Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1913-08-15

who are arerse to currency legisia-
ton, but they were unable to make
any substantial he1f1way. In fact, the
only concession they wrung from their
1 colleagues was that a blanket indorse-
ment of the administration program
should not be adopted Here was the
resolution that finally was unanimous
/ ly adopted:
Resolved by the conference that
congress proceed to consider and de-
termine legislation concerning cur
rency and banking Immediately fol-
lowing the passage of the pending tar
if bill"
! SENATORS SHY FROM PLAN.
1t was apparent from the discussion
during the caucus that with the ex-
ception of Senator Owen and a few
others there were no senators enthus
iastically in favor of the presidents
currency plan. Such men as Hitch
cock of Nebraska, Hoke Smith Of
Georgia, and Luke Lea of Tennessee
frankly opposed it, making it clear
that they would fight bitterly any at
tempt to force its passage without
what amounts practically to a COM
plete revolution
Senator Owen of Oklahoma, chair
man of the senate banking ana cur
rency COMMITTEES, had formulated a
resolution, which he submitted to the
caucus, committing the, democrats
practically to the support of the ad-
ministration program. So much oppo-
sition was manifested to the proposal
that in the end he was forced to mod
fly it and gree to the innocuous reso-
luton which leaves every senator free
to present and support whatever cur
; rency view he may have.
At the same time this was gain
for the administration, for Senator
!, Lewis of Illinois, the whip" of the
, senate, had prepared a resolution pro-
viding for a recess of the senate i'm.
mediately after the enactmer: of the
tariff bill until Nov Is. Senator Lewis
found it necessary to withdraw his
resolution a few minutes after it was
: read, because it commanded practical
;. ly no support.
SENATOR'S TO DEFY WILSON:
Senators were saying, however, that
while the horse may be taken to wa
8 ter, the president of the United States
cannot force it to drink. 1t is the de
liberate judgment of leaders on both
sides of the senate that the president
insistence upon currency legislation
has created a situation which prom
ises to prolong the consideration Of
the tariff bill indefinitely and to KEEP
congress in continuous session
throughout the fall, merging the spe
cial session into the regular session
which begins in December.
1t is now said that the consideration
of the tariff bill will not be completed
until about Oct. l. This is a situation
which is giving the president a s:sat
deal of concern. He realizes that the
business interests are anxious to be
relieved of uncertainty in connection
with tariff rates. On the other hand
the same business interests are equal
ly anxious TO have currency reform
The two in his view must go hand II
hand.
PRESIDENTS PLAN OPPOSED.
1t deceloped during the house demo
cratic cEscus yesterday that the presi
dent'c ptom!se of comprehensive leg
.slcE;1n governing q system of rura
credits at the next session had no
destroyed the combination in favor O.
an amendment making agriculture
paper basis for the issuance of cur
rency or the creation of credits
The situation in this matter went t
such a point that Representative I'm
derwood, the democratic leader, found
it advisable to propose a compromise
Had he not done so the administra
tons bill either would have been re
jeeted or have gone to the house will
the support of only slim majority.
1t was contended by the conserva
tives that the bill in its present form
authorizes the rediscount of agricul
tural warehouse receipts where sucl
receipts are indorsed by a membe
bank. This was conceded by the rad
icals, who insisted, however, that thi
authority is permissive and probabl,
never would become effective 'unde
the language of the bill as drawn.
They advocate an amendment re
quiring the discount of warehouse eel
tiicates and some of them deman
tudt SuCn IeulSCOuulS Sudll De mao
on the application of individuals o
corporations to the federal reserv
banks.
RADICAL PROGRAM FEARED.
The adoption of the radical program
1t is claimed, would enable such
combination as the Standard Oil CON
pany to control wheat, corn and CO.
ton supplies by dealing in certificate
representing such products impount
ed in warehouses. This would assis
those combinations to uphold price
and restrain trade.
The conservatives assert that tn
language of section IA of the bill care
for the credit interests of the farm
ers. This section provides that upo
the Endorsement of any member ban
any federal reserve bank may discoun
notes and bills of exchange issued O
drawn for agricultural purposes, or tn
proceeds OF which have been used 70
such purposes.
I@4o,