Pine Bluff daily graphic., 1913-11-18
GAIN MUCH TIME 0N CURRENCY BILL Republicans Confer With Democrats About Re
 porting Thursday GOLD WAS INCREASED Reserve To Be Hold Against Federal Votes Raised tO i3 Per Gent
 MaXimum.
GOLD WAS INCREASED

Washington, Nov. 17.-The Repub. 1ican section of the Senate Committee on Banking and Currency today made such headway in it's consideration of the administration bill that an in- formal agreement was made with the Democratic section to report their measure at the full meeting to be held Thursday. If this is done and it is then agreed that the bill be re- ported to the Senate next Saturday, an adjournment of the special ses- sion on that day may be ordered. This however depends entirely upon the President. The only thing that would prevent an adjournment for this short period would be the Mexi- can situation. Chairman Owen, Of the Senate Committee. urged adourn- ment at his conference Sunday night wit hthe President. That he received no Encouragement is assured from a statement MT. owen made today that he believed the adjournment of the session would be agreed to.
 The Republican section today in creased the gold reserve required to be held against the federal reserve notes, instead of the B Ia per cent stipulated in the House bill, the re- serve is fixed at a maximum of 45 per cent ranging down as low as 90 per cent. Instead of taxing the notes as provided in the administration bill, the proposed tax of the Repub- lican bill is to be assessed according to sliding scale against the re- duction in the gold reserve if it falls toward the 30 per cent level
 Rewrite Refunding Sec9ion
 The section of the administration bill for the refunding of the per cent bond was rewritten. The House provides for the retirement of five per cent of these bonds year for twnety years. The Republican bili will require the regional banks to purchase each year an amount equal to 50 per cent of it's capital stock.
 The suggestion advanced by Pre- sident Vanderlip, of the National City Bank, that the regional reserve banks may exchange their per cent bonds for per cent one-year treasury notes, accompanied by an agreement that these notes shall be renewed every year for 20 years if the gov- ernment desires, was written into the bill.
 Evidence that the Democratic sec- tion does not consider it's work con- cluded. was known today when 1t reconvened and reopened the subject of the transfer of reserves from the member banks to the reserve banks. It has been urged that the adminis- tration bills provision in this res- pect are enacted into law they will immediately precipitate stringency in the money maktterh at ought to be avoided. This paragraph wi1t be rewritten to provide for this trans- fer of reserves over period suf- ficiently long to prevent any distur- bance. Several other matters of detail are also under consideration with a view to improvement and re- moving any possible friction that may grow out of the inauguration of the new system. l Today there was talk of submitting the administration bill to caucus after 1t has been competed and ready l to report to the Senate. Several I Democrats are bitterly opposed to this, believing it will creat party diff ferences instead of creating harmony