The Washington herald., 1913-10-25
WILSON STANDS
BY GLASS BILL.
President Issues Statement
Opposing Plan Submitted
by Yanderlip.
CAUCUS MAY BE CALLED
Division in Currency Committee May
Force Administration to Adopt
Drastic Measures.

President Wilson made it clear yester-
day that he unquahfiedly is in favor of
the GIass-owen currency measure as II
passed the House. and that he believed
the bill as it now stands is well suited
to the existing business needs Of the
country.
This is his reply to the Vanderlip plan
for a central bank which has been pre-
sented to the Senate Committee on Bank
ing and Currency, and which seems to
have found considerable support among
the members OF the committee.
The Presidents stand is defined clearly.
and although he still is willing to ac-
cept amendments on what he considers
to be incidental features of the measure
he is opposed to the radical changes pro-
posed by Mr.. Vanderlip.
This statement was issued from the
White House:
when inquiries were made at the
White House as to what the President s
attitude was toward the proposal made
by Mr.. vanderlip. of the National City
Bank, to the Currency Committee OF the
Senate, it was stated with the expected
emphasis that of course, the President
would not recede in any respect from
the position he already clearly had taken
and which the whole country under
stands He has warmly and unquali-
fiedly indorsed ali the main features OF
the Glass-Owen bill. He regards the plan
provided for in that bill as excellently
suited to the existing conditions OF the
business of the country, and in every
essential particular sound and calculated
to render the business men of the coun-
try a great and immediate service, and
he believes that the early enactment OF
the bill into law is expected and de-
manded by the most thoughtful business
interests. The evidences which have
reached him of the support Of the coun-
try are unmistakable and overwhelm-
ing"
Conference with Kern.
The President held a long conference
yesterday with Senator Kern, the ma
jority leader of the Senate, and with
Senator Stone of Missouri. AS a result
of these conferences 1t became known
that Democratic leaders in the Senate
and the President are inclined now to
resort to the party caucus to drive the
administration bill through. The division
that has been caused by the Vanderlip
plan will be seized upon as the preteXt
for divesting the currency legislation OF
the nonpartican character that has
marked its progress thus far, and unless
a majority of the Senate committee
Glass-Owen measure the party whip un-
doubtedly will be applied.
The caucus action at first is likely to
take the form of a resolution calling for
banking and currency legislation at this
session of Congress. and it Is possible
that an effort may be made also to COM
nit the Senate Democrats to the general
principles of the bill to be supported.
Representative Carter Glass of Virginia,
chairman of the House Committee on
Banking and Currency, made the state
ment yesterday that If the Senate
adopted the Vanderlip plan, either in sub
stance or form, that 1t would mean the
failure of the pending legislation. This
is a scheme to defeat banking and cur
rency REFORM" said Mr.. Glass. THAT is
perfectly plain to me. as it must be to
other friends of the bill that passed the
House." Mr.. Glass broadly intimated
that the National City Bank, finding it
impossible to defeat the administra ton
by direct means. seeks to do SO by in
direction through the medium of the
plan outlined TO the Senate committee
by Mr.. Vanderlip.
Mr.. Glass charges that Mr.. Vanderlip
has changed front on the banking and
currency question. He asserted that last
July he received a letter from Mr.. Van
derlip in which the latter discussed the
House bill at length, setting forth his
position on certain fundamentals, accord
ing to Mr.. Glass, in direct opposition to
the position assumed in his testimony
before the senate committee.
H Parker Willis, of New York, con-
fidentlal adviser of the House Committee
Oh Banking and Currency. spent yester-
day afternoon before the Senate Cur
rency Committee, most of the time en-
gagged in a defense OF the Glass-Owen |
bill in its present form