The Birmingham age-herald., 1913-12-16
DEMOCRATS DRAW
FIRST BLOOD IN VOTE
ON CURRENCY BILL
tcon.inue,i From Page one,

cry agency to defeat it. They want to
get a central bank
Democratic senators renewed the criti-
cism of Senator Roots speech and at
the night session of the Senate. Senator
Williams, referring to the presidential
boom launched for Senator Root by SEN
ator Gallinger, declared was wonder
ful what wreck can be wrought In q
sound mind by a presidential bee"
He characterized Senator Root as a
great man who had recently been awarded
the Nobel peace prize, but added n have
never been able to satisfy myself why,
He declared the "Plutocratic press had
heralded Senator Roots speech as a great
attack on the currency bill, but he In
sisted that Senator Roots premises We're
entirely wrong. No initiation of the cur
rency could result from the new proposed
low, he said, because of the restraining
influence of the federal reserve board.
Challenge Statements
Chairman Owen of the banking commit
tee challenged the statements of Senator
Root that In case of financial disturb
ance, the gold of America would be
drained out when foreign nations unload
ed American securities. The Europea7i
financial industries, he said, were as
anxious to keep conditions stablesin this
country as in Europe and in 1907 America
was able to draw large quantities of gold
from Europe
I'VE were able to get gold enough
to make up for the vast quantities that
We're boarded in this country he said.
Il believe gold was boarded then in New
York for the criminal purpose of break
ing the stock market.
That is not to be charged against the
banker it was ruinous to the bankers.
But there have been certain men in New
York who have used the bankers as they
would use pawns on a chess board. There
are men who regard the banker as their
servants, as their hired men to carry out
their bidding.
"They have played that game for tha
last time. This bill takes out of their
hands the power to make or break the
financial and industrial fabric of the
country"
Senator Owen declared that the 'stric.
lures heaped upon this bill by the sena-
tor from New York." were unfair, .un.
just and unrea sonable."
The fight for government control OF
the proposed new banking system, led bs
Senator Hitchcock and the republican
members of the banking and currency
committee failed when the democrats.
on the motion of Senator Owen, tabled
the Hitchcock amendment by a vote OF
So to SO.
ne WOulu nave placed lnh
control of each federal reserve bank in
the hands of the government by authoriz.
ing the central board to appoint five OF
the nine directors. The defeat of this
amendment made virtually certain the
adoption of the Owen plan which would
leave the control of the regional banks
in the hands of the member banks that
compose them
Senators Hitchcock and Lane Joined the
republicans in voting against the motion
to table the public ownership amend
ment.
Immediately after the vote Senator
Clapp attacked the democratic leaders IN
strong terms for having cut off debate
on so important a feature of the cur
rency bill.
The democratic attitude in favoring
bank control of the new regional banks
was declared by Senator Clapp to be a
complete reversal of the previous attitude