The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-14
GLASS CLOSES
CURRENCY DEBATE,
DEFENDING BILL
Republicans and Pro-
gressives Criticize
Measure.
SECRET CAUCUS
ROUNDLY SCORED
Broad Powers Given Federal Re-
serve Board DepIored, and
Charge Is Made That It Will
Become Political Asset.
Democrats Join
Minority.


House tonight wound up four day,
OF general debate on tho administra.
ton currency bill Republicans and
various points. and Dom ocrats lauded
1t as tho means Of evolving a safe
solid financial system.
Altogether. some three-score mem
bers talked on the bill. Tho Repub-
licans devoted themselves to attack.
Ing four principal points regarding the
measure.
Republican Complaint.
First, they condemned the secret
committee meetings and the secret
Democratic caucus. which handled the
BILL Progressives also found this AT
inspiring theme.
Second. the scheme of making the
banks of the country subscribe capital
and deposits for the conduct of the
proposed Federal reserve banks was
condemned.
Third. tho broad powers given the
and II was charged that the board
would become political asset.
Fourth. the fact that the proposed
new currency Is TO be In the nature
OF government obligation. although
Issued by the banke. was accepted as
making possible demand on the gold
reserve In the Treasury. such as char
acterixed the Cleveland administration.
Democrats Join Minority.
Several Democrats Joined the minor
ity in their attacks on tho method
under which tho bill was framed. but
Judgment OF the party and vote for
the bill.
The measure will be taken up In
detail for amendment Monday. and it
Is expected the detailed discussion will
be extensive. But under the caucus
action OF the Democrats the possibility
or any change being written into the
measure In the House is remote Chair
man Glass, Of the Banking and Cur
rency Committee, who opened the de-
bate, made the closing speech to-
night.
illustrates With Column.
illustrating with a great white tomb
stone column the death OF the people,
privileges through the control by poll
ticians OF the finances OF the country
under the Glnss-Owen currency reform
Representative George r. Smith. OF
Minnesota, Republican member OF the
Banking and Currency Committee, led
the assault on the bill to-day.
Seven discs were painted on the
Smith tombstone to represent the seven
members OF the Federal board. Brown
discs represented the Secretaries OF the
Treasury and Agriculture and the
Comptroller OF the Currency, who
would change with each administra-
tion. and four blue discs represented
other appointees OF the President for
term of years
Political Control Substituted.
These members of the reserve board
supported n column on which was com
pared the financial values of industry,
agriculture, commerce and capital
which form the basis OF the proposed
new plan OF finance. by reason OF
the manner In which the Federal board
Is appointed this dill involves the sub
stitution of political control for con-
troll by banks" declared Mr.. Smith.
Representatives Toss. OF Ohio: Kelly,
or Pennsylvania, Republicans; and
Nicely. Of Nebraska, Democrat, con-
demned the secrecy IN the preparation
of the bill. Mr.. Kelly. a Progressive,
said that his friends were more than
willing TO have Joined with the Demo
Gratis IN the preparation OF the bill,
and expressed the opinion that they
had few amendments which they
might have submitted ii they would be
accepted. In that case. more Republi-
can support for tho message might
have been obtained.
He approved the theory OF the bill,
but did not think that adequate pro-
vision had been made for keeping the
money of the country out OF the con-
troll OF Wall Street.
This has been the greatest weak
ness OF the present financial system"
declared Kelly