Virginia gazette. [volume] (Williamsburg, Va.) 1893-192?, 1913-05-01
HEARINGS BEGUN IN
CURRENCY REFORM

WASHINGTON, ID. c. Special-
believing conferences with President
Wilson and Secretary McAdoo on the
s,,hiect 90 proposed currency legisla-
ton. Senator Owen. OF Oklahoma. the
chairman OF the Senate Committee on
Banking and Currency. yesterday IN
formed the members OF his committee
that L was ms purpose 70 See
with hearings. having IN view Nne
probability OF currency legislation AT
this extra session.
AS the result OF this information.
the committee adopted resolution
authorizing Chairman owen 90 ask
the senate FOR authority 20 conduct a
fun Investigation OF the subject Hear
mss will begin in a short time al a
/ meeting 10 be held May I'd Inc com
/ mittee viii dccioe on some OF the VII
I nesses to be called. Chairman owen
laid before the committee Yesterday
4 the results OF his conference with the
I President and Secretary MCAdoo, and
also gave them the bencnt or the
opinions expressed % him by Char-
/ man Glass. OF the House Committee
ior Ranking and Currency. As re-
suit OF his conference With Mr.. Glass
ift has been arranged for Joint sessions
OF the two committees. and from these
Joint sessions &c IS expected that q
report VIII be mace 70 Congress OF
letri Station revising the currency laws
IIt Is President Wilson's desire tina
b some currency legislation Will De Inn
mediatcly taken up and probably dis
posed OF before the extra session ad
I n IS the. Judgment OF Chairman
: owen and the members OF the Senat
2 committee that no such genera
i, scheme % currency legislation as !
|couternpnited hv the Aldrich nla
should be attempted az this session
The Investigation viii be directed 60
% ward eiiciting Information on IN
/, movement OF money with view q
= preventing "A Striugency or currency q
+. certain periods of the year. and Wit
= a general purpose OF anoroing MOI
= elasticity.
Al Favors HItrhcock'S Plan.
D. The sentiment thus Tar oisclos,
b.. among the Democrats IN Congress wi
- have been pursuing tho subject ~ Gu
=. rency reform is against one central q
~ s. nator Hitchcock Dill. The Senator
al DIN provides for twenty rcgioaal Q
serve banks. which wouid nave
~. power 20 act as fiscal agents OF the 40
=, eminent. receive deposits or pup
l' funds. and exercise the powers OF ban
20 ia discount In fhefr respective iocaliti
. and act as reserve agents FOR the ban
in their particular regions.
This plan contemplates that the ca
ital stock 90 an the institutions Ia 2
particular reserve section. as well
their profits SHOULD % tle properly
81 the banks on that section or reSl'
III The plan contemplates Eoverni
IN board. with the Secretary OF the Irei
ury at the head, 20 supervise the \
rlous reserve agents. in which the 50
eminent should be represented BY
90, Comptroller OF the Currency ana -
ca Slhly other officials. and 10 which G.
- tain directors should De elected by
~. banks.
az plan OF gold redemption IS p
'Ht vided- The use Of the reserves may
regulated by e. tax. which should
me come progressive ~ there were an
'e- Icrcaslng demand FOR currency. sot
70 thing after the plan of the Bank
be- 4 sagrestion that is much IN fa'
the made hv Representative Glass. OF
House Committee on Banking and G
nal rency. contcfnplatcs the gradual
lnc tirement OF bond-sccurcd cure
lo- within the next nfteen years. involv
ses probably the refunding OF the outsta
\ ga Ing = per cent. bonds % the COVE
To- menf which carry the privileEcs or
tlonal bank circulation. and substl'
ing Inr per cent. bonds without the
WIN Iculation privilege. The plan We
Alu substitute for the bond secured Z
mp rencv issues based on commercial
per % undoubtcd value.
The Democratic leaders insist
any plan now proposed IL simply
Try tatlve. but that whatever is finally
nal terrninoc on viii be substantially
red like the Aldrlch plan.