The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-11-07
CURRENCY BILL PUT
ON REAL GOLD BASIS
Senate Committee Strikes Out
"Lawful Money" Phrase
by = to | Vote.
WILSON READY TO FIGHT
a Administration Leaders Say the
President Won't Accept
the Measure.

WAsHiNGroN. Nov. s.--The Senate
made further important changes to-day in
the Administration currency bill.
1t decided 2 to I to strike the words "or
lawful money" from the bill wherever
they occur. thus making the reserve re-
quirement solely of gold.
Four Democrats voted to retain the
words "or lawful money" They were the
chairman, senator owen. and Senators
Hollis, Pomerenc and Shafroth. These
four by repeated votes in support Of the
features OF the House bill have come 10
he known as the Administration Senators
in the committee.
All Republican members of the commit
tee and the three Democrats-Senators
0'Gorman. Hitchcock and Reed-voted 10
strike the words from the bill.
These words, which crcpt into the hill
under circumstances that appear to be
surreptitious have been the ground of
much complaint FROM the bankers Of the
country. and TIE SrH has repeatedly
called attention to the menace Of retaining
lIlfin III lit Dlll. bN lb-ubN a'tipl Una
committee put the currency measure on a
really gold basis.
- Republican NtctOry."
The committee made rapid progress with
the bill during the day and showed the
same disregard for the clearly indicated
views Of the President IL has done here
toforc. After the committee adjourned in
the evening Chairman owen summed ny
the situation thus:
The Republican members Of the com
mittee have won on every proposal they
have submitted except one"
The unsuccessful proposal To which
Chairman owen referred was submitted
by Senator Weeks to-day and rejected by
s to I. II provided for the issuance ot
the new currency notes by the banks in
stead of the Government. the Treasury
Department to guarantee the redemption
OF the notes.
The Democrats voted solidly agains,
this proposal. and Senator Crawford OF
South Dakota, n Republican member OF
the committee. voted with them Senator
Weekss proposal received the votes Of the
four remaining members Of the committe,
Senators Nelson. Weeks Brstow and
Mclean.
The committee agreed TO retain tn,
House provision which authorizes tn,
Treasury Department to issu. the notn,
and supply them To the banks on prop.,
collateral. President Nanderlip Of the Ma
tlonal CITY Bank when he appeared befor.
the committee went on record in favor o
the proposal submitted bv senator Weeks
Some of the Republican Senators die
not regard the matter OF such Importance
/ Senator Bristow declared afterward tina
the question was largely academic. II.
said the credit of the Government woul,
he behind the issues in any event.
"' VI
These were only two Of the importar
! matters disposed Of by the committee. 4
! the morning session the members went o.
! record by a vote Of to 8 In favor of pub
lie ownership and public control Of tn,
stock Of the reserve associations.
Five Republican members of the com
mittee and Senators Hitchcock and Rec,
! cast the seven votes In favor of openini
| subscription to the stock Of the reserve
associations to the public and requirin;
/ the banks to underwrite the issues. pro
vlded that II the public does not subscrib
! for the stock within sixty days the bank
, shall be required to take II or % muc'
Of ii as may not he absorbed by the pub
| lie.
BY practically unanimous vote 1t wa
! agreed that the capitalization Of the re
eoual to G per cent. OF the combined capi
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