The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-29
EQUALLY DIVIDED
ON CURRENCY PLANS
Six Senators for Administration
Measure and Six for Central
Bank Scheme.
DEADLOCK IS THREATENED
Owen Expresses Hope That Vote
To-Day VIII Dispose
of Matter.
DEADLOCK IS THREATENED

Washington. October 2S-A throat
ened deadlock In the Senate Banking
and Currency Committee over the pro-
posal to substitute a government owned
central bank for the regional reserve
bank plan in the administration cur
rency bill to-day became apparent when
the committee began executive con-
sderation of the measure. Discussion
was confined to the central reserve
bank scheme, and while no vote was
taken. the debate disclosed six Senator's
for the government controlled central
bank and six for the admin istration re-
gional system.
The five Republicans on the commit
tee-Senators Weeks, Mclean, Nelson.
Crawford and Bristow-argued for the
central bank scheme, They were joined
by Senator Hitchcock. who has op-
posed the administration bill In many
OF it's provisions. Senator'S Reed and
sO'Gorman swung into line with the
other Democrats for the administration
plan.
The vote was delayed until to-mor-
row. and Chairman owen, at the close
of this evenings session. saiG he be-
lieved the administration plan finally
would be adopted.
Expects Action To-Day.
Both sides have shown a concilia-
lieve the vote tomorrow will dispose
Of the matter to everybody's satisfac-
ton. TIE matter will be thoroughly
discussed before vote is taken"
Members of the committee tonight
expressed the belief that. in view OF
the opposition to the central bank
scheme, that plan would be rejected,
but that the committee would take ad-
vantage of the Presidents concession
TO reduce the number of regional re-
serve banks provided for by the bill
from twelve to as low as four or five.
a compromise plan along these lines
yesterday was suggested by Professor
]. w. Jenks. Under his scheme the
profits OF tho Federal reserve banks
would be pooled and distributed by the
Federal reserve board among the banks
pro rata according to the capital stock
The reserves would be pooled under
the control OF the Federal board This,
Professor Jenks said. would unity the
system.
The influence OF the President and
the knowledge that the House will not
adopt n central bank plan even Ii own
ed and managed by the government, 1T
was admitted this evening by Senators
who have been urging the Vanderlip
idea, has killed the ceptral bank prom
osition. 1t was claimed tonight, how
ever that a number OF the features sug-
gested by Mr.. Vanderlip will be writ
ten into the Senate bill and applied
to the regional system. Government
control Is much more effective form
than is now found in the administers
tion measure is assured.
Reduction of Regi0nals.
Compulsory membership of banks i'm
the new system viii be eliminated. The
talk in the committee to-day ran In
the direction of the adoption Of region
nj reserve bank plan OF the Owen
Glass bill. with n reduction of the reg
ionals to five or six. This will not
be opposed by the President as he does
not consider tho number of banks in
the system to be fundamental
Public ownership of these banks,
however. 10 strongly urged and prob
ably will prevail This is step In ad-
vance of the administration bill. In
stead of the banks called upon to sup
ply the capital stock OF these region
ais the stock will be opened to sub
scriptions. III order to prevent the
holding OF the stock of any regional
bank by the subscribers within the
specified territory alone. II is proposed
that tho capital stock OF all the region
al banks shall be distributed among
Continued on Seventh Puge.)