The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1913-11-07
NEW FEATURES ADDED
TO CURRENCY PLANS
Characterized as Equivalent to
a Central Bank.
MATTER "UP IN THE AIR.
tralizatiOn of One-Half of Reserve
to be Held by Regional Banks.

Washington, Nov 5.-An entirely
new feature today was tentatively
written into the administration cur
rency bill by the senate committee,
after full day of heated wrangling.
The new plan was characterized by
Chairman Owen, chief administration
supporter in the committee, as
equivalent to a central bank" He
said that the committee adjourned
with the matter "up in the air."
The new scheme would provide for
the Capitalization of one-half of the
Preserves to be held by the regional
banks in the proposed new system
This proposition would be placed un-
der the complete control of the fed
eral reserve board and would be To-
Gated in Washington, to be admins
tered for the aid and convenience of
the entire banking system. AS finally
voted upon, the proposition was a
modification of a plan proposed by
Senator Reed of Missouri, who sug-
gested it as a means of composing
the wide difference among members
| of the committee. Senator Reed and
Senator Hitchcock Joined with the
| Republicans in voting for the plan.
which was opposed by Senators Owen.
Pomerene, Hollis, O'Gorman and
Shafroth
Senator Owen today was plainly
agitated over the progress of affairs
in the committee. After the vote on
the Reed proposal, he declared that
If given an opportunity he would
demonstrate that the plan would not
work. Senator Reed declared that
he was willing to be convinced, and
1T was arranged that Senator Owen
1 q n a L.
| point tomorrow
This plan would deplete the re-
sources of the various regional banks
to a degree which the supporters OF
the scheme have not thought Of"
said Senator Owen, after the com
mittee adjourned tonight.
| Il VIII undertake to show that the
regional banks would be hampered
and restricted in their rediscount op-
Grafton If this plan prevails. The
matter still is pending"
After the vote on the Reed amend
ment the administration forces en-
deavored to put through the admins
tration plan for bank control and
ownership of the regional banks, but
quit again in a tangled argument
This point will again be taken up to-
morrow.
IalK OF possible Democratic eau
Gus to consider the progress being
made by the committee today uuieted
down and members of the committee
took the position that a caucus would
not hasten the proposition.
Administration senator's, however
looked more obviously than ever on
the situation following today's vote
by the committee, and some action or
the part of the White House and sen.
ate leaders was expected.
President Wilson sent for Senator
Weeks OF Massachusetts, Republican
member of the banking and currency
committee, tonight and discussed the
situation with him for an hour.
The senator declined to talk OF hi!
visit, but it is understood he has
compromise plan in which Senator
Hoke Smith of Georgia is said t.
have been endeavoring to interes
many Democrats, and which woulC
retain most of the features of the
house bill. 1t is believed the Presi
dent told Senator Weeks just wha
parts of the house bill he considered
fundamental and what features of i
! he regarded as debatable.