The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-20
Senator Owen Is Op-
posed to Two of It's
Features.
MANY DEMOCRATS
FAVOR LEA BILL
Leaders Declare Administration
Measure Must Be Amended to
Provide for Rediscounting of
Paper on Same Basis as
Commercial and In
dustrial Notes.

Washington, August 1e.-Unexpeoted ed
Developments IN regard to the curren-
cy reform legislation In the Senate
o-day promised serious complications
for President Wilson'S plans for the
passage OF currency bill at this ses-
sion of Congress. At conference of
Democratic members of the Senate
Currency Committee. Chairman Owen,
who has been considered one Of the
original trainers of the bill now be-
fore the Democrats OF the House. made
1t clear to his associates that he was
opposed to several features Of the bill,
including the plan for twelve regional
reserve banks. and that he would re-
commend important changes in the
measure.
The result of the Senate conference
has been to leave the currency situa-
tion entirely open tonight 40 far as
the Senate's probable action Is con-
cerned. Senator Owen did not suggest
definite plan to his colleagues, but
said he was opposed to the original
reserve plan. to the proposal to compel
all national banks to enter the new
Federal system, and to other features
Of the BILL it was introduced by
Chairman Glass, Of the House Curren-
cy Cammittee.
The attitude OF other Democrats on
the Senate committee. including Sena-
tors Hitchcock, O'Gorman and Reed.
is such as to Indicate that there will
be material changes in the admins
tration measure. II not a complete re-
modelling of 1t. before II comes to the
Senate for action.
Favor Len BILL
Several members of the committee
tonight inclined to the opinion that
the Senate ultimately might be asked
10 consider some measure OF a temper
airy character. similar to the bill re-
Gently introduced by Senator Lea
Democrat. which would amplify the
Aldrich- h-Vreeland emergency currency
law. and SO change its provision as
10 bring form of special currency
within the reach of all national banks
Senator Owen tonight said me be-
lieved the conferences to be held in
the Senate. and the changes that
might be made In the currency reform
plan, would mean definite action upon
currency legislation at the present
Congress. Other Senator'S said II a
law was passed it probably would be
of temporary character
The change in the situation in the
senate came ut time when admins
tration supporters We're lendcavoring
TO reconcile all elements among Demo-
Gratis in the House caucus and bring
about united support of the mea-
sure there
Those who participated in to-day's
co'Im,ttee conference declared to-
night that no definite plans existed
for the remodeling OF the Glass bill.
The principles embodied In the Lea
bill received much support from sew
eral Senators. however, and represent
the character of Legislation that many
would like to see enacted. Under tho
Lea LII. banks could organize local
curi cncy associations with n minimum
membership OF five banks and u mini
mum capital of s1.oo0,00o, and could
obtain currency from the Secretary or
the Treasury on approved securities.
through subtreasuries.
Clearer Language.
Democratic leaders IN the House
nave virtually agreed that the admin
istration bill now pending in the eau
Gus shall be amended so as to specifi-
cally provide for the, same rediscount-
ing rights to paper based on ware
house receipts or other evidence of
ncrship OF agricultural products as
are accorded commercial and indus
trial paper Chairman Glass insists
that the bill as drawn sufficiently pro-
vidGD fer the credit OF the farmer but
Speaker Clark. Democratic Leader
Underwood, Representative A. Nit
chell Palmer, of Pennsylvania. and
other leaders favor moro specific and
clearer language.
General debate on the bill will con-
tlnue in the caucus tomorrow. To-
day Speaker Clark, Representatives
Palmer, of pennsylvania, and Dies, OF
T:Has. defended The bill, and Repre-
sentatives Sims, of Tennessee; Murray,
OF Oklahoma, and Brockson of Della
ware. attacked it,
Nv. Clark talked for the farmers
Mr.. Palmer said the bill would in
crease the amount of the reserves to
meet expanding business. and would
prevent contraction of credit.
Representative Eagle, or Texas. in
surEent member of the House commit
tee to-day introduced as a substitute
for the administration currency bill a
measure to provide $500, 900 of
United States notes, to be deposited
by the United States with national
Eanl:ng associations under certain
stipulated conditions.