Albuquerque morning journal., 1913-12-18
Agreement Is Reached for Fl
nal Vote During Legislative
Day Of December 49, End
Expected by Christmas,
SPEECHES ARE LIMITED
TO FIFTEEN MINUTES
Underwood Confers With Lead
erS in Upper House as to
Final Stages and Quick AC-
ton by House viii Follow,
10y ~oswno iouss., srre.l ,s,sso VIA,


Washington. Dec. i1.-An agree
ment 90 vote ON the final passage OF
the administration currency bill. "on
the legislative day OF Friday, Decem-
ber 49, was reached In the senate
late today The agreement provides
chat debate tomorrow and Friday
shall be limited 60 fifteen minutes
for each senator on each amendment
on ON tho bin itself
While the legislative day may run
over into saturday. the expectation
of senate leaders is that the bill will
hc passed before midnight Friday
uight. n important amendments are
pending at that time however. re-
cess may be taken until SATURDAY
morning, as the republicans would
not consent Go the agreement until
Che democrats promised they would
not Keep the senate In session all
night Friday
The senate spent today in consid-
erus further amendments proposed
hy senator Hitchcock, defeating by
Al to 30 his amendment 10 extend the
guarantee of bank deposits to cover
state banks that Joined the new sys-
tenn as We'll as national banks. SEN
.ator owen expressed his approval OF
this idea. but the democrats would
not support q because Il had not re-
ceived the endorsement of the cau-
Gus A motion by Senator Hitchcock
to increase from ninety TO one hun
dred and eighty days the maturity
date Of paper That could be submitted
for rediscount 0t the regional banks
was also defeated. AZ 10 g.
The democrats gathered In hur-
Hcdly called conference al & o'clock
tonight to settle an final differences
over The bin and agree upon amend
meuis which they would support. The
Inst Of amendments submitted to the
caucus included many of those which
had been proposed by Senator Hitch
cock or by republicans and voted
down. and it was said several of these
might be offered tomorrow or Friday
by Senator owen and adopted as part
of the bill
Republican senators joined Senator
Hitchcock today in strong fight
against the provision of the owen bin
limiting To ninety days the maturity
period OF commercial paper that
might be redscounted at the pro-
posed new regional reserve banks
Senators Crawford Of south Da-
kotu and McGumber Of North Da-
kOta declared il would make It inn
possible for country banks of the west
to meet am emergency and that the
mass Of six months notes OF farmers
ana stock raisers would be valueless
In time Of a punic because they could
not be- rediscountcd
with this ninety day provision YOU
rc simply creating bank Of bis
banks, declared senator Crawford.
"a bank to help big banks. but for
which YOU assess the little banks to
get the capital. The lit,le banks are
simply commanded to carry wood and
water for the big hankg
You say 90 the Nauderlips ami
he lopburns and the Morgans. ana
he Reynoldses, come IN with your
hort time paper and get the money,
,ut You uy 10 The smiths aud the
Crowns and the Joposes from the
moll country districts $50 some
who're elise with your longtime farm
MS paper, We cannot discount it,"
senator Shafroth replied that the
limitations against long time term
'aper had been settled upon solely 10
Hsure the federal reserve banks hav-
ms paper that would be liquid" and
Wckly convertible into cash IN time
/ stress
Democratic Leader Underwood OF
he house was in conference with SEN
te leaders today in preparation for
le final stages Of congressional ace
lon on the currency measure 1t is
bought only two days win ho taken
)r the completion Of the bill In the
lint conference committee House
aders have kept ina close touch with
u changes made 10y the senate and
iey expect President Wilson'S sig
lure TO bee attached to the measure
afofe Christmas The big task Of
'gauizng federal reserve board
ld creating the vast system of re-
unal banks viii then begin
With the defeat of the last Hitch
iclS amendments which is expected
,rly tomorrow, affirmative work
! the currency bin viii begin al
nee. The amendments comprised
e essential features of the measure
afted BY senator Hitchcock and the
We members of the senate banking
with these out OF the
ly, senator owen will offer his bill
Idorsed by the senate democratic
ucus as the substitute for the Glass
i that passed the house.
Following the attacks on the note is-
e provision and tae reserve require
ents Of the Bin ~ those who cons