Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-10-21
Pres. WiIson's.Aiiitude on
Currency "Gives Hope. "
Supporters Believe Passage Of
Bill Possible This Session.
Reserve Banks and Reserve Board
Amendments Favored by Pres.

Washington, Oct. 20.-With Presi.
dent Wilson willing to accept substan
tial amendments to the administra
tons currency bill in the hope of Sc
curing speedy action on the measure
in the Senate committee, supporters OF
the administration, today, grew opti-
mistic over the chances for the pass
age of the measure before the end of
the extra session of Congress.
The President himself in a letter te
Majority Leader Underwood, announe-
ed his willingness to consider a pros
posal for a recess of the House. be
cause, he said, conferences with mem
bers of the Senate committee led him
TO believe the bill will be reported TO
the Senate, the first week of Novem-
Der. and passed. during the present
session
Republican members of the commits; :
tee and Senator Hitchcock of Nebras !.
ka were inclined to look upon this plan
as too optimistic, but other members
of the committee said they hoped to
be able TO live up to the Presidents
expectations. \ reduction in the num-
Der of reserve banks fixed by the add
ministration bill at II, and the remov-
al of the secretary of agriculture ana
the comptroller of the currency from
the federal reserve beard, which would
control the new currency system, We're
the amendments which the President
let II be known he would not oppose.
Witnesses before the Senate com
mittee have almost unanimously con-
tended for these amendments and a
majority of the committee is believed
to favor them. The proposed amend
ments would retain the federal reserve
board as "A stricly governmental body.
but would provide that it shall be
composed of seven members, six to
be appointed by the President and to
devote their entire time to The work
of the board and the seventh TO be
the secretary of the treasury.
The committee has not Yet taken up
the question of reducing the number
of reserve banks. but suggestions have
been made putting the number all the
way from three to ten. Senator Weeks
tRepublican) has a proposal that the
number be reduced to one, single
federal bank to be controlled absolute
~ by the government.
The proposal for y recess of the
House was taken up at the White
House and at the Capitol. today, and
negotiations continued without any
definite conclusion.
President Wilson's letter to Mr.. Tn
derwood, made public at the White
House said, the President was conf
dent the currency bill would be re-
ported in the Senate the first week
of November and passed three weeks
thereafter. Later. Mr.. Underwood
sought Rep. Mann. the minority lead
er of the House, and uiged him to con-
sent To the passage of a joint reso-
luton for recess of the House UNI
I'll Nov. 10. Mr.. Mann. who has in
sisted that Congress should adjourn
because of his belief that the cur
rency bill could not be enacted at the
extra session, postponed decision on
request until tomorrow. Then he
went to the Senate ard discussed with
Republican and Democratic members,
the Presidents assertion that the cur
rency bin probably would be disposed
of in November.
Il found" Mr.. Mann said, later.
that the Senate was without quor-
UNI, as also is the House. | found
that the President had not consulted
with Republican senators nor received
assurances from them that the cur
rency bin would be disposed of. |
found that the President must have
been mistaken or very much misled.
Il found that in all probability, the
currency bill would not get into the
Senate until the next session of Con
gress and the President will be
lucky If it passes by February. The
President saws there is an ambitious
legislative program for next winter.
Unless Congress begins work on the
program now we will be here until
next September and unless there are
concessions on the currency bill there
NAV not be much legislation enacted
but currency at the next session.
President Wilson's confidence thai
Republican and Democratic senators
would reach an early agreement on
the currency bill which he expressed
freely at the White House. today, was
based on talks with Senator Nelson
and one or two other Republicans
Members of the Senate banking anG
currency committee expressed more
confidence over an early outcome oil
the legislation than did Rep. Mann
but none of the Republican member:
would predict the passage of the bill
within the time set by the President
Representative Mann had not decided
tonight, whether he would agree. to
morrow, to the passage of a join
resolution permitting recess Of thu
House. As a quorum of the House il
not in town, the Democratic leader
cannot act without the consent of tn
Republicans.