Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-12-16
By Vote of 40 to 3d. Amend
nent to Currency Bill or
fe.ed by Senator Hitchcock
of Nebraska, Is Rejected,
REED MAKES SAVAGE
REPLY TO ROOTS SPEECH
Missouri Statesman Asserts
That New York Man Has
Ambitions for Presidential
Nomination,
d, sosssa loosNAl srrsl.l lFaaso wac

.sy MORNING JOURNAL SPECIAL LrAsco wHrI
Wa.hmGton. l1cc. l5.--Nlctory for
te administration forces in the firs /
iest of strength ON the currency re I
0rn $500 marked t0dats session OF T
Inc senate The vote, 40 90 81, tabled +
ut lute Offered hy Senator Htch- F.
cock. for section two of The admin T
s.mtiou bNl proposing "a system of F.
four regional banks, with possible
Increase lo eight, the regional bank
stock to be owned by the public.
The defeat Of thls amendment pmc- /
HcUy insured The adoption Of tho
owen plan, which provides for from
eeht 10 twelve regional banks, with T.
the stock owned ly the national banks
ihaO become members of the respect /
lge regional banks.
When the Hitchcock substitute had /
Iesn tabled Senator Reed made "a
neerh vigorously defending the
owen bul and replying to Senator +
Root who ON Saturday attacked the
measure and called Secretary Bryan
ahe dominating influence behind +
tha proposed new currency system.
Replying directly Go Senator Roots (
predictions that undue initiation and +
financial panic might enauc if thc F.
currency bin were passed in its prcs-
nl form. senator Reed declared no
mfaton OF the currency could oc-
cr unless the Sound money men who
nom the banks brought it about.
This is a workable hill" he de- /.
oar6d 'It ia not sureharged with .
destruction to business. 70 added
checks ought to be put i'm, I for one
om vlung 10 put them in. But thei
senator from New York spent his
time telling the dire things that would I
happen 10 business and spent but lit
De time explaining his own proposed
amendment
"No one has the right 20 stand on
NE floor OF This senate and under
take 90 alarm the business interests
of the country when there is no just
lause for-it. doubt the high patriot
ism of the man who will stand here
and cfy wolf. wolf,' when there Is nj
wolf, who viii take this chance of hur
y.ng Doe multitude who may be misl6d
By such a cry"
Senator Reed said a "Npewrittcn
document, proposing Senator Root
for tbc presidency had boon prepared
ana given to the press before ho made
hts apocch
~ Is not difGcul, then 60 under
sand Why the secretary of state was
lreuaht iu." he added. when the
voice of amEition is calling to higher
honols Fl IS not difficult to under
stand nat men win sometimes let
ther interest overcome their spiri.
q. arnoss ana candor.
"lf we have initiation of the cur
reney under This bin it win be caused
hy the bankers Of the country and by
no one else. Even IL Mr.. Bryan was
aid thal ho has been painted by his
enemies. even II he favored initiation
of tho currency. which no one has
the night 90 charge. even If his influ-
mce were 10 stand back of this pro-
posed reserve board and to control
the men to he appointed by the pres
idaut, chat board couId not put out
one dollar Of additional currency un-
III there had been can made upon
lv vthc repional banks. whose boards
WIFI be controlled bv the sound
money mon who run the national
banks"
Senator Hitchcock made sharp
attack on the proposed control of the
regional reserve banks by the bank
mg mtere1ts ~ the cnnntrv He de-
Glazed this feature of the bin would
turn over the country reserves toI
the use of these bankers and would
legalize ME methods and combination
Of control against which the country
had long protested
Quoting the speech Of Senator
Stone. saturday IN which fhe latter