The Barre daily times. (Barre, Vt.) 1897-1959, 1913-04-29
WILSON NOW AT
CURRENCY BILL
Is Drafting a Reform Meas
ure With the Com
mitteemen
GENERAL PLAN
AGREED ON
Question Whether Bill Will
Be introduced at Spe-
cial Session

Washington, April 29.--President Will
son and the leaders of the banking and
currency committees of Congress are at
work on draft of currency reform
measure which the president IS almost
certain will be submitted TO the Demo
cratic membership of both houses for
| discussion before the adjournment of
the special session. II is not certain,
however. that an attempt viii be made
to pass this measure at the special ses-
sion.
President Wilson, it was authorita-
lively stated yesterday, has an open
mind on this question and is determined
to allow the logic of events to decide
whether the country is to have currency
reform legislation at this session or will
wait for it until the regular session
meets in December. The disclosure was
made that the consideration of currency
reform by the special session will de-
pend as much on the progress made
with the tariff bill as on the facility
with which an agreement can be reached
among the congressional leaders and the
president as to the details of the cur
rency measure itself.
The president, it was learned, has as
eertained that his party leaders in Con-
gress are virtually agreed rs to the
general principles involved in the cur
rency reform problem. He has found
that little time will be required for de-
termining the form OF the MEASURE as
far as the large questions involving these
principles are concerned He has re-
tnts haf
probably will be wide differences of opin
ION when it comes to working ont the
less important details of the bill 1t
is the length to which these differences
of opinion are found to extend and the
encountered I'M reconciling them
which will determine the time when the
currency measure will be actually
brought into the House for formal con
II was intimated at the White House |
that the president is thorough |
" satisfied with the progress made with |
the tariff revision bill thus far and that |
he is pleased with the outlook for ii in |
Congress-. He intends to watch the |
curse OF the measure with unremitting |
interest, but at the same time to go on |
with the supervision of the drafting OF
tentative currency reform bill.
The president has given out no in
ormation as to the lines he will follow
n the tentative measure other than to
ay that he had found himself and the
House and Senate leaders in accord on
he big principles involved in currency
eform. 1t was learned also that the
resident does not regard legislation for
he guarantee OF bank deposits as ger.
name to currency reform bill.
1t was pointed out in this connection
hat the assumption OF this position by
he president could not Justly be taken
o indicate that he either favored or
opposed this sort of legislation.
Among the big principles upon which
'ongress leaders seem to be agreed as
egards currency reform legislation are
hose:
!. Creation of fifteen regional reserve
anks in districts throughout the coun-
~; these banks TO perform the func-
ions of rediscount and purchase OF bills !
t exchange.
9 Establishment of governing board,
hose functions shall be the controlling
{ the regional reserve banks. This !
GARD to consist of the secretary of the !
the secretary OF agriculture
nd the comptroller of the currency
< .officio; four directors chosen by the
lnks of the countr yand two appointed =
Y the president of the United States
his board to fix rates of discount and |
have the power to distribute govern 2
ent deposits.
3. Shifting the reserves now held in I
serve city and central reserve city '
INKS gradually to the proposed regional =
INKS.
4. A provision for the retirement of C
ational bank currency, but so grad
lily as to avoid shock.
5. The issuing of new currency through v
e regional reserve banks based on ac z
ptible commercial paper and the gen &
al assets of the institutions.
6. Creation of branch banks in for
On countries, thus providing the means
carrying on American trade through T
merican banking facilities.