Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1913-10-20
CURRENCY Bill.
IS sure TO
PASS
so SAYS PRESIDENT WILSON IN A
LETTER To OSCAR UNDERWOOD
MADE PUBLIC T0DAY=-N0 DILA-
TORY TACTICS ARE LOOKED FOR
SAYS PRESIDENT.
BILL TO Be REPORTED
FIRST WEEK IN NOV.

Washington, ID. G., Oct. 22.-Presi
dent Wilson wrote Representative
Underwood, the majority leader of the
house, today, expressing the opinion
that the currency bill would be re-
ported to the senate not later than
the first week in November and pas
sed after two or three weeks debate.
Il have had conferences with mem.
bers of the senate committee on bank
ing and currency, both Democrats and
Republicans, wrote the president. AS
result of those conferences, | feel
confident that a report on the bill may
be expected not later than the first
week in November. Most of the mem.
bers of the committee with whom
have conferred, have shown them
selves keenly aware of the disadvan-
tage to the country of any unnecessary
delay.
Il believe that the action of the SEN
ate on the bill will follow within two
or at the most three weeks after the
report is made. | do not believe there
will be any attempt to delay its pas
sage by dilatory tactics. Senators on
both sides, realize that business of
the country awaits this legislation, i'm
patient of being kept in suspense, and
display most public spirited desire to
dispose of it promptly. The passage
of the bill is assured.
'In these circumstances, ] should
like to confer with you as you so
kindly suggested, as to the action the
house should take while awaiting the
results
Senator Bristow and Hitchcock
were not optimistic of the bills pas.
sage at the present session. Senator
OGorman thought it might be pos
sible but that it could not be deter
mined "to a certainty Senator
Pomerene agreed with the president.
One DEVELOPMENT which lent en-
couragemf mt to those who hope for
speedv action came when the presi'
dent let il be known that he was not
finally committed to any particular
number of reserve banks, so long as
there were enough to meet business
requirements and that the federal re-
srve board did not necessarily have to
include the secretary of agriculture
and the comptroller Of the currency
so long as it was government controll-
ed. Active opposition has been direct
ell at those features.
Republican Leader Mann promised
tc let Mr. Underwood know his posi-
ton on a recess tomorrow, meanwhile
Mr.. Underwood is sounding sentiment
in the senate.
Victor Morawetz, of the National
Bank of Commerce, New York. en-
dorsed the general provisions of the
administration bill before the banking
committee, but suggested reducing
the regional banks to five or six.
Approves Measure.
New York, Oct. 20.-The New York
chamber of commerce today adopted
a resolution approving in the main the
currency act now before congress, but
suggesting several amendments. One
was the reduction of the number OF
IcocINS W uOt ChSCSu
four, with power to operate branches
in their own districts.
Another suggested that membership
in the federal reserve banks be made
of such importance to the national
banks that it need not be compulsory"
A third recommended that existing
bank notes be retired as promptly as
possible by the purchase of the gov
eminent at par of outstanding two per
cent bonds or by some equitable ar
rangement by which the federal re
serve banks would take over these
bonds from the national banks.
The fourth amendment proposed
that no more than five members OF
the reserve banks should be appointed
by the president; the fifth that the
federal reserve notes be issued by the
federal reserve banks without guar
antee by the government.