The Birmingham age-herald., 1913-11-07
PARTY CONFERENCE
MAY Be CALLED ON
CURRENCY QUESTION
Leaders Insist That Con- :
mittee Vote Back Amend
ments to the Bill
80
ENTIRE THEORY, OF
MEASURE CHANGED
Entire Shift in Makeup of Bill Made,
Declares Chairman Owens.
Regional Bank System
Changed

Washington. November 6.-Demo-
cratic leaders In the Senate decided late
today that unless the Senate banking
and currency committee promptly voted
back into the administration currency
bill some of the fundamentals that ii
had eliminated, party conference or
caucus would be called for the begin
ming of next week TO consider the sub
ject.
kilograms were sent to absent dem
oerats urging them to return to Wash
ington at once. The senate committee
had continued to make changes in the
House bill to which supporters of the
administration took objection and q
number of democratic senator's at the
White House during the day told Pres
ident Wilson that no progress would
be made by permitting the House bill
to be buffeted about in a committee
wherein "a coalition of republicans and
'insurgent' democrats would alter the
entire theory of the measure. 1t is not
known what position the President
took. Newspaper men who asked the
President whether a caucus would be
called We're told by him that it was >
subject for the Senate to decide.
Work on Private Report
Tonight it became known that four
stanch administration supporters on
the committee-Senators Owen, Hollis,
Pomerene and Shafroth-had been
working quietly on report which they
probably will submit to their demo-
cratic colleagues, Senators Reed, O'Gor-
man and Hitchcock. Should they de-
cline to sign it. it is believed that the
plan viii be to submit the report to
the democratic caucus or conference.
Senators who insist upon some kind
of party action take the position that
the democratic party will be required
to stand sponsor for whatever legis-
lation is enacted. that efforts to get Il
non partisan report means intermin-
able discussion. lots of wrangling on
compromises that would seriously delay
the passage of the bill and embarrass
consideration of the remainder OF the
party programme in the regular ses-
sion of Congress.
Hope for Change
Many senator's We're still in hopes
that a change of sentiment would yet
develop in the committee and an
agreement be reached before November
10, the date on which it had been eX-
pected by the White House and promi
nent administration supporters that q
bill would be reported to the Senate.
President Wilson has not relaxed IN
his determination to have the currency
bill passed during the present session
and many democratic senators have in
dicated to him that they are restiye un
der the delay and want to make the bill
party measure.
Washington November 6.-Amendments
characterized by Chairman Owen as "al-
tering the entire theory of the bill" were
written into the administration currency
measure today by coalition of repub-
lican and democratic members of the Sen
ate banking committee. The administra-
ton supporters in the committee were
decisively outvoted on all but one of the
points settled today and later the talk OF
CAUCUS of democrats to discipline the
committee was revived. Notices were
sent out summoning absent democrats
back to the Senate chamber, but no defin-
ite call for caucus was issued
The committee today voted into the bill
the following affirmative provisions:
THAT the regional banks to administer
the new currency scheme be capitalized
by public subscription the stock not
taken by the public to be taken up by
the member banks of the system.
That each regional bank be controlled
by nine directors. five to be named by .he
government through the federal reserve
board and four to be chosen by the men,
Der banks.
That the new currency to be issued be
treasury notes. obligations of the United
States, loaned to the banks, and not bank
notes guaranteed by the government
This sustains the administration bill al
it passed the House.
Redeemable in Gold
That the new notes be redeemable in
gold' by the regional bank and the
treasury and not in "gold and Lawful
money as provided by the administrator
bill.
With the exception of the proposal tc
indorse the administration provision max
ing the currency, government notes, each
amendment today split the democratic
side of the committee. Senators Reed
and Hitchcock voted with the five repub-
licans to make the regional banks pub
icly owned and government controlled
as against the administration proposal foi
bank owned and bank controlled regional
banks On the proposal to eliminate the
words lawful money from the redemp-
tion clause of the bill. Senator O'Gor-
Continued On Page Eight