Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-12-22
NEW CURRENCY ].
BILL READY FOR
WILSON TO SIGN
COnfcrees Agree on Measure
and Both Houses May Pass
1t Today.
ADMINISTRATION PLAN
CLOSELY FOLLOWED
Dests of Congress for Holiday
Expected to Rush Final
Action.

WASHINGTON, Dec 22.-Although
administration leaders in Congress
bent every effort for a speedy ap-
proval of the currency bill today, that
1t might be hurried to the White
House for President Wilson's sigma
ture before night, a series of delays
developed to hamper their progress.
Printed copies of the conference re-
port were late coming from the print
4 ers and the parliamentary situations
in both the House and Senate seemed
to favor delay. Democrats in both
houses were prepared, however, to
ask for speedy approval of the dis
puted points agreed upon by House
and Senate conferees. with the hope
of getting the bill out of the way In
time for President Wilson to leave
for his Christmas vacation in Missis-
esippi tomorrow
1t was O'Clock before unanimous
consent was secured in the House to
take up the conference report. AT
that hour the report had not been
+, presented and the leaders expected at
least two or three hours debate when
II did come in. AS the House must
first dispose of It, its appearance in
the Senate was not expected before
The administration currency bill in
ESts final form was reported to both
Eeuses of Congress today to be writ
q o2h into law. The members of the
Inference committee, which labored
yntji dawn this morning threshing
BOT the differences between the two
houses presented a perfected meas
ure which followed closely the lines
laid down by President Wilson in his
.lox,o,dn fo,. ottrrauou rpforT11
A general desire among legislators
to get away from Washington for the
Christmas holidays resulted in pro-
gram calculated by Democratic lead
ers to place the bill before the Pres
isdent for his signature tonight and
to clear the way for an Immediate
recess. In the House procedure called
for the setting aside of the rules IN
order that the conference report might
not be forced to lay over for a day
to be printed.
Smooth Way In Senate.
In the Senate the leaders en-
deavored to smooth away the OBJ
stacles, chief of which was an in
cipient protest by the supporters OF
the provision for an Insurance or
bank deposits which was stricken out
of the bill in conference. The con-
ferees agreed on practically all of
the fundamentals of the measure as
II passed the Senate, including the
provision that not less than eight nor
more than twelve regional banks
should be created. The reserve
requirements for banks entering
the system, which had been slightly
let don by the Senate, were
strengthened in conference, an
amendment allowing the use OF
fnnfnC and the
proposed new Federal reserve notes
in hank reserves being stricken out.
Tn order to make the change he
House conferees called In Representa-
five Rull<Iey, of Ohio, a member or
tbe House banking committee, VINO
made an extended argument to show
that the provision was unnecessary.
The last long -drawn-out struggle
of the conference resulted from tne
administration determination Ihat
the comptroller of the currency
should be given a place on the fed
eral reserve board which will con-
troll the new system. The Senate con
ferees were evenly divided on this
nroDbsition. three senators joining
with the House members of the com
mittee in supporting the adminis-
trations contention. 1t was nearly
daylight when a single shifting vote
brought the conference to a close.
Conference Accepts Amendment.
The conference accepted the Senate
amendment in increasing gold reserve
behind the new notes issued from
33 f-3 per cent. as fixed in the House
bill, to 40 per cent. with graduated
tax on depletion, as arranged in the
senate. 1t was understood that
President Wilson and Secretary of the
Treasury McAdoo let the conferees
know that they favored the increase.
A compromise plan for retiring the
. per cent. bonds on which the
present currency is based was writ
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