Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-06-17
PUBLIC DECIDES
MONEY REFORMS
PUBLIC OPINION TO DETERMINE
on CuREENCN IFGISL\IlON
Al TINS SESSION.
Launch BILL THIS Week
House VIII Then Slt BaDN and Nai
for the Decision Of the lub,ic
on the Matter.

a A. O. 10. b
'p'hion' the sovereign voice l' I'D"
making, Is ~ decide whether Jlnre
shall he currency LEGISLATION duyua
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I'M tho face Of conflicting expires
siors from prominent democrats in
congress as to the necessity for cur
rcucy reform during the present
session. 10 is tine ayoWod purpose u.
the administration To- launch cure
ro cy bin in the house and sonalo zoe
fore Friday # this week which viii
lc ., ompanied or followed 10y the
presidents message describing Vblt
hp believes to he the necessity for
naNrg reform. Then, aocordina to
MI Underwood the plan OF tho nous"
will n, To rest on IT'S oars. thUrUu"0-
lv discuss the new lanline pr0l I-
ard await the CXnrss,uu Of tao
newspapers of the country uud Oh.
opuiou uf bankers and business men
generally MS 10 the merits of tho
Democratic proposals. should tn.
discussion II the lii I'm Dougresf le
lacerd mp by an insisteut demand
from the country for am immediate
revision Of the currency syst.m, it is
the belief Of the administration thai
senator's and congressman viii yie.l
their pleas of persona discomfort i'm
the approaching hot weather.
ts = Ncv Problem.
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mas .,. .,,.,.,,,o,. eviction,
i's roear,,,od so as ~ aIlo-
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-, ,,o t.riff lin
pon,asortatiye T-ndervood. after his
conference with the president, said
that while the democratic party has
made up its mind what ought to he
done on the tariff, currency reform
was practically a new question to 1t.
and it would be impossible to fore
cast how long the house would take
for a discussion Of the bill 1t would
take some time, he added, for NOM
bers TO hear from their home com
muntieS. lie would not venture
guess as to whether the approval or
dis4pproyaI Of the bill could be re
ported in q month or longer and took
the position that the currency situa-
ton could only be solved by the attl-
tudc which the nation revealed
when the bill was debated thoroughly
Meanwhile Secretary McAdoo
Chairmcn owen and Glass of the
senate and house banking and cur
rency committees today hished the
bill that represents the administra-
tion views II went to the printer
tonight, and RepresenauNe CLASS was
oI '''r 'Pi'l'''i 49, si',''
"s pl's'"''"
Is hcSi"nai system
The bill in its present form em-
braces system of regional reserve
association with local governing
boards. under control Of a federal re-
serve of nine members at Washing
ton. Elasticity Of the currency, to be
secured through the Issuance ol
United states notes to these reserve
associations and by them to the local
banks on adequate security, includ-
ING commercial paper of Il qualified
class. The local banks making mp
each reserve association win be re-
ouired to keep up a specified amount
of their reserves in the association
vaults.
No present issues of treasury notes
or gold or silver certificates are to be
disturbed by the new currency, but
the bill would require the gradual re-
tircment Of all national bank notes
within a maximum of twenty years.
The new currency system would be-
come operative July l, 1914.
Ncs.,oc L. Ready.
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