The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1913-12-26
SENATE PASSED CURRENCY BILL
MEASURE PASSED BY VOTE OF
54sTO 34-47 DEMOCRATS
VOTE FOR IT.
Vice President Marshall Appointed
Conferees, Naming tx Democrats r
and Three Republicans.

Notwithstanding senate Friday
passed the Owen currency bill by
vote of 81 to 81. Six republicans
and one progressive joined the DEM
ocrats in passing the bill.
Immediately upon the passage OF
the bill Vice President Marshall ap-
pointed nine conferees, six democrats
and three republicans, as follows
Messrs. Owen of Oklahoma, Reed or
Missouri. Pomerene Of Ohio, Shat
froth of Colorado, Hollis of New
Hampshire. Nelson of Minnesota,
Crawford of South Dakota and Bris-
tow of Kansas.
When the bill was first introduced
in the house, Floor Leader Under
wood who had loyalty fought for the
measure, prophesied that before the
bill would be voted upon the great
Eastern financial interests would en-
deayor in every way to block its pas
sage because of the fundamental upon
which President Wilson insisted-that
the government and not the banks
should control the new system. me
last assault that the Eastern interests
made on the bill was the threat IN the
past lew days that the national banks
of the country would refuse to go
into the new banking system.
Forces that had fought together TOT
amendment of the measure to the last
divided when the final vote came.
Senator hitchcock, who had led the
opposition to the bill, returned to the
democratic ranks, and Senator Weeks,
, one of the leaders on the republican
( side. with five other republicans and
r Senator Poindexter, progressive, voted
. for the passage of the measure.
Among the chief points of differ
9 ence between house and senate are
l the following:
y The house provides for twelve re-
l gional banks, the senate for IRON
r eight to twelve" discretion being LETT
J. to the federal reserve board.
d The senate added provision Great
Q ing a fund to guarantee the deposits
r, of failed banks that are members OF
:" the reserve associations. The house
:; limited the rediscount of commercial
q paper at the regional banks to thai
q, maturing in ninety days; the senate
provided that 1S0-day agriculture
p paper could be accepted under certain
le limitations.
d The gold reserve required OF the re
q. gional reserve banks against circular
le ing notes was placed at SO l-3 Pc
er cent by the house and at 40 per cen
Tx by the senate.
w Banks would be permitted to LOAF
ce on five-year farm mortgages by IN
I'll senate bill; on one-year mortgages b
er the house bill.
Is Senator La Toilette proposed tW
at amendments just before the bill cam
to a vote which caused mild sens;
ng ton, One of them was written int
the bill and the other was re1ecte
In by an overwhelming vote. The frs
he provided that mo United States sem
tor or representative in congress sha
lat be a member of federal reserI
board, director in a federal reser,
I'M bank or an officer or director in al
lde member bank"
hat This amendment was adopted wit
,st- out a roll call. The second amen
re- ment provided that no member OF u
=" federal reserve board, any officer
me director of a regional or memb
NJ" bank, should be a director or offie
her of any other bank, trust company
ing insurance company. 1t was defeate
ne 81 to 80.
e. Senator Hitchcock announced
dnt purpose to vote for the senate bill
ac- finally completed, because of its gre
LAX Importance to the financial wor
Ign my whole fight has been to streng
ats en- and improve the bill and to preye
ia hasty and laundering legislation.
'sea said
elf" Senator Weeks said lie would "
for the measure because it was
-. per cent good and only rs per ct
s|y# bad" and an Improvements over
SS4sa listing conditions.
@ President Wilson was gratified Z
Ty1 the currency bill was passed by SO