The Hawaiian gazette., 1913-12-23
PARTY LINES ARE FORGOTTEN
IN THE SENATE UPON FINAL
PASSAGE OF CURRENCY BILL
Conference Committee Appointed
to Agree Upon Slight Changes
in Administration Measure, AL
lowing, Among Other Things,
Loans on Farms and Houses
and Providing for Guarantee
for Depositors.
WASHINGTON, December 20.


by Associated Press Gable y
BY vote of fifty-thrce to thirty
four, in which party lines We're
not strictly followed the senate
before adjournment yesterday af-
ternoon passed the Glass Curren-
cy, or administration, Bill. With
a few important exceptions the
result of which will necessitate
the measure going before con
ference committee the bill passed
in the same form that it came
from the house. The closing de-
bate was brief but emphatic, Sen
ator La Toilette, in particular
taking occasion to charge that
steps are already under way to
control the regional banks.
Mrs. Wilson, wife of the Presi-
dent, was among the interested
guests who watched during the
closing hours of the debate.
Senators Poindexter, Crawford,
Jones, Perkins, Morris, Sterling,
Weeks and even Hitchcock,
author of the Hitchcock Bill, were
among those voting in the affirm
alive when the measure came up
for final passage. The senators
represent practically every wing
of the minority III the upper
branch of congress. In casting
his vote for the bill, Senator
Works, member of the Progress.
sive party from California, took
occasion to state that he believed
the bill to be seventy-tive per cent
good.
A strict party vote marked the
defeat of the Hitchcock Currency
Bill. This is the Republican mea
sure. On being called up for fina
passage it was defeated, by vote
of forty-four to forty-one.
A conference committee already
has been appointed to meet witt
committee from the house anC
agree upon the changes which
have been made in the measure
by the senate.
In the closing hours of the de
bate yesterday Senator La Fol
lette offered an amendment pre-
venting officers and directors un
der the new system from holdins
offices in other banks or similar
institutions. This was defeated
La Toilette openly charged tina
efforts are already under way b!
the Standard Oil, John Pierpon
Morgan, and the National Cit,
Bank of New York to secure con
troll of the regional banks to b'
established at New York, Chi
cago, st. Louis, Boston and San
Francisco.
More Changes Made.
As passed, the changes in the bil
made By the seuate consist of provld
ing for eight regional banks, instea'
of twelve, but giving the board tn
option of increasing the number to on
dozen if deemed necessary.
A fund for the guarantee of deposit
is also provided. 1t admits for the re
discounting of agricultural paper on 81
months time instead of three months
as provided under the Glass measure
A forty per cent gold reserve agains
the circulation of notes is required, in
stead of thirty-three and onc-third pc
cent under the house measure
Under the measure as il has passe
the senate banks are permitted to max
ivc.yeaT loans on farm mortgages an
one.year loans on house mortgages.
In part the main features of tn
measure. as it now awaits approval b
the conference committee and the sic
nature of the President are as follows
Main Features Of Bill.
Creates eight regional banks, capital
lied at sl00,000,000 Stock, which is +
be subscribed by individual anks, rel
Iesents twenty per cent of their con
bined capital; national hanks are con
.polled 10 Join, hat State banks and trus
companies may join, Gives board ~
ton OF increasing the number I
twelve,
Tho federal reserve banks shall b
banks OF issue aul red scout, and shlI
be the hseal agents Of the United state
government
Stork shall be- subscribed hy the nH
t.onal bauks. cue tpurlh shall be- pas
Tor in cash, one fourth in siAtY iaY
and tho relsainlua one bali subject :
call.
Division Of Earnlagg
hieeb ~ paN hNr poe rrul Ail
tinhnai rafninps 30 ~ dnulsl as fp
lows 0re hHif 20 create . flnaiuF fnu
81 tNrniY pff rrHi AlnfH ihai if