The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-11-30
SLOW PROGRESS ON
THE CURRENCY BILL
Democratic Senators Wrangle
All Day Over the Admin
istration Measure.

WASHINGTON Nov. 29-Subjected
to an all-day wrangle in the conference
of Democratic senator's today, the ad-
ministration currency bill progressed
slowly in it's preparation for final con
sideration on the floor OF the senate,
Practically no change was made in
the administration draft Of tho bill as
presented by Senator Owen and the
five administration senators Of the
banking and currency committee dur
ing the day, but for several hours the
conference discussed a technical inter
pretation of the provision of the bill
relating to tho retiring Of the new
currency to be issued. Senator Reed
Of Missouri criticised the wording of the
section.
and night sessions Of the senate until
the bill is disposed OF probably will be
delayed until the conference concludes
its work next Tuesday or Wednesday.
The point upon which tho committee
split, the public ownership and gov
ernment control of the proposed re-
gional reserve banks. was not brought
before the conference. The admins
tration plan for regional banks capital
lied by enforced subscription Of the
bnnks and controlled by bank-selected
directors, was indorsed. 1t was pro-
vided, however, the federal reserve
board should have the power to remove
all directors Of the regional banks.
The conference passed over the pro-
vision Of the bill fixing the number Of
regional banks At the instance Of the
conference Democrats Of the currency
committee are framing q guarantee of
bank deposits provision, which may be
written Into the BILL
The conference referred back to the
Democrats OF the banking commission
the section of the bill relating to the
retiremen of federal reserve notes, and
n new proposition was suggested for the
refunding Of the 2 per cent bonds on
which the present currency is based.
The plan involved the acceptance OF
some of the features Of the refunding
Hitchcock and the Republicans of the
banking committee. II would replace
the present Q per cent with 8 per cent
one-year government notes, but would
take long period Of time to effect the
transfer.
The conference also decided to dis.
pose OF all provisions which do not
involve disputed matters at tonight g
session. The disputed points, includ-
far, will be taken up tomorrow by the
members. of the banking committee,
who will report to session Of the
conference to be called tomorrow night.
The laaders expect to complete the bill
at that time
Late tonight the conference adopted
an amendment to tho Owen bill which
would permit the federal reserve board
to establish any number Of regional re-
serve banks considered necessary be-
tween the limits of eight md twelve.
This agreement met the objection of
Senators Hoke Smith and Bacon of
Georgia, that tho Atlanta territory
might be compelled to transfer its
banking operations to a reserve bank
at New Orleans. The federal reserve
board would be given authority to de.
eide where banks are needed to meet
the ordinary trend Of business opera
tons.
The bill passed by the house fixed the
number of banks at twelve, while the
Owen bill provided for eight and the
Hitchcock Dill four. Preliminary con.
sideration of the bill was completed by
the conference tonight and the finishing
touches will be added at session to
begin at clock tomorrow.