The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-08-29
Insurgents Routed After Fight
to Defeat Administration
Measure.
DEBATE TO BEGIN SEPT. 8
No Changes Made Which House
Leaders Had Not Agreed To
or Proposed.

amounted 70 Q complete rout Of the insur
gents, who had succeeded In holding tn
bill In caucus for nearly three weeks.
Debate on the bill will be begun In tn
House on or about September 3. accord
Ing to a statement made tonight h.
Chairman Glass Of the Committee OF
Banking and Currency. Mr.. Glass be-
lievcs the measure will b. passed by tn,
House before September 20. Presidcn
that the Senate shall caucus before thk
session of Congress comes to an end
few Of the Insurgents. notably Rep
resentatives Galloway Of Texas and
Necley Of Kansas. continued the ngh'
until the last minute. They with sever
others reserved the right to offer certain
amendments. However. all Democrats are
committed to the bill as a whole. as th,
caucus passed a resolution binding al
members of the party to the Measure
The Administration bill passed the caucus
without any change that WAS not proposed
or agreed to by the Administration lead.
ers.
1nsurErnts Made Trosble.
The insurgents made lot Of noise from
the beginning. At one stage Of the pro.
ceedings II appeared as though the,
would force the adop,ion os an amend.
ment providing a form Of axricu,tur,-
credits But the Pre,idcn, mad. 1, kpo~r
that he disapproved sucb an ,m.pd,r.r,
and William 1 Rrv.n wrots . ,.,,.r q,
which ne made 4, c,.ar ,h., h. v.. !.
favor OF the bill, ,ust a, I, cam. from Oh.
"Ahos OF the Administration. SO the in
= so.s., "e'e SHOWED u"aer ana mad 10
~. p"Se y" asrcu'ura'
' p'''' was write" oS
.., ""o a""ounceu stter the
VI ."e A"e"omen' thas IL dio
-, ~, we a'"u purpose OF the
"" y. we ,"."VeS' particular Mr. 0lsss
Hpu ,. '"s. '"e amenoment axreed ia
,, au'. "s.'eu''ura' paper 10 discount and
'e"'s'oun' o" pfeeiseiy the same terms as
eon'merN'ai paper instead OF giving II the
pN"ese OF rediscount by Federal reserve
'a"ks "'tho", indorsement by member
'"""S' as orls'haii! demanded by the
~ Nassaaie insurgents.
o important amendments were
"''p'eu 'o'daS' one had to do with the
reserve nature OF the bill and the other
,ei".eu 10 loans authorized by country
oahhs on AGRICULTURAL real estate. The
'a'ter proposition excited long discus
SION AS the bill was presented to the
caucus It provided for nine months loans
on tarm lands The time OF such loans
was extended to twelve months in accord
anee with representations made by saw
ings banks ana other institutions that
deal In such property.
s.n...,
ne reserve section substituted does not
"'"er materially from 'hat nrst adopted
.N'eP' W "a~e 'he provisions more clear.
~ proposes 'hat reserves IN central reserve
""o reserve CITIES shaii oe 10 per cent. In
s'e"" vi 90 per CENT ana l: per cent.
l"S'eau OF 40 per cent IN country banks.
40 'eeu'eo o' 'he eA's'hs law. the sec.
'o"' ""'e" IS hot SURPASSED IN Importance
" any o."er ~ 'ne o'i'' ionows'
1n'' rum anu ai'er 'he GATE when the
"e..e'arS Vi the treasury snail nave om-
e'aN' a""ou"eeo III sueh manner as ne
ma, e'ee' the iac' 'na' federai reserve
oanN mas peeh es'aonshed IN any desig'
49,, ua"Ans association
..s,,.,, 60 80 y, s""' "a'e SUI
800 :" su." feuers, reserve
o.~ '"A" oe Iesu..u 10 es'ao"s" ana
49,. &c 90 'o"o
.'u"; S""N as oe""ed oy
a reserve equal to l2 per centum of the
aggregate amount OF Its outstanding de-
posits' not inc'udins savings deposits here
'nafter PROVIDED ror' nve-twe'fths OF such
reserve snail consist OF money which ma
t'ohai oanks may uhder existing law
count ar 'esai reserve held actually in
'he nahks own vau'ts ana FOR a period
Oh fourteen months from the cate afore-
'a'u a' ,eas. '"ree..~e"'n' ana tnere'
ai'er a. ,eas' o"e-'"iro OF such reserve
sna" So"s's' vi creo'. nalAnce win the
reae.a, reses'e oanS Oh 's district The
Ie"s'nesr I .. me per cehtum reserve
neI.N"oe'o'e r.au'Ied may ror period OF
.n'r,y-sA months from ana after the date
hHea py ,ne SECRETARY OF treasury as
l,ere'noe'o'e provided CONSIST of balances
lug I'm na.'"a. 10. "s"AS IN reserve or
~, ss "s now oenne" oy
,,. .,'h us'e 'nr'y-sN
me secretary OF the Treasury, al here.