Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-08-05
HARD ROAD AHEAD
Of CURRENCY BILL
Senate Democrats Show 0p-
position to Program of the
Administration.

The first skrmish over currency legis
lation I'm the Senate today served to ac-
centuate the division of opinion among
democrats. Senator Owen. chairman of
the administration bill in the upper
chamber, was forced Off the floor by
Senator Hoke Smith, democrat, while he
was attempting to reply to an attack on
Immediate legislation delivered by Sen
ator Hitchcock of Nebraska. another
democrat. Senator Smiths point of order,
that the tariff and not currency was be-
fore the Senate, forced Mr.. Owen to
yield, but he announced he would reply
to Mr.. Hitchcock's speech later.
In fiatfooted opposition to the demand
of President Wilson that a currency
bill be passed at the present session of
Congress. Senator Hitchcock urged de-
liberate action on the currency meas
ure. He criticised as revolutionary the.
administration bill which has been in
troduced by Senator Owen.
Not Emergency Measure.
The only reason which could be ad-
time. declared Senator Hitchcock, was
ure to forestall any disatrous results
which might follow the enactment of
the new tariff law. He pointed out
that it would take at least a year to
reorganize the banking and currency
system as proposed in the pending
currency bill, and for that reason it
could not be considered an emergency
measure.
The members of the Senate can give
at this session neither sufficient time
nor study to this question to reach an
intelligent decision" declared Senator
Hitchcock. I'VE are in the midst of q
discussion Of the tariff bill: the cOun-
try Is discussing the tariff bill; the
country is anxious to have the matter
anxious to have Congress adjourn
when the matter is concluded The
country has certainly not made up its
mind on the banking and currency
question.
Year for Reorganization
There Is only one possible reason that
can be advanced for hasty action upon
this currency bill at this session, which
Is that legislation of this sort Is neces-
sary to forestall a possible business dis
turbance that might result out Of tariff
legislation or that might be brought
about by conspiracy of certain great
money interests of the United States.
This argument, however, Is most fall
lacious. 1t is utterly out of the question
to use this bill as an emergency measure,
because it will take at least year Of
organization to put it into effect after it's
passage.
"Tl ose who think we can uass II one
week and that in the following week the
country will have $500, 600. 900 of additional
currency, with easy credit, was woefully
mistaken.
and this bill should be passed October l.
Would that Immediately bring the mil
lennium in the business world? On the
contrary. we would then enter upon
period OF reorganization In the banking
world and we would be in 1t for year.
I'VE have banking system which has
proved on the whole reasonably good;
we have a currency system which has
proved on the whole reasonably good.
Under it the United States. in half CEN
tury, has passed every nation in tie
world in banking power. l believe that
this system can be changed and ought to
be changed. but / do not believe that the
change should be made In the midst of
the commercial uproar caused by the
tariff change.
Protection Against Panic.
Il believe the mere agitation of the
banking and currency question at this
session has been a mistake. We have
upon the statute books at the present
time in the Vreeland act a measure which
In the hands Of a wise and courageous
administration can be used to meet any
emergencies that may arise"
Senator Crawford asked Senator Hitch
cock il ne believed that a currency strin-
gency within the next three or four
months was possible in view Of the Vree-
land-Aldrich emergency currency law and
the proposed action of the Secretary of
the Treasury to place money on easy Sc
curity in the south and west.
II do not" replied Senator Hitchcock.
with this energetic and courageous ad-
ministration at Washington willing to use
the Vreeland-Aldrich act"
No New Idea, Says Owen.
Senator owen expressed surprise at
Senator Hitchcocks attitude of urging
delay without giving a single reason
for his course
THE bill presented added Senator
owen, speaking of his own bill, contains
no new ideas. Every idea in 1t is as old
as the hills
He referred to the Bank of England as
affoIding precedents for his bill.
AS Senator Owen ridiculed Senator
Hitchcock's reference to the bill las rev.
olutionary.' the latter suggested he
meant no derision by the term, but ex-
pressed the opinion that revolution
airy" measure might. on mature delib-
GRAFTON, be found necessary.
Il refuse to accept the suggestion !"
snapped Senator Owen.
Senator Owen began to speak Of the
approval of his bill by Prof. Charles j.
Muller of Harvard University. when Sena-
tor Hoke Smith arose. The Georgia sena-
tor suggested that the tariff bill was be-
fore the Senate and was being delayed.
Is Taken OF Floor.
Il refuse to yield further" replied
/, Senator Owen.
Then make the point that the sena-
| tor cannot proceed except by unanimous
| consent and / withhold my consent" de-
clared Senator Smith.
Senator Owen resisted. but the Vice
President ruled him out Of order.