The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-07-15
DiscussiOu IL spirited.

t, MI Glass aroused II spirited discus
son among Democrats cf the Ranking
and currency Committee. Western
Democrats opposed the section and
amendment. although they failed To
offer substitutes
They seemed TO be Of the opinion that
the refunding process would result in a
gift of millions of dollars to favored in
dlviduals. and the statement was made
by one Democrat that practically all the
s75o00O .00S 2s now outstanding are
controlled by two or three banks in New
York
This member insisted that before he
would assent To action on section 20
or the GLASS substitute he would insist
upon an inquiry to determine just who
holds the per cent. bonds 1t was
pointed out to this member that such
an inquiry would consume a lot Of time
and there would be difficulties in the
way that might make 1t impossible
OF accomplishment. Nevertheless this
Democrat persisted. and present indi-
cations are that his obstsinacy will de-
lay an agreement among the Demo-
cratic committeeman.
McAdoO L. Blamed.
A Democratic leader said tonight
that the trouble among the House com
mi',eemen is due almost entirely to
the lack Of tact on the part OF William
u. McAdoo, Secretary Of the Treasury.
Radicals on the committee have gained
the impression that Secretary McAdoo
wrote the Glass owen bill and that he
IS debating the amendments intro
tuced from day to day by Chairman
Glass and other Democrats In sympathy
with the plans OF the Administration.
Last week Secretary McAdoo issued
statement intended to be reassuring
20 the holders of the 2 per cent. bonds
nanv Of whom believed that the cir
cula,ion privilege was to be taken from
these securities without reimbursement
In the way Of an increased interest
rate. Mr.. McAdoo insisted that the
bondholdcrs were In error as to the in
tent Of the hill. and ne announced that
an amendment would he offered clari.
sying The language Of the bond refund
ing provision. This was the amend
ment presented to-day by Chairman
Class
Radical Democrats insist that the
Secretary Of the Treasury shall Seer
ans 'bul VI PIC. NOuSti o'
tves believe that unless Secretary Mo
Adoo holds himself in the background
the cause OF banking and currency re-
forms will he injured
Two Are Hostile.
There are two members of the com
mittee who are bitterly hostile to MIR
McAdoo and they are inclined to hall
ht any proposal that he may make
They are Representatives Ragsdale O
South Carolina and Wingo of Arkansas
II is altogether probable that Secre
tary McAdoo will be asked. II he ha
any suggestions to make about the hil
IN the future. TO communicate them Il
the proper persons without giving then
publicity
They declare that what appears T.
oe executive dictation may have worke'
all right in the case Of the tariff, bu
mat in the case OF banking and cur
rency 1t has served only to stir nj
trouble and controversy.
II was learned that the opponent
OF the refundinE plan did not offer an,
concrete proposal as a substitute. The
merely objected. and their objection
appeared to be based on a suspicion
Sht VI d IuTse SUM WhS to u
maze to agents of the money devil"
Up TO to-day House leaders nad bee
IT very hopeful frame of mind owe
'he banking and currency situation
ana had expected that an agreemcn
on the bill might be reached by tn
end OF the week.
The Amendment.
The Glass -McAdoo amendment. whic
Protects the rights OF the holders G
INC per cents. 10 a. follows:
pom application OF any holder OF
yer cent bonds Of the United States beal
ing the circulation privilege the Seer,
tary Of the Treasury shall exchange sue
ponds for 3 per cent bonds Of the Unite
states without the circulation privilel
PAYABLE twenty years from date Of issl
ana exempt from. FEDERAL, State an
municipal taxation both A. TO income On
principal but not more than per cent.
such outstanding . per cent. bonds sha
~ rsdesmsd IN any one year. Every nj
uonal bank may continue to apply 4
ana receive from the Comptroller Of Il