Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1913-11-26
CURRENCY;
EXPECT VOTE FEB. |.
Debate to Last Until End of Spe-
CiaI Session.
MADE UNFINISHED BUSINESS
Agreement to Consider Hetch Hetchy
and Alaskan Road Bills Will
DeIay-Owen to Argue for
Wilson Act.

Washington, Nov. 24-The admins
tration currency bill, with the amend
ments proposed by the divided senate
banking and currency committee, was
laid before the senate Debate on the
measure will begin today, but the final
vote is not expected much before Feb
ruary 1. The two factions of the COM
mittee, headed by Senator Owen and
Senator Hitchcock, filed their divergent
views on the administration measure
and the bill as passed by the house was
made the unfinished business" of the
senate.
Senator Owen will fire the opening
gun in the debate for the administra-
ton forces. His speech probably will
occupy the entire day. On Tuesday
Senator Hitchcock will begin the at
tack on the administration proposals
in speech setting forth the position
of his faction of the committee. From
today until the end of the special ses-
sion, week off, senators will make
set speeches discussing the currency
reform problem.
Vote About February /.
Although the administration finally
has succeeded in getting the currency
bill before the senate, other obstacles
which threaten to delay the measure
are apparent. On December 1 the SEN
ate will set aside the currency bill
and by agreement take up the bill to
give San Francisco the right to use a
fLo nh, toIox
valley. The measure will be disposed
of by December 6, but on December
the senate has agreed to take up bill
giving the president authority to build
a government railroad in Alaska. This
may be set aside in favor of the cur
rency bill
Senate leaders were not inclined to
predict when the currency bill might
be finally acted upon, but it was de-
clared certain that it's consideration
would run we'll into next year, proba-
bly, up to about February 1.
The report of the administration
Democrats reviewing the differences
in the committee, concludes:
"These differences arise in the main
because of two schools of thought. one
part of the committee believing in a
central bank administered by a cen
trail board, and the other part of the
committee proposing to establish a
number of comparatively independent
district banks administered by boards
of directors chosen from the several
districts"
Four Banks as Compromise.
The report submitted by Senator
Hitchcock declared many amend
ments it recommended had been in
dorsed in the entire committee before
the administration and anti-adminis-
tration forces separated, and added
that it's signers were generally in ia
vor Of a aforementioned central
bank.
"Waiving a strong preference which
prevailed in committee in favor Of
{ single government bank with branch
es," said the report, I'VE accepted the
regional bank plan as the only hope
full outlook for action by this congress.
but retained the amendment substitute
ing four regional banks for twelve.
w nile the SluSl0 government Ddnk
plan would produce the only perfect
mobilization of reserves, as has been
demonstrated by the experience of
other countries, the adoption of four
regional banks under a single control
will, 1t is thought, approximate this
result, and, in country as large as
ours, with SO many banks, probably
prove efficient"