Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1913-12-25
CHANGES MADE In
NEW BANKING ACT

Hs.sHaNSS"
Washington. Dec. 19.-Another mod.
ncatton OF the currency bill to permit
clearing house associations to continue
their present system OF bank examina-
ton and report has been agreed on.
Protests from clearing house associa-
tons in Los Angeles, Atlanta, Cincin.
maui columbus and other cities, sayin0
inc usefulness OF the associations would
be destroyed under the restrictions o4
the bill. caused the change.
The Senate debate continued today
with = limit OF 10 minutes for each
senator.
Senator Hitchcock's proposal to In
crease the gold resyerve from IS to 45
to 40.
Senator Bristow asked whether tho
democratic managers had decided to
drop deposits guarantee. Senator
Owen replied there was nothing in the
umo that such q conclusion had
been reached; but he would not say
whether the provision was to be re-
tanned In the bill.
Another amendment by Senator
Hitchcock to increase from $S.0oO,00 o to
$b,00o.0o0 the capital required by each
regional reserve bank was tabled ~
to 20.
f WUJoTlSy C0t0V TG8G
With a limit on debate and the
bill. amendments were defeated with
rapidity. One. proposing six banks an
q compromise between the eight Of tho
owen bill and the four OF the Hitch-i
cock plan. went to the table by q vote
OF 43 to 80. Another Hitchcock amend
ment that forced a vote IN the direct
question OF whether the orr
the banks should control the regional
banks was also tabled. Senators Root,
ana Oliver. republicans. voted with the
democrats. Senator Lane, democrat
Joined Hitchcock and the republicans
Senator H~itchcock.s amendment
proposing public ownership OF tho
stock Of federal reserve banks also was
tabled by a vote Of II to 81.
Vote Down Amendments.
The Senate spent last night IN COM
sideration OF further amendments pro-
posed by Senator Hitchcock, defoating
BY II to 81 his amendments to extend
the guarantee OF bank deposits 4 cover
state banks that Joined the now sys-
tenn as we'll as national banks. Sena-
tor owen expressed his approval Of this
idea, but h democrats would not sup
port it because 1t had not received the
Endorsement OF the caucus.
A motion by Senator Hitchcock to
increase from 90 to $50 days the a.
turity date of paper that could be sub
mttted far rediscount at the regional
banks was also defeated, SO to 81.
The democrats gathered in q hur-
ricdly called conference to settle all
final differences over the bill and agree
upon amendments which they would
support. The list OF amendments sub,
mitted to the caucus included many Of
those which had been proposed BY
Senate Hitchcock OF by republicans
and voted down. and it was said several
of these might bo offered by Senator
owen and adopted as part Of the bill.
Republican senator's Joined Senator
Hitchcock in a strong night against the
provision OF h Owen bill limiting to
20 days the maturity %pericdgof CONNER
cial paper that might he rediscountedi
at the proposed new regional reservoI
banks.
Senators Crawford. Of South Dakota
and McCumber, of North Dakota, de-
clared 1t would make 1t "a impossible
for country banks of the southwest to
meet an emergency and that six
months for farmers and stock raisereS
would be valueless in time De . panic,
because they could not ~rediscount.
With this S0-day provision you are
simply creating q bank OF big banks
declared Senator Crawford. "a bank to
help big banks, blu for which you as
eess the little banks SO as to get tho.
capital. The little banks are simply
commanded to carry wood and water
for the big banks.
You say to the vanderlips ana the
Hepburns and the Morgans and the,
Reynolds: Come in with u short
term paper and get the money but o
the Jones from the small country dis
~tricts: Go somewhere else with your
long time farmers papers. we cannot
discount"