Martinsburg statesman-democrat. [volume] (Martinsburg, W. Va.) 1906-1921, 1913-08-29
LAST BIG ISSUE HAS
BEEN DISPOSED OF

Glass and "lnsurse Contingent
Equally Satisfied With the Demo
cratic caueus-seeretary MeAdoo
Denies the Statement Attributed 10
Attorney-eenersI Reynolds - All
Factions Satisfied.
WASHINGTON, Aug. 26An agrl-
cultural currency amendment TO the
Administration Currency bill was
adopted by the House Democratic
caucus yesterday
After several preliminary skirmish
es, in which ether amendments were
beaten. the caucus without dissent
ing vote adopted an amendment, spon.
sored both By the ''insursent" contin-
gent ana Banking and Currency Com.
mittee to put paper based on agri-
cultural products on the same basis
as commercial paper for banking pur-
poses.
II also would extend the maturity
of note sand bills admitted to discount
under the amendment to 80 days in.
stead Of the originally proposed A.
days. This action disposed of the
last OF the big controversial issues in
the Administration Currency bill
Amendment is Adopted.
The amendment, the result of many
conferences and concurred in by Ad-
ministration leaders and those unsue.
cessfully seeking other amendments.
reads:
Upon the Endorsement of any
member bank, any Federal reserve
bank may discount notes and bills Of
exchange arising out Of commercial
transactions, that is. notes and bills
of exchange issued or drawn for ag-
ricultural. industrial or commercial
purposes or the proceeds of which
have been used for such purposes.
the Federal reserve board to have the
right to determine or decline the char
acter OF the paper thus eligible for
discount, within the meaning of this
act. But such definition shall not in
clude notes or bills issued or drawn
for the purpose of carrying on trading
in stocks. bonds Or other investment
securities, nor shall anything herein
contained be construed to prohibit
such notes and bills of exchange Sc
cured by staple agricultural products
or other goods. wares or merchandise
from being eligible for such discount
Notes Limited to 80 Days.
Notes and bills admitted to dis
count under the terms of this para
graph must have maturity of not
more than 80 days sv
The caucus overwhelmingly voted
down an amendment to abolish the ad
visory board of bankers, provision for
which was INCORPORATED in the bill to
meet the criticism that the bankers
were being ignored.
I'VE have won all We contended
for" was the comment of Represent
alive Medley, of Kansas, in charge OF
the opposition to the bill. "The Glass
amendment" added Representative
Henry of Texas, comes practically
to the amendment ! have advocated
during the last three months
"The- rediscount section as thus
amended" replied Chairman Glass,
does not comprehend a single one Of
the wild and absurd suggestions which
had been proposed. Mr.. Henry sur
rendered solely and simply because
he was beaten He jumped after the
boat left the wharf"
Not Discrimin Eating, Says Glass.
Other members OF the committee
made similar statements.
Chairman Glass said last night that
the amendment did not discriminate
either for or against the farmer, that
the New England shoe manufacturer
or clothing maker could present their
goods for discount as much as the
farmer could, and, in the final analy.
sis "the whole thing is left TO the
Federal Reserve Board or the regeon-
al reserve bank. which does the dis
counting
Secretary MeAdoo last night issued
the following statement concerning
his recent conference with George NJ.
Reynolds of Chicago. at New York.