Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-12-21
WORKS
ON CURRENCY BILL
Senate and House Leaders
Hope to Complete Task by
Tomorrow.
CHANGES IN PHRASEOLOGY
MADE AT NIGHT SESSION
Appeal May Be Made to President
if Deadlock Should
Arise.

committee on the currency bill went
over a large part of the bill at their
session last night Numerous amend
ments in the phraseology We're made.
When the conferees adjourned a few
minutes before midnight Chairman
Owen explained that about twenty points
of difference between the conferees were
expected to cause much discussion.
The conferees expressed the hope that
they would be able to complete their
work in time to make their report to-
morrow.
Il believe that we can be ready by
that time" said Senator Owen.
Its possible that we will complete our
work by tomorrow" said Representative
Carter Glass, chairman of the House
banking and currency committee Much
will depend upon how stubborn the Sen
ate conferees are" he added. with
smile. The best of good feeling among
the conferees appeared to have prevailed
at the meeting.
Will Work All Today.
When the committee adjourned it was
with the understanding that it would meet
again at 10 o'clock this morning, and con-
tinue at work all today and we'll into the
night in an effort to settle all differences
Undoubtedly great pressure will be
brought to bear upon the conferees to
complete their work as quickly as poss-
ble and 1t is expected that should hope
less deadlock arise an appeal my be made
to the President as referee.
Early yesterday evening letter from
Secretary of the Treasury McAdOo was
taken to the conferees. Members of the
conference stated later that the letter was
not significant and did not bear upon i'm
portant matters at issue.
Senate democratic members of the con-
ference committee decided not to take
their republican colleagues into the con-
ference. Senator Crawford, one of the
republican cOnferees, upon learning that
he would not participate. left Washington
House conferees desired to. have their
republican colleague Representative
Hayes, join in the deliberations.
ls6esps4sFwo senate Amendments.
The House conferees entered upon the
work instructed to accept two Senate
amendments calculated to aid agricultural
communities The instructions were
adopted by the House after an effort to
have 1t concur in all of the Senate
amendments had failed. The amend
ments indOrsed by the House were those
providing that six months commercial
paper should be eligible for rediscount
at the federal banks, instead of three
months paper only, as originally pro-
vi4ed in the House bill. and giving ma
tional banks the right to make loans on
fve-year farm mortgages up to one-thrd
OF their time deposits.
The Senate amendment providing for
the establishment OF a depositors' lnsur-
ance fund was mentioned during the
House debate but it was not included in
the instructions. The House conferees,
however, held session before meeting
the Senate committee and decided to
make a fight against the provision. Strong
support for the amendment on the floor
of the Senate was evidenced during the
consideration of the bill and a further
fight was predicted If the conference re-
port eliminated the provision.
Fight on Reserve Requirements.
The House conferees were prepared
also to make a vigorous fight against
several of the reserve requirements
changed by the Senate. On this point
Representative Glass was particularly
emphatic during the debate in the House.
1.-THE bank reserve requirements of the
Senate BILL he said, would result in
calamity. Under the Senate amendments
the total reserves of the banks, in cash
and i'll credit with the reserve banks,
would be less than the banks at present
hold in cash in their vaults Within a
few months under these provisions we
would have a saturnalia of expansion
of wild Initiation"
The reading of the bill was begun by
the democratic members of the confer
ence committee Immediately after they
met. Within an hour serious points of
difference developed. The House men,
bers announced tehir intention of insist
ing that the Secretary Of Agriculture and
the controller Of the currency be re-
tanned as members of the committee to
organize the new system and as MEM
bers of the federal reserve board. The
Senate amendment removed them from
both.
Number Of Regional Banks.
On the number of regional banks the
House members agreed to accept the
Senate provision that not less than eight
be created, but insisted that the provi
sion be eliminated fixing the maximum
number at twelve. They also announced
| that they would insist on the House pro-
| vision that the capital stock of each
! regional bank be fixed at ) per cent of
the capital of the national banks in its
| district, instead of at 8 per cent OF the
/ capital and surplus of the banks. as pro-