The Washington herald., 1913-10-23
SENATE HASTENS
I CURRENCY BILL
Committee to Start Executive
Sessions on Glass Meas
ure Monday.
REPORT WITHIN TEN DAYS
Night Meetings May Be Held to Faeili.
tate Early Agreement Witnesses
Favor Changes in Provisions.

Next Monday the Senate Committee
on Banking and Currency will begin
consideration Of the pending currency
measure in executive session. Senator
o'Gorman said last night he thought
that with constant attention TO the sub
ject report could be made to the SEN
ate within ten days perhaps. in a
week.
When the hearings closed yesterday
afternoon an executive session was
held. during which the program for the
next week was outlined. II the ses-
sions drag too much, night sessions
viii be ordered. for both Republicans
and Democrats expressed a desire to
report the bill as early as a proper
consideration OF the subject would per-
init. II the bill receives the unanimous
approval of the committee IL is gem
orally agreed that debate in the SEN
ate will be shortened materially.
Upon two points the committee seems
agreed. No member of the Cabinet
will be a member of the Federal Re-
serve Board and the number of re-
gional reserve banks will be reduced
TO FIVE.
r. II. Long. of South birmingham.
Mass, yesterday told the committee that
he was a sufferer from the money trust.
New England subsidiary organizations,
notably the Atlantic Bank of Boston and
the First National Bank OF Boston. He
told the committee that with a line OF
100000 credit he endeavored to start a
mandatory OF shoe machinery in op-
position to the United States Shoe Ma
chinery Company, the trust. so called.
His line of credit had been promptly cut
away. he said, and he attributed it to
the fact that directors OF the United
Shoe Machinery Company were also di-
rsctors of practically every substantial
financial institution in Massachusetts, IL
not in New England.
Weeks Makes Reply.
The statement of Mr.. Long was puna-
tured by Senator Weeks of Massachu-
setts. who informed the committee that
he had investigated Mr.. Longs charges
and that so far as he could discover
there was nothing to them. He instanced
the First National Bank of Boston, OF
which he CSenator Weeks is a director
and quoted the vice president Of that in
stitution as saying that Mr.. Long had
come to him and sought to open an ae-
count by discounting a note. He did not
consider this very good banking and had
refused. The directors OF the First Ma
tional Bank OF Boston had never heard
officially Of Mr.. Longs efforts to obtain
the credit. and therefore the charge that
the United States Shoe Machinery Com
pany Influenced that organization had
not influenced the refusal of Mr.. Longs
credit.
F. ]. Syme. Of New York, editor OF the
Shareholder. objected TO the Glass-Owen
bill altogether. He thought that the
right to designate what collateral should
be accepted by Federal reserve banks
should be reposed in Congress instead
OF the Federal Reserve Board. Mr.. Syme
expressed the view that too great i'm
portance was attached TO the desirability
Of commercial paper as the basis for the
new currency, and he thought that Con-
gress should have the right to desig-
nate what stocks and bonds might be
acceptable as collateral.