tabled. Senators Root and
Oliver, Republicans, voted with the de-
mocrats. Senator Lane. democrat, join
ed Hitchcock and the republicans in Its
support.
Senator Hitchcock's amendment pro-
posing public ownership of the stock
of federal reserve banks also was ta-
bled by a vote Of Al to 81