The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1913-08-29
Only Nine DiSSenterS Among
the 172 House Democrats
That Voted
GLASS EXPECTS TO PASS
MEASURE IN TEN DAYS

Today-Statement i'll Regard to New
Provisions III Banking and Currency
Laws.
WASHINGTON, Aug. 29.-The adj
ministration currency bill, after near
ly three weeks Of discussion, was final
ly approved by the House Democratic
caucus last night by vote of 1G3 to o.
The nine dissenters were Rcpresen-
tatiVes Henry, Eagle and Galloway of
Texas, llardwick Of Georgia, Lobecll
OF Nebraska, Buchanan ana Fowler OF
Illinois, Aeeley Of Kansas and Sisson
of Mississippi.
After agreeing to the bill the caucus
adopted a resolution by an almost
unanimous vote, declaring the bin to
be party measure and that s.mem-
bers OF this caucus are pledged for the
bin TO its final passage without amend
ment- provided, however, the banking
ANA currency committee may offer
/ amendment in the House,
| The feature Of Yesterday 5 session
/ was the adoption of committee
amendment as a substitute for the
/ section on bank reserves, which IN
4
tion as originally drawn
/ The measure viii be reintroduced in
the House today by Chairman Glass
\ ana referred Immediately to the bank
/ ing and currency committee which will
meet next Tuesday 1t is expected the
/ bin at once will be reported back to
the House, which Mr.. Glass predicted
/ last night would pass it within ten
{ B, n q
Gated their purpose 10 support it.
/ The measure as it stands after adop-
tion by the caucus is summed up nv
Chairman Glass, who piIoted it through
! the caucus, as follows:
There has not been written into
the bill from one end to the other a
SINGLE sentence except by the iuitia-
tive of the banking and currency com
mittec itself which has altered in the
remotest degree the essential provisions
of the bill us originally reported by
the committee to the caucus.
1.-THE bin establishes twelve regional
reserve banks, with a capital of not
less than @5,000,000 to which national
banks are required to contribute an
amount equal 10 10 per cent of their
own capital stock and to become liable
fer an additional 10 per cent in case
of call. This. ii Is estimated, viii give
the regional reserve banks combined
paid up capital of Slo5,000,000. These
regional reserve banks also are made
custodiaus Of a large part Of the re
serve money of member banks estI
mated ut about S41O,000.000, in the ag
gregate. They also receive the gov
eInment deposits, estimated at from
$l5A,000, 1000 to $3.50, 600.
cover the whole system of rcgiona
reserve banks is to bc a federal re
serve board, consisting of seven mem
bers This board is given eXtcnsiv,
powers of supervision, examination anc
control
''The measure provides an advisory
council of bankers without actual pow
er composed of one member from cacI
of the twelve regional districts.
,, One important provision is for th'
gradual refunding, for a period of .
vcars, Of the United States 2 per cen
, bonds into > per cent government
bonds without the circulation privilege
This win mean the eventual rctlrcmen
of national bank notes. The circulation
privilege will thus revert to the gov
ernmcut itself. issuing through tn
/. regional reserve banks on a gold re
serve of 30 1-3 per cent to be pro
yided by the banks.
'SThe notable reserve features @
the bill contemplate a reduction o
the reserve requirements Of rcserv
and central reserve cities from p t
= Is per cent and Of all country bank
+ from 10 to l. per cent. The fedora
! reserve board is required to establis
, "a graduated tax on the amounts b