New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-29
May Reach House Monday. and
Probably Will Pass in
Two Weeks.
MET LITTLE OPPOSITION
Insurgents Reserve Right to
Vote Against Certain Pro-
visions - Amendment @
Concession to Bankers.
TFrom The Tribune Bureau

Washington, Aug. 2S.-The Democratic
caucus completed consideration late to-
day of the administration currency bill.
which will be reported TO the House after
a perfunctory vote in the Banking and
Currency Committee Chairman Glass
said tonight the bill probably would not
be taken up I'm the House until Monday,
September 1.
When Mr. Glass calls a meeting Of the
Banking and Currency Committee minor
ity members will be afforded their first
opportunity to examine officially the
Glass owen bill. The measure was framed
at secret conferences of the Democratic
members and ratified. with comparatively
minor changes, by a secret Democratic
caucus.
After fghting the bill all along the line
the insurgents, claiming to be practically
satisfied with the adoption OF the "agri-
cultural credit amendment, offered no
concerted opposition when the vote was
taken on reporting the bill from caucus
The vote was 100 to Q, with more than
n hundred Democrats absent No record
vote was taken on the showdown, al
though Representatives Neeley, Ragsdale'
Tagle and a few of the more radical IN
sureents reserved the right 10 vote against
rertain provisions in the bill in the House
Two amendments were accepted to-day,
one being a substitute for Section 20.
This substitute provides that country
banks, situated outside Of central reserve
and reserve cities, shall be required 10
maintain a reserve of only II per cent OF
abe aggregate amount of their deposits
The bill originally provided 10 per cent
reserve The so-called city banks are
now required TO maintain a reserve OF
only IS per cent, instead of 20, as Tor
enerly proposed. This amendment Is a
wight concession TO the banking interests
and was proposed by the Banking and
Currency Committee.
After a protracted fight the caucus also
adonted an amendment liberalizing the
system of loans upon improved farm
hands. The Glass-Owen bill provided but
no such loan shall be made for longer
period than nine months" Mr.. Fleids' Oh
Kentucky. eventually obtained the adop-
ton of an amendment changing the loan
period TO twelve months, whereby the
rural members scored another victory.
The currency bill has been in caucus al
most three weeks owing TO the struggle
waeed by the insurgents to obtain an
amendment prohibiting interlocking direc-
torates among national banks. This pro-
posal was defeated. but its author MT
Neeley. of Kansas, a member of the Pu)o
Money Trust Investigating Committee IN
tends 10 carry the issue to the House
floor. The insurgent clan succeeded IN
,,,,..;,,c, ,brot,rb a comDrOmise amendment
providing that the paper Of the farmer.
backed by staple agricultural products
shall be eligible to rediscount by the fed
eral reserve banks.
Mr.. Glass estimates that the bill VIII
be passed by the House within two weeks
after its formal report from the Banking
and Currency Committee, which means
that it will be the middle Of September
before the bill goes over TO the Senate,
where weeks of debate are in prospect.