Evening star., 1913-10-11
PRESIDENT GETS u
REASSUR|NG WORD.
Close Friends Tell Him That a
Currency Law Is Nearer /
Realty Than Supposed. 4
CAN DEPEND ON BILL
CONVEYING HIS VIEWS
Illinois Banker at Senate Committee
Hearing Today Denies Existence
of Any Conspiracy.

of Any Conspiracy.
President Wilson's closest friends send
him word today that a currency measure
is much nearer a reality than has been
supposed, and that he can depend on
bill going through containing the funda-
mentals OF the reform he has so long in
sisted upon.
AS to the details of the changes that
will be made in the Senate the President
is paying little attention at this time.
When 1t becomes necessary to do so he
will take notice.
Senate, for an expression of his views as
to certain amendments, -he~-Nvill frankly
give them, reserving 10 himself the right
to approve or disapprove that belongs to
chin under the Constitution. His friends
have no thought that bill oistasteful 10
him will be passed. On the other hand.
they declare that any bill that goes
through Congress, as one will do within
a comparatively short time, will, I'm the
estimation of the country. be that with
White House markings II IL finally has
the signature OF Mr.. Wilson. They do
| not charge that any attempt is being
| made to take from him the credit of in
sisting on reform, because they do not
believe this can be done.
At the same time there is satisfaction
| around the White House and among
Senate democrats over the improved
prospects of q bill at an early date.
Whatever view existed that the Presi-
dent was going TO take the Senate by
| the throa. and compel instant currency
| legislation has been dissipatsd thorough
| ly and the Senate feels that IL asserted
| itself against these reports al the right
tine.
Mutual Good Feeling.
| The Senate therefore according to the
view today, is feeling good over its own
declaration of Independence while the
President is satisfied that matters have
been cleared up. erroneous reports of
| damaging nature stopped. and demo-
Gratis and republicans joining i'm a real
political hailelujah, with the pron1ise
of results at the end of the festivities
that everybody can claim for his own.
Already the newspaper headlines are
being pointed out something like this:
| Wilson'S Wonderful Work. Hitch
cock Embraces President" Reed Gets
All He Wants" "o'Gormans Clever
Victory "Hoke Smith Put 1t Across"
Kern Real Author of Currency" .'Tu-
multy's Tactful Tactics" "Penrose
Points with Pride" Smooth Smirks
with Satisfaction" 'McAdoo's Mastery
Maneuvers' and 'Glass Gobbles ALL"
Strong Efforts for Recess.
\
by prominent democratic senators to
bring about a recess of Congress until
the time when the banking and cur
rency committee of the Senate is ready
to report the currency bill for action.
These senators point out that it. has
become apparent that the committee win
not be ready. with report before No
vember II. and that possibly it may be
later: They believe taht every other
N fha nall xlx
members of the committee, should have
all the intervening time for the study Of
the currency measure. and for that
reason no other legislation should now be
attempted
With this idea in mind these senators
declare that there is no object in keeping
1.-The Senate in session meeting twice
| week. They are unalterably opposed to
! taking up any general legislation Until the
currency bill is out of the way. They
| figure that IL the senator's all give the
bill their attention from until the
time the committee is able to report. time
Will have been saved and the debate i'm
| the Senate shortened.
| 1t is understood that Senator Hoke
Smith of Georgia is making a poll of the
democratic senators today to learn the
sentiment of the majority regarding q
possible recess.
To Urge Other Legislation.
Senator Cummins of Iowa, when the
Senate met Thursday, gave notice that
he would insist. If the Senate is to re-
main in session and not recess, that
meetings be held daily and other pend
ing legislation besides the currency bill
be taken up for action. This plan prob
ably will meet with strong opposition.
''Of course" said one of the democratic
senators. who Is urging a recess, If the
House refuses to vote a recess, the Sem
ate must also stay in session"
c. F. Harris of Champagne. ILL.,, one OF
the bankers appearing before the Senate
committee TO-DAY. denied in the strongest
terms that any conspiracy existed among
the bankers of the country to delay or to
prevent the passage OF the currency bill.
In answer TO a question by Senator OGor-
man of New York Mr.. Harris said that
he had. never heard of any bank attempt
ing to influence the country banks against
the bill. He said that the outcry which
had been made to the effect that bankers
were in a conspiracy to defeat the bill
for selfish reasons was similar to other
charges which have been made when i'm
portant legislation was under considera-
tion.-
Mr. Harris denied also the truth of the
statement made in the Senate last Thurs
day by Senator Owen that the Boston
convention OF bankers had, been held for
the purpose of decryins the bill.
Great Improvement, He Says.
Yesterday afternoon James u. Can
non, president of the Fouth National
Bank of New York, told the committee
that the bill would be great improve
ment over present conditions. He cor
roborated the views OF Frank a. Van
derlip that the creation of the redis-
count market for commercial paper
by the new system would obviate the
present necessity of banks keeping
ctr
change securities. lie told the commit
tee tnat on a given date twenty New
York banks hao .s44U,O0o,U00 In cali
loans OF this he said $3.50 0Qe.000 was
loaned for the account of out-of-town
banks.
Mr. Cannon indorsed the proposed
government control OF the federal re-
serve board at the head of the proposed
system. He said. however. thal tho
Secretary of the Treasury, the con-
trailer of the currency and the Secre-
tary of Agriculture should not be
niaced on the board. but that the Presi-
dant should appoint the entire mem
hership of seven. He indorsed the plan
10 place the government guarantee
on the notes to be issued by the federal
reserve banks. He said that the num-
h..I of federal reserve banks should be
r.duced from twelve to four, II pos
sible or at most six or seven.