New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-17
Wording OF Amendment.

The committee amendment was ap-
proved. however. on viva yoce vote.
Its language is as follows:
Section 5.03 OF the Revised Statutes
OF the United States is hereby amended
70 as TO read as follows: No association
shall at any time be indebted. or In any
way liable. 10 an amount exceeding the
amount OF It's capital stock at such times
actually paid IN and remaining undimin-
ished b. losses, or otherwise. except on
account CT demands OF the nature follow
ing:
First notes % circulation. second.
moneys deposited with or collected b. the
association: third. bills OF exchange or
drafts drawn against money actually on
deposit to the credit OF tho association.
or due thereto. fourth, liabilities 10 the
stockholders OF the association for diV-
bends and reserve profits. NTH. liabilities
incurred under the provision Of Sections
.. and u Of the federal reserve act
Section q OF the pending reserve act
IS that which provides for the rediscount-
ing by the federal reserve banks Of the
paper Of the member banks. and II is
through this section In conjunction with
the amendment that member banks are
no longer TO be limited In the rediscount-
ing activities.
Another amendment adopted would pro-
vide that discounted paper shall have a
maturity OF more than ninety days. IN
stead OF sixty. as originally intended. ~
ternpts 20 enlarge the federal reserve
board. 10 eliminate members OF the Cao!-
net from It's composition and TO change
the salaries TO be paid the civilian mem
beers were all defeated with expedition.
REPRESENTATIVE Lindbergh proposed 20
allow state banks 10 enter the system
irrespective OF the amount Of their capt
talizat!on Under the bill state banks
capitalized at less than 800" are ineAsi-
bic. His amendment was defeated.
Representative Young. Republican. oil
North Dakota, proposed an amendment 10
allow all banks. no matter what their
capital. to enter the system. Il was re-
jected. 81 TO -.
The Progressive leader, Mr.. Murdock'
offered a voluminous amendment embrac-
ing recommendations OF the Pujo money
trust committee Of the last Congress. in
Guiding prohibition against interlochns
drectorates.
Chairman Glass contended that the
amendment had no place Oh the bill ana
read a statement from Samuel Inter
myer. counsel for tho Pujo committee
setting forth that currency legislation
should not be complicated by considera-
ton Of the Pujo recommendations. The
Murdoch amendment was beaten. 81 to -.
COMPARATIVELY slow progress was made
on the bill to-day and a vote IS improb-
able before Thursday or Friday. The In
enoctual attempts Of the minority TO
amend the bill. and the frequent Offering
of committee amendments 70 perfect q
measure In which flaws are being found
daily. consumed hours OF time to-day and
| only seven pages were read. after rec
ord of seventeen pages yesterday
Examination OF three experts brought
some strong support for the administra-
/ ton bill and some sharp criticism OF It's
provisions. Professor o. VI. ". Sprague,
! OF Harvard: Newton y. Alling Vice
president OF the National Nassau Bank. Of
! New York. and +. T.. Marshall. OF 81.
! Louis formerly president OF the Phenix
/ National Bank OF New York. discussed
the measure with the committee during
} the day.