The Washington times., 1913-08-03
WOODS CHALLENGES
!. N N'ADOO'S CHARGES
Declares Increased Holding of
Bonds DisproVes Efforts to
Depress Price.


The currency situation became more
muddled today, following the issuance
OF a statement by Congressman Woods
challenging the correctness of Secre-
tary McAdoo's bank conspiracy
charges. and another statement issued
through Congressman Ragsdale indi-
ractly attacking the Glass-Owen bill.
Mr.. Woods is a Republican member
of the House Banking and Currency
Committee. Mr.. Ragsdale is a Demo
cratic member. and the author of the
so-called Henry-Ragsdale amendments
providing an agricultural credit cur
rency. Mr.. Ragsdale has made public
an interview with T. ]. Brooks, an ex-
pert on farm credits, who takes a fall
out of the House committee for reject
ing the Henry-Ragsdale amendments.
Congressman Woods says that when
he read Secretary McAdoo's statement
charging that New York banks were
n conspiracy to depress the per
cent bonds he Immediately wrote the
national banks of New York city to
obtain a list of their holdings on the
day the Glass bill was introduced, June
was given out, July %.
Calls Statement Unwarranted.
II have received answers from prac-
tically all of the large national banks,
and many of the smaller ones, in New
York CITY," said Mr.. Woods. I'm fact
I have received answers from twenty
seven national banks. and among these
twenty-seven there is one bank that
decreased its holdings of bonds about
$500.
The increased holdings of the other
national banks heard from amount to
about $4,000. making a net increase of
July 9, inclusive.
There are some nine or ten Of the
smaller banks of the city that 1 have
not; yet heard from. These may have
purchased or sold bonds in small
amounts But the fact that the hold
ings of these bonds in all the large
banks but one are as much or more
on July g, the date of the McAdoo
statement, as they were on June 26,
whom the currency bill was introduced,
is conclusive evidence there has been
no Concerted effort on the part of a
number of New York national banks to
depress the selling price of these bonds.
1T would seem that the statement by
Secretary McAdoo is entirely unwar-
ranted, unless 1t was made from a po-
ltical viewpoint and in order to secure
political influence from the country dis
tTicts in favor Of a political bill to re-
Vlee our banking and currency laws"
IL Is not improbable that Secretary
McAdoo will be asked TO appear before
a committee Of Congress to back up, IL
possible, his conspiracy charges. Chair
man Henry, of the House Rules Com
Intftee, said today the committee would
consider tomorrow the Neeley resoIu
ton, which directs the Banking and Cur
rency Committee to hear Secretary Nc
Aooos statement of facts. The Bank
ing and Currency Committee is averse
y holding such an inquiry on the eve
OF the report of the now Completed cur
rency bin, but If Mr.. Henry has his way
the Rules Committee will favorabIy re-
port the Neeley resolution directing a
probe.
Tnst the supporters Of the Henry
Ragsdale amendments to the currency
Dill have not abandoned the insurgent
nBht IN favor OF an agricultural credit
currency was shown today when an in
terview with T. J. Brooks, a member of
the American commission to study the
rural credit system of Europe. was made
public through Mr.. Ragsdale, insurEent
member Of the Banking and Currency
Committee.
Mr.. Brooks occupies the chair of mar
kets ana rural credits in the AgricuI-
tural and Mechanical College of Mis-
slsslppl, and recently represented the
United States as one OF three Delegates
at the International institute of aRricul-
lure at Rome. Discussing the Henry
Ragsdale amendments to the currency
bill, he said:
Aids Farmer and Wage.Earner.
IF the Government is to accept the
business mans commercial paper and re-
deem in gold his promise to paw. WHY
should the farmer be denied the right
to present prime agricultural paper.
based on dynamic wealth properly
stored and insured. and receive ad-
vsnces Of one-haif its value, thereby not
being forced to surrender his prod
ucts to the speculator faster than trade
demand will Justify?
If the Democratic party votes doU-n
the Henry-Ragsdale amendments and
passes the Glass-Owen bill il will he
dishonor.' y
The amendments only put the farm
e. and the wage Garner on the same
footing with the banker, bondhoIder,
and Industrial financier when they an,
proach the National Treasury. AS the
bill stands, x is a reYamp OF the Aid
rich bill The latest announcement Of
Secretary McAdoo does not change the
application Of the bill"
Mr.. Ragsdale and Mr. Henry are ex-
oected TO open the fight soon after the !
caucus meets on August II, and they
viii put members from agricultural |
districts in a hole by demanding a |
roll call vote on their amendments |
Ihese amendments provide for the is |
spance of emergency currency. under |
certain safeguards, against warehouse |
receipts covering cotton, wheat and !
eorn, and the farmer members of J
the House are approaching the issue |