Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-12-22
Measure May Be Ready for
President Tonight, Ger
tainIy Tomorrow.
PUT THROUGH CONFERENCE
WITH REPUBLICANS BARRED
Senate and House Will Be Asked to
Take Up Report for I'm
mediate Consideration.

The conference report on the cur
rency bill will be submitted to the Sen
ate this afternoon, according to
statement made by Senator Owen.
chairman Of the banking and currency
An effort will be made to
get the Senate to agree to its immedi-
ate consideration. Under the rule. IL
objection is made by a Senator, the
conference report must go over until
tomorrow.
So anxious are the members OF the
Senate on both sides of the chamber to
get away for Christmas recess that 1T
was considered likely the report would
be permitted to come up this afternoon
and an attempt made TO take final
vote before adjournment.
Under the parliamentary rules the re-
port should be made first to the Senate.
the Senate having asked for the con-
ference and the papers being In the pos
session of the Senate. 1t is expected.
however, that the report will be made
also to the House this afternoon and that
unanimous consent win be asked for Its
consideration. If this is not granted
special rule Will be brought In ana the
report adopted by the House In short
order.
To President by Tomorrow.
If possible the bill will be sent to the
President tonight for his signature. In
any event the President will get the bill
by tomorrow, it was said.
The republican members Of the con-
ference committee, who were excluded
from the conference, are denouncing the
- 81 TO, In ming
conference report without consulting the
republicans as an outrage. Represent
ative Glass. chairman OF the banking
and currency committee of the House,
however. called attention to the fact
that when the Vreeiand-Aldrich emer-
gency bill was in conference between
the two houses the republicans who
were then in power excluded the demo-
Gratis from the conference until the re-
publicans had completed the bill.
In Session All Night.
After a session lasting all yesterday
and practically all last night, the con-
ferees on the. currency bill reached 9
final agreement on all the details Of ths
bill.
The conferees agreed on practically al
OF the fundamentals of the measure as II
passed the Senate, including the provi-
sion that not less than eight nor more
then twelve regional banks should be
created Fhe reserve requirements for
banks entering the system, which had
been slightly let down by the Senate,
were strengthened in conference, an
amendment allowing the use OF the pres
ent bank notes and the proposed new fed
eral reserve notes in bank reserves Deing
stricken out In order to make the
change the House conferees called IN
Representative Bulkley of Ohio, mem
ber of the House banking committee,
who made an extended argument to show
that the provision was unnecessary
The last long-drawn-out struggle of tire
conference resulted from the administra-
tions determination that the controller OF
the currency should be given a place on
the federal reserve board which will con-
troll the new system. The Senate con-
ferees were evenly divided on this PROPOSE
ton, three senators Joining witn tne
House members of the committee in sup
porting the administrations contention
Senators Owen, Shafroth and Hollis vot-
ed to retain the controller and Senators
O'(,orman, Reed and Pomerene against It.
After three and half hours OF argument
Senator Pomerene broke the deadlock
by shifting his vote and the controller
was retained.
The conference agreed, however, to the
elimination of the Secretary of Agricul-
ture from the federal reserve board.
NO guarantee OI 0CHO6llSs
The conference struck from the bill the
Senate amendment providing for an in
surance fund to guarantee national bank
deposits.
amendment increasing the gold reaerve
behind the new notes TO be issued from
33 1-3 per cent as fixed in the House bin
to 40 per cent with graduated tax on de-
pletion as arranged In the Senate. II
was understood that President Wilson
and Secretary of the Treasury McAdoo
LET the conferees know that they favored
the increase.
compromise plan for retiring the =
par cent bonds on which the present cur
rency is based was written into the bill
by the conference. Under the plan $780,.
600 900 worth of these bonds will be pur-
chased each year, beginning two Years
after the system is placed in operation,
by the new regional banks from the pres
emf national banks. On one-half of its
holdings each regional bank may issue
currency. The remainder will be refund
ed in : per cent thirty-year bonds
per cent one-year Treasury notes, which
the banks must agree to renew each year
for thirty years.
Reserve Provisions Stand.
The bank reserve section as framed by
changes. They require the reserve of
1s per cent in central reserve city banks.
IL per cent in reserve city banks and l.
per cent in country banks.
The House conferees finally succeeded
in securing an agreement on a provision
that the new system should be instituted
by an organization committee. and that
the Secretary of Agriculture and the
controller of the currency should be
members of that committee.
The Senate receded from an amend |
ment which would have admitted to re- |
discount by the regional banks accept !
auces based upon domestic shipments of |
The House conferees yield |
ed to a Senate amendment which will |
allow the Secretary of the Treasury dis /
,retion in the depositng of government /
funds in the new regional banks. A COM
promise was arranged as to the forcing /
of one regional bank to rediscount the
naper Of another. by which the vote of |
i've members Of the reserve board will be |
necessary to require such discounts. and
the conference struck out a Senate \
under which member banks |
could have discounted with the regional |
banks their own direct obligations.
The conference agreed to retain Sem |
ate amendment providing that no men, |
Der of Congress shall accept any position |
Of profit in the new system. The amend |
ment providing that the Secretary Of the /
Treasury. the assistant secretary OF the |
Treasury and the controller OF the cur
rency should be ineligible for two years /
,Continued on Twelfth Page)