Albuquerque morning journal., 1913-06-23
Message to Be Read In Joint
Session Today Insists That
Administration Bill Be Pass
ed Before Adjournment,
SECRETARY BRYAN IS
STRONGLY FOR MEASURE
NebraSkan Declares II viii Be
Of Great Advantage Both to
Bankers and to Entire Peo-
pie Of County,


Washington. June 22 Tho prcsi-
dent of the United States VIII go to
congress again tomorrow 20 deliver
the second message cot his admiustra
tion Congress viii meet ia Joint
session in the chamber Of the house
to hear his message on currency leg
ismiion
President Wilson will arrive at 1
o'clock and being presented boy Speak
er Clark. will deliver his message urg
ug currency legislation before the
close of the special session
Secretary Bryan issued tonight "a
statement on the currency bin pre-
pared hv Chairmcn Glass and owen,
Of the congressional banking and cur
rency committees, Secretary Of the
Treasury McAdoo ana the president
Secretary Bryan gave his "unreservcd
end'sN.- 1ent 10 the proposed measure
and removed an doubt as 60 his 20.
siton with reference to currency re-
form, the ideas of President Wilson
and tha necessity for immediate ac.
ton
II am glad TO endorse most earnest
Is and unreservcdly the currency bill.
which has been prepared by the
ehairmen of the two congressional
committees. la conjunction with the
president aud Mr. McAdoo. said Mr.
Bryan ~ Is a much better bin
than supposed it possible to secure
ut this time.
"The plan which the president now
urges confers great advantages upon
the banks. while II preserves TO the
people, acting through the govern
ment all that Is essential for the
protection Of the public. The notes
are TO be treasury notes issued by
the government and loaned to the
regional reserve banks This Is IN
harmony with the democratic conten-
ton. There is no surrender of IN,
governments right to issue money
Tho board Of control is appointed
by the president Thus the people
acting through the government. are In
entire control
The great point of advantage "a
the banks am advantage that ought
to make them willing to accept IN,
bill without question Is that it FUR
nishcs a currency which they can se-
cure In time OF need without having
to put up bonds as securities The
bond requirement largely neutralizes
The advantage of the money issued on
them as security because the banks
cannot draw back more from the
government than they have already
invested Ia the bonds. but where a
bank can put up is good assets II Is
able at an times. without sacrifice,
10 secure amy additional circulation
that the community may need and
the governing body can be trusted q
issue treasury notes 10 the regional
reserve banks on terms that Will be
fair and just
"rhc business Interests think
welcome this blll as an unaloyed
blessinl u gives them. through their
banks promise of relief in any
time of suingercy ana it gives this
promise without putting in the hands
OF the banks a power that might
be used against the public. The
bin IS a faithful fulfillmcnt of the
promises made in the Baltimore plat
form"
Administration lenders said tonight
they were at loss to understand
how there can be any hesitation ON
the part of congress in complying
with the presidents desires The cur
rency bill made public last week win
be introduced in both houses and
tho banbinR and currency committee
IS expected TO meet early this wock.
Tariff viii be under consideration
by the senate democratic caucus
most OF the week The caucua fight
on free wool ana free sugar will be
the important event of the week so
far as tariff is concerned When
the majority members of the COM
mittcc report on the income tax
feature Of the bill there may be a
lively discussion, as TO the basic OK
emptiOn. The senate committee has
reduced the exemption from $4,000
to $4,000 for unmarried persons, but
some senators think it should be
stll lower
For the first time in many years
"A real reform IN congressional ap-
propriations appears To be in sight.
Representative Fitzgerald OF New
York, chairman Of the house appro-
priallons committee will favor the
centcring OF appropriations in one
committee. in speech Tuesday 4
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Continued on Page Two.)