Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-12-12
FINAL ATTACK BEGUN
a BRlNtN BILL OBJECT on
UITDnCDCh'> ASSAULT.
Quoted Wilson. Ia Which the prrsl
dent Said ic Na- Ngnin,t caucus
aud Committee Legislation.

WAsulNGTON Dec. H. The hnal
assault ou the detailed provisions Of
the administration currency bin was
begun in the senate tonight senator
Hitchcock NJ Nebraska, leading the
attack In ull I'm the flood OF cur
rcnc> oratorE which has occupied the
senate day and night for almost two
weeks Senator Hitchcock began the
presentation OF his amendments to the
bin declaring I'm dramatic speech
that he declined to- consider as uual-
torable the measure completed by the
democratic caucus
Senator Hitchcock quoted from
President Wilson's book The New
Freedom" to show that the president
Was on record against caucus and
committee legislation and was in ~
yor OF the consideration OF refort
measures In the fun light Of pub
licitV' This brought reloinder
from Senator Gallinger the repub-
licau leader. who suggested that the
president had approved Of the caucus
on the tariff bill and also had ap-
proved the caucus on the currency
bill
Il doubt that said Senator Hitch
cock II shall not believe until
hear the votes cast here that men
who have assured mo they would not
be bound against their convictions by
any caucus, will stultify themselves
ard come in here to vote against the
things I'm which they believe"
The Hitchcock amendment 10 sec
ton two Of the bill was the first re-
ported today IT provides for the or
garization Of four regional reserve
banks instead of eight or twelve, and
for the sale OF the stock In the re-
gioual bank 10y public subscription uu-
derNritteu by the banks
Senator Burton or ohio. occupied
the greater par OF ,alay's s.ssion
with an argument fayoriug great
central bank ~ against the regional
bank plan
Two important amendments 20 the
administration BIN We're presented late
today by Senator Root one proposed
TO eliminate entirely the provision
tuat a portion OF the earnings VI the
new system should be impounded In
fund TO guarantee the deposits OF the
member banks. The other would pro-
vide new reserve section under
which the regional reserve banks
would be required TO hold reserve
" 80 per cent against all demand liza
bi,ities. deposits az we'll as note H.
sues II the reserve fcll below 90
per cent the amendment would i'm
posc a tax Of one half OF one per cent
on each two and y hair per cent that
the reserve vas depleted down to
80 Ia per cent. at which point the
system could incur no further labil-
ltiee through me issue OF further
notes.
The amendment would further re-
aulte that after the new currency
with the outstanding national bank
notes should reach 100000. 900. no
further issue should be made unless
covered by 100 per cent gold reserve.
or unle - tax OF one half Of one
per cent was paid ON the additional
is.ue. When the issue reached ST.
200. .Oo0. 900. the tax would increase to
8 p.r cent
Wilde no formal attempt vas made
TO secure an agreement fixing a date
Tor final vote on the bill the mat
ter was the subject OF considera ble
discussion among senators today. II
took definite form in a proposal ad-
Vanced by republicans TO vote next
or Thursday. II night ses-
siors could be discontinued No ac-
tion is contempls ted. however until
Saturday.