The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-12-24

WashingtoL, Dec. 22.-At 1.3O
o'clock this morning the Joint con-
terence on the administration bill
agreed to strike from the measure
the senate provision for an insurance
fund to guarantee deposits in national
banks. At that time but single
point of disagreement was in dispute,
the composition of the federal board.
The committee agreed to strike out
the senate amendment which would
allow the use Of the new federal re-
serve notes as bank reserves.
The conference agreed on an en-
tirely new provision to take caro- of
the outstanding government per
cent. bonds on which the present cur
rency is based. They will be retired,
running two years after the new sys-
tenn Is installed, at the rate of $25,
100000 a year. This amount will be
taken from the present national banks
by the new regional banks in proper
tion to their capital and surplus. on
one-half of their bonds regional banks
will be allowed to issue currency
similar to present bank notes. The re-
mainder will be retired by the sub
stitution Of 20-year 3 per cent. bonds
or treasury gold notes, with an agree
mcnt that the regional banks will re-
new the notes each year for 80 years.
The bank reserve section as framed
By the senate was accepted with bu,
slight changes. They require the re-
serve OF IS per cent. in central re-
serve city banks, Is per cent. in re-
serve city banks and IL per cent. in
country banks. The makeup Of the
federal bJ2rd was the last matter in
dispute. The house members reluc-
family agreed that the secretary Of
agriculture be removed, but insisted
that the comptroller Of the currency
remain a member.
joint congressional committee on
the currency pushed that meas
ure close to completion tonight.
Problems involving the reserve
provisions the size and charac-
ter OF the federal reserve board, the
redemption of per cent. government
bonds and the retirement of the pres
ent national currency proved trouble
some, but the conferees finally
smoothed out most of the issues be-
tween house and senate. When the two
branches of congress convene tomOr-
row, IL is expected plans will be made
for a long recess, beginning Tuesday.
1t was predicted tonight that the cur
rency bill could be completed and
signed by the president late tomor-
row or Tuesday and congress has
dropped all other problems in an
ticipation of the first actual recess
that it will have enjoyed since April
q. 1t is planned to halt all business
until January IL and allow the legis-
lators to enjoy as complete as rest
as will President Wilson. who will
leave Washington for Pass Christian,
Miss, as soon as the currency bill is
signed.
The currency conferees assembled
early in the day and at the opening
OF the evening session had settled
many controverted points. An analy-
sis OF the bill by Senator Owen and
Representative Glass, chairman OF the
confcrecs, showed AZ points Of differ
crce between the two houses. but
many of these were of a minor char
actcr and were disposed Of quickly.
Among the more important de-
cisions Of the committee today were
tho following;
The minimum capital OF each re-
sional reserve bank was fixed at
S4.000,000. n compromise between the
100000 minimum of The senate bill
and the s5.000,000 minimum OF the
house bill.
The senatc's provision for from
eight To ~" regional banks was ac-
ccpted by the house i'm place of the
minimum Of IL fixed by the house
bill.
The scnatc's provision that each
member bank" must subscribe for
stock of the regional bank In it's ter
rltOry equal to- per cent OF the
member banks capital and surplus
wa. accepted 10y the house to replace
it's own provision that the subscrip-
ton must equal per cent. Of the
member banks capital.
The senate gave way on its pro
vision trat no class "B" director OF