Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-07-25
Little Chance for Agreement on
The Democratic Currency Bill.

Washington. July 24.-The admins
tration currency bill. today. became
the center of chaos in the conference
of Democratic members of the House
banking and currency committee. The
conference broke up, tonight, with
prospects of an agre ement on the bill
apparently reduced to a vague and
shadowy hope.
President Wilson regarded the sit
uation as so serious that he arranged
for conference at the White House,
tonight, With Representative Henry of
Texas, chairman of the House rules
committee, who has been advising
with tie "Insurgent" committeeman.
After re-eponing the discussion Of
the fundamental feature CT the bill. the
government control through the bread
powers Of the proposed federal reserve
board. Rep. Buckley of Ohio held the
floor tor an hour in rather free dis
eussion of Pres. Wilson's attitude to-
ward the bill. 1t became apparent that
the proposal to keep this board u
strictly government institution. urged
by Pres. Wilson as one of the essen
tails was a point Of wide disagreement.
iitI fNNP' iNh5oooit piNsNfitCt u s9't
of amendments practically ewrtng
the essentials of the bill. These
amendments, framed by Reps. Henry
and Ragsdale. represent the senti-
ment of the so-ealled "Insurgent"
Democrats on the currency question
and provide for currency issued on
warehouse receipts for cotton. corn
and wheat Representatives Henry
.l.,l1 Iii
ton of fighting for the amendmets.
Chairman Glass said, tonight, that
he suggested the impossibility of the
Democrats agreeing and proposed that
they take the uncompleted bill to the
fun committee or that they take it to
the Democratic caucus. The ma jority
however. believe that they should
make Il further attempt to thresh out
their difference in conference
President Wilson's recently publish
ed political work. THE New Free
DOM" furnished the text of Rep. Bull
KEYS discussion. Representative Kor-
bly, of Indiana replied at length 10
Mr. BullSely and Chairman Glass him
self took part in the discussion which
became rather bitter.
In a statement accompanying the
amendments. Rep. Henry, tonight,
criticized the Class bill as Written
wholly in the interests of the credi-
tor classes, the banking fraternity ana
the financial world, without proper
provision for the debtor classes and
those who toll and produce and sus-
tain the country"
IF large business and the bank
ers," said the statement, are deter
mined to again force the government
into partnership with the banks and
we are to disregard the teachings of
Jefferson, Jackson. Calhoun, Benton
and Bryan, and again institute mar
riage relations between the govern
ment and the banks in order to es-
tablsh a huge and permanent asset
currency PLAN then | insist that we
so amend and round out the Glass
Owen bill as to permit the farmer and
wage Garner to come into the scheme
on the same terms, at the same cost
and upon the identical principles upon
which we admit the banker and the
commercialist."
With this theory as basis 1.-The In
surgent" amendments would author
ize 4 federal reserve board of nine
members, including the secretary of the
treasury and secretary of agriculture
and the comptroller of the treasury and
six members appointed by the Pres
idcnt. OF these one would be bona