Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1913-12-31
CURRENCY BILL
BECOMES A LAW.
Both Houses Pass Measure and
President Signs 1t.
CUT OUT DEPOSIT GUARANTY
Secretary of Agriculture Taken of
Reserve Board, but Comptroller
of Currency Is Retained at In
sistance of Lower Chamber.

Washington. Dec 24.-President
Wilson's bill for the reform of the
banking and currency systems of the
country became a law late Tues
day. Both houses of congress passed
the measure. and the chief executive
signed it,
The members of the conference com.
mittee. which labored all nigh. thrash
ing out the differences between the
two houses, presented a perfected
measure which followed closely the
lines laid down by President Wilson
in his demands for currency reform.
Although more than a hundred
changes were made in the currency
bill by the conference committee, the
fundamental principles of the senate
measure were not materially amend
ed. The senate amendment provid-
ing for an insurance fund to guaran-
tee national bank deposits was one OF
the most important stricken out at
the instance of the house conferees.
Senator Owen announced that a
separate bin to provide for such a
guaranty would be considered in the
near future. This had been intimated
in debate By Chairman Glass of the
house banking committee.
Other changes made from the sen
ate measure included:
Net earnings from regional banks 60
Ing to the government TO be applied to the
gold redemption fund or to the reduction
OF the bonded Indebtedness.
Secretary of aqricuIft1ra uIacad ~, mr..
ganization committee. but not on the per
manent board.
Transition period for shifting reserve
fund to regional banks changed from two
TO three years.
Compes country banks to hold one
third Of the reserves in their own vaults.
Eliminated one and two-doliar denomi-
nations from new treasury notes.
Minimum capital stock Of regional banks
increased to 100000.
Permits class r dir, etc rs Of federal re-
serve hanks to be stockholders but not Of
hcCrs of men tanks, while class 9
directors can be neither
Compulsory discount by one regional
b~nk Of the paper OF another requires af-
fi@matve vote OF five members of the fed
eral reserve board.
Senate amendment authorizing discount
of domestic acceptances stricken out.
Permits collection charge on checks and
eNfEtnRe-
Branch banks TO be operated by seven
directors. four being appointed by the
parent bank and three by the federal re-
serve board and all having same qualih-
cations as directors Of federal reserve
bOard}
The president is expected to make
out slate of appointees for the fed
eral reserve board while he is on
vacation at Pass Christian, Miss.
John Shelton Williams, it is gener-
ally understood, is slated for the
comptrollership. The place has been
held vacant pending the outcome of
the currency legislation.
The organization committee is to
consist of the secretary of the treas
ury, the secretary of agriculture and
the comptroller of the currency I'M
der the terms of the bill as finally
agreed upon. The comptroller will
assume a new Importance by virtue
Of his membership on the federal re-
serve board soon to be established.
The secretary of agriculture win not
be on this board. although he will be
a member of the organization com.
mittee.