The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-08-03
Holdings i'm New York >Uf Gov
crnmcnt Is Increased Since
Bill Was Offered.
WOODS MAKES CHALLENGE
Insurgents to Keep Up the
Fight for Radical Cur
rency Amendments.


Woods Of Iowa. Republican, made an at
tack today on the charge OF Secretary OF
,he Treasury McAdoo that New York
tarlers have conspired to d,press Govern
m,nt . per cent. bonds as means OF de-
rea,.ns the Administration banking Dill.
~ Woods announced he has conclusive
.,,Aan-e" shat no such conspiracy existed
and practically challenged the Secretary
,o make public any evidence in his pos
session tending to suhstan;iate his charge.
After the publication of the McAdoo
charge Representative Woods wrote to the
presidents OF the thirty-hve national
t,r1s in New York asking for information
r., tho charges Mr.. Woods has received
,enl,es from twenty seven heads OF ma
tional banks. Mr.. Woods asked each TO
Inform him OF the amount OF Government
honds held on June 26. the day on which
,ha currency bill was offered. and on
JuIy 20. the date on which Secretary Nc
Adoo made his conspiracy charge.
pe,urns made TO Mr.. Woods show that
rara was net increase OF $4,000 in the
hons holdings OF the New York banks in
.he period named and that only one IN
.,,tu,ion reported a decrease in Its bond
hoiiin-s. This was the National Ok!
Rank which reduced its holdings OF per
cents by $4,000.
OuI, One Decreased Holdings.
81 have received answers from prac-
tcally all the large national banks in New
York and many of the smaller ones. said
Mr. Woods Among the twenty-seven
banks making returns one decreased i's
holdings of bonds $4,000 The increased
holdincs OF other banks heard from are
about sl2s, 900, making net increase OF
about $4,000 from June 2S to July ~.
There are about nine or ten smaiier
national banks OF the city that nave ho'
heard from. These Of course may nave
sold or bought bonds in small amounts
but the fact that the holdings OF 'ne
large banks did not vary much IN the
ne-,od under consideration Is conclusive
evidence to my mind that there has been
M concerted action on the part OF
npmher of New York national banks to
depress the selling price OF the bonds
"it would seem that the statement OF
Secretary McAdoo was entirely unwar-
,auted unless Il was made FOR pohticai
,oasons and In order TO enlist country
support Of the pending Administration
banking and currency bill
This statement by Woods with figures
is something that Secretary McAdoo VIII
te unable to ignore. Thus far ne mas
offered no evidence to sustain his charge,
and the belief has become general that
he has none.
hearing will be held before the
Rules Committee on Monday on the Neeley
resolution authorizing an inquiry into the
truth OF the charge OF Secretary McAdoo.
was the announcement to-day by Repre-
sentative Henry of Texas. chairman OF
the Rules Committee. Henry said that
such New Workers as desired TO be heard
would have an opportunity to present tes-
tmony.
Probnb bly, to Re PiReOnhOled.
Henry favors action on the Neeley
resolution and will endeavor to induce
the committee to make a prompt report to
Il, l, is understood that the leaders
have been at work on the committee and
that the resolution will he p!geonholed.
The insurgents Of the Banking and Cur.
rsL.y Committee, who were defeated In
Their onslaughts on the Administration
bills. intend to keep up the fight In behalf
Of the radical amendments they offered.
They are determined. but not hopeful.
Th.y fear that the combined influence OF
the leadership and the Administration will
?esui, IN their undoing in the caucus to be
held on August IL.
southern members who believe that
currency should be issued on cotton and
other staples intend to continue the agita-
tipn for such amendment of the Admins
tat!on banking bill. Word was received
here to-day that a mass meeting Is to be
held in South Carolina to give public In
dorsement TO the Ra Ragsdale-Henry amend
mrnts which provide for the issuance OF
currency on cotton, corn and wheat held
IN Warehouses These amendments were
defeated in the House committee
IN attack on the Glass bill was made
to-day by Prof. T. j. Brooks Of the
Mississippi Agricultural College. who was
member OF the American committee
taat recently studied agricultural credits
IN Europe.
III the Democratic party" said he.
votes down the Ragsdale- Henry amend.
in"nts and then passes the Glass-Owen
b.l. 1t VIII be another case Of party perfidy
and dshonor. AS the bill stands 1t is a
!,'dmp Of the Aldrich bill"
House leaders say that the movement
Tor the issuance OF currency on cotton and
other agricultural staples is u serious one
ind should be SO considered. They fear
II viii have the support OF every Democrat
from the cotton States. Corn and wheat
were included In the Ragsdale- Henry
amendments with a view to inviting sup
port from radical Republicans and Pro-
prossives from the West and Southwest.
whether or not the amendments have
made any impression on members from the
West and Southwest has not developed.
The issue will be fought out In the
Democratic caucus. and II 10 believed GER
tain that whatever is the action Of the
'aucus the Ragsdale-Henry amendments
VIII he offered In the House unless a spe-
Gal rule barring such amendments is pro-
'idcd. Representative Ragsdale OF South
Carolina. joint author OF the "cornta ssel''
currency amendment. has caused II to be
made known that he has the support OF
Senator Tillman. Therefore 1t In inferred
that II the Ragsdale-Henry amendments
Continued on Ftlth Pogo