The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-18
TO VOTE ON FRIDAY
ON CURRENCY BILL
Agree 10 Put Measure on Final
Passage OH Legislative Day
of December 10.
LIMIT IS PUT ON DEBATE
House and Senate Leaders Meet
to Prepare for Last Stages
OF Action.

washington, December II-Ar agree
mont to vote on tic iinol passage of the
administration currency bill ION tho
legislative day OF Friday. December
10" was reported In the Senate late to
day. The agreement provides that de-
I bate tomorrow ard Friday shall be
limited to fifteen minutes for each Sen
ator upon each amendment or upon the
bill Itself.
While the legislative day may run
over into Saturday, it is the eN pcctatton
OF Senate leaders that the bin will IL
passed before midnight Friday night
IT important amendments arc pending
at that time, however, = recess may be
taken until Saturday morning.
/ Democratic Leader Underworld OF
I the House, was in conference with Son
alto leaders to-day I'm preparation fori
the mai stages OF congressional action
on the currency measure. II Ia thought
that but two days will he taken foi.
the completion OF the biz in tho Joint
/ conference committee. House leaders
I nave kept in close touch with all
/, changes made by the senate and the.
expect President Wilson'S signature to
| he attached to the measure before
! Christmas. The big task OF ORGANIZING,
q Federal reserve board and creating
the vast system Of regional banks Will
then begin
Further Amendments.
The Senate spent to-day in considera-
ton OF further amendments proposed
! by Senator Hitchcock, defeating by Il
10 % ms amendment 10 extend the
guarantee OF bank deposits to cover
state banks that Joined the new sys
tenn as well as natio-a al banks. Sena-
tor owen expressed his approval or
TINS idea, but the Democrats would not
support IL because it had not received
the Endorsement OF tho caucus
motion by Senator Hl,chcocL n
increase from ninety days TO $50 davs
INC maturing date OF paper that could
DC submitted for rcdiscount at no
'g i,, nanks was defeated. 80 to III
nc Democrats gathered in n hur
ri'dlY called conference at O'Clock
. lo-hiSht to settle all final diffacrnccs
over the bill, and agree upon amend
neHts, me list OF amendments sub
] 'iH'tcd 10 the caucus included many of
/ those proposed by Senator Hitrhroc,.
or b% Republicans and voted down. and
- WIGS si'id several OF these might be
oitcrca tomorrow or Friday by Scna
tor owen and adopted as part of liz
bill With the defeat of the last of tbc
hitchcock amendments, which IS ev
/ pected early Tomorrow affirmative
VOTE on the bill will begin at once
Senator Owen will offer his hill In
oorsed by the Senate Democratic eau
Gus as q substitute for the GLASS hill
that passed The House
Hepubiican Senators Joined Senator
i.le, today in strong fight
N =
Gays the maturity period of commercial
paper that might be rediscounted al
the proposed new regional reserve
banks.
No Good for Small Banks.
Senators Crawford. OF South Dakota
and McCumber OF North Dakota a.
clared 1t would make il inpossihrepf for
country banks OF the West to meet an
emergency; and that the mass of sin
months notes OF farmers and stool, !
raisers would he Naluelcss in time of a ,
panic. because they could not be re-
/, discounted
With This ninety days provision
You are simply creating a bank OF hip
banks declared Senator Crawford "a
bank 10 help big banks, but for which
YOU assess the little banks to get tn.
capital
You say TO the Vandcrlps and the
Hepburns and the Morgans and the
Reynolds: Come in with Your short
term paper ana get the lnonev:' bur Won
say 10 the Smiths and the Browns and
me Jonescs. from the small country
districts Go somewhere else with
your long time farmers paper; we can
not discount it,"
Senator Shafroth replied that the
limitation against long-term paper had
been settled upon solely TO assure the
Federal reserve banks having PAPER
that would be liquid" and quickly
convertible into cash In time OF stress.
Democratic Conference.
Iho Democratic conference tonight
revised the reserve section, which has
heen the target for numerous attacks
during the Senate debate. The re-
CURED gold reserve behind the nov
circulating notes was Increased from
80 per cent to 40 per cent An attemut
to fix an arbitrary limit Oh the amount
or notes TO be issued failed.
Other amendments adopted provided
Tor the use OF part OF the surplus
earnings OF the regional banks for
building up the gold reserve for an
increase in the compensation of the
members OF the Federal reserve boa rd 1
from $4,000 TO $1,000 as provided In
the Hitchcock amendment and tho
amendment that all the member banks
must receive the proposed new notes
AT par was approved. 4
The conference decided to remodel
! Section s, providing for the en- /
trance OF State banks ana trust COM
| panies into the new system and voted
! In favor of provision whereby !
| regional banks would be required to
! keep fund intact in the Treasury to |
| provide for the redemption OF outstand-
| ing notes. All these changes with !
/ several other minor amendments We're !
| referred TO tho Democrats of the bank
! Ing committee to frame in detail The
| conference took no action Of the guar /
antce OF deposits provision of tho bill /
! The conference cons iuc:cd, but did :
not act finally upon a point involved
/ In one of the Hitchcock amendments
| defeated OH the floor OF the Senate to-
day. This would allow regional banks