The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1913-12-24
STRENGTH SHOWN BY CURRENCY
BILL ON FIRST TfssTE-
CENTRAL BANK KILLED
Administration Measure Meets Severe
Test in Senate, But Democrats
Table Hitchcock's Amendment to
Put One Institution In Control OF
Monetary System.

Victory for, the administration
forces in the first test OF strength on
the currency reform bill marked
Mondays session OF the Senate. The
vote, 40 to 35, tabled substitute
offered by Senator Hitchcock for Sec
ton Of the administration bill, pro-
posing a system Of four regional
banks, with a possible increase to
eight, the regional banks' stock to be
owned by the public.
The defeat Of the amendment prac-
tically assured the adoption Of the
Owen plan, which provides for from
8 to IL regional banks, with the
stock owned by the national banks'
that become members Of the respec-
tive regional banks. The Democratic
leaders claimed that the result Of the
test vote, involving one Of the most
important features of the tight, indi-
Gated the complete success Of the ad-
ministration measure.
Efforts to get an agreement for
time to begin final vote on the bill
were not successful, but leaders on
both sides OF the chamber looked for
ward to an early termination of. the
debate and for final action before the
end Of the week. When the Hitch
cock substitute had been tabled, Sen
ator Reed made speech vigorously
defending the Owen bill and replying
to Senator Root, who on Saturday at
tackled the measure and called Secre-
tary Bryan ''the dominating in--
luence" behind the proposed new
currency system.
Replying directly to Senator Roots
predictions that undue imitation and
financial panic might ensue II the
currency bill were passed in its pres
ent form, Senator Reed declared no
imitation of the currency could occur
unless the "sound money men who
run the banks" brought it about.
"This is workable BILL" he declar-
ed. ''It Is not surcharged with de-
struction to business. If added checks
ought to be put in, I, for one, am
willing to put them in. But the SEN
ator from New York spent his time
telling Of the dire things that would
happen to business and spent but lit
tie time explaining his own proposed
amendments.
"No one has the right to undertake
to alarm the business interests where
there is no just cause for It. I doubt
the high patriotism of the man who
will stand here and cry Wolf. WOLF
where there is no wolf."
Senator Reed said "typewrtttsn
document" proposing Senator Root
for the presidency had been prepared
and given to the press before he made
his speech. cit is not difficult then
to understand why the secretary Of
state was brought in," he added.
"When the voice of ambition Is call
ing to higher honors, 1t is not diff
cult to understand that men will
sometimes let their interests over
come their spirit Of fairness and can
dor.
"If we ever have imitation Of tho
currency bill, it will be caused by the
bankers Of the country and by no one
else. This proposed federal reserve
board can not put out 81 OF addt-
tional currency until there has been
a call made upon 1t by the regions
whose boards will be controlled by
the sound money men who run tho
national banks"
Senator Hitchcock made & sharp
attack on the proposed control Of the
regional reserve banks by the bank
Ing interests Of the country. He de-
clared this feature Of the bill would
turn the country reserve to the use
of these bankers and would legaHze
the methods and the combination OF
control, against which the country
has long protested.