Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1913-09-02
BANKERS WIN POINT
SENATE TO GET FINANCIERs'
OPINIONS ON THE GLASS CUR
7ENCY BILL.
TO GRANT OPEN HEARINGS
Senator Owen, Co-Author of the Ad-
ministraiion's Measure, Sees Merit
ia Plan to Reduce the Quantity of
Bank Reserves.


Washington. Aug. 26.-In answer to
the criticisms of the currency bill
shade by the conference of bankers
at Chicago, the administration forces
IN the house will tighten up the lines
and more vigorous endorsement of
the currency bill as it now stands win
be the result.
Informal conferences OF Democratic
members of the house currency COM
Inittee emphasized the fact that the
active supporters of the presidents
currency plan expect to Sass the
measure through the house without
substantial changes.
The proposal to reduce the quxn-
zity of reserves and give country
banks the privilege of keeping part of
their reserves in the large cities had
many supporters, and ultimately may
be worked into the bill in the senate,
but the change is not expected in the
house.
The bankers viii have an opportun.
4ty to present their views openly to
congress after the currency bill gets
9Dto the senate. Chairman Owen of
the senate currency committee said
That while hearings had not yet been
arranged he expected leading repre-
sentatives of the various factions
among the bankers of the country
would be invited TO give their views
of the bill TO the senate committee.
Il see a great deal of merit in the
proposal to reduce somewhat the
quantity of the reserves said Senator
Owen.
The fact that the leading Hankers
held differing views of the effect OF
the new legislation, particularly with
regard to the possible reduction of
loans and curtailment of credit, has
led members of the senat: committee
10 believe that further discussion
of the bill at open hearings would re-
suit in winning the desperation and
support of q large portion OF the
banking fraternity OF the country.
Few OF the changes advocated by
the bankers conference in Chicago
will receive favorable consideration
from the Democratic forces in the
senate.
Senator Shafroth. a majority mem
Der OF the currency committee will
Introduce in the senate a proposed
plan for the retirement of all existing
currency except silver certificates.
and the issuance OF q general form
OF treasury notes secured by so per
cent. gold reserve.
Senator Shafroth's bill also would
substitute treasury notes at once for
all outstanding national bank notes,
and would cancel the government
bonds that now form the security for
the national bank currency.
He said his bill would save $14.-
100000 In interest now paid by the
government on bonds used to Sc
cure national bank currency, a sum
'tiaat would be increased to s22,246,-
900 IL the two per cent. bonds were
%efunded with three per cent
Bonds.
ut would take the control of the
,currency out of the hands OF TIE
banks and place it in the govern
HAcAlp Sdlu CcuaAOI SudIIOlus II
would satisfy the bankers. because il
would cash their two per cent. bonds
without loss
Representatives who support the ad-
sninistration currency bill won a vic
tory in the house Democratic caucus
on Friday when they brought to their
Iaid and unqualified Endorsement of the
measure from Secretary of State
Bryan and defeated proposed "insur-
gent" amendments that would have
prohibited interlockng directorates in
national or state banks incorporated
under the proposed law.
Secretary Bryan, in a letter ad-
dressed to Chairman Carter Glass of
the currency committee. approved the
bill as il stands, declaring President
Wilson had recognized fundamental
rights of popular control in its provi-
EiOns.