New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-07
MUST PASS CURRENCY
BILL At THIS SESSION
President Has Determined That
Reform Shall Come Now
if at All.
FINDS LITTLE OPPOSITION
O'Gorman and Hitchcock On.y
Democrats in Senate Oppos-
ing Monetary Legislation
at Extra Session.
From The Tribune Bureau. J


Washington. Aug. 6.-Despite all the
speeches that have been made, or VIII De
made in oppo.ition to currency legislation
at this session. President wilson mas
made I'D his mind that If there Is 10 oe
n currency bill at all it must be passed.
AT the present session. In face OF the OPP
timistic reports, however, the aonlihis-
tra,,on is somewhat disturbed over the
sreech made by Senator Hitchcock VINO
urged that the currency question be LETT
for the regular session.
Several conferences were held at the
White House to-day. Senators james
Hughes and owens and Representatives
Wilson. OF Florida; Patten and SELDOM
ridge taking part.
Senator James. while expressing conn
dence in the passage OF the Dill Al the
present session. regretted Senator fitch-
cocks speech. Senator owen ssiu Una
the prospects OF currency legislation ~
tbis session were bright and that Sena-
tor Hitchcocks speech had not hurt thefh'
He said he would open up subscriptions
To the stock of the reserve banks 10 inc
public, who. the Senator said "ou'u pe
glad TO invest In the stock al per cent
Senator owen said that after canvass
ing the entire Senate he could ma ohI'
two Democratic Senators fatty oppoeeo 10
currency legislation AT this session anu
these we're Messrs. O'Gorman and hltch-
cock There is reason to believe. however
that his canvass was not thorough.
In his conference with the members OF
the lower house the President expressed
entire satisfaction over the action OF the
House Banking and Currency Committee
in voting TO report the administration bill
Comics Of the revised draft OF the Glass
currency bill. containing amendments
adopted late yesterday by Democrats OF
the House Currency Committee, were IN
circulation about the Capitol to-day ana
were the subject Of careful scrutiny ny
friends and opponents OF the President :
currency reform plan.
An amendment adopted ny the House
committee Democrats. making the fed
eral reserve board 10 "A partial extent
bipartisan. by having the appointive
members divided between political parties.
IS expected 10 allay somewhat opposition
based on Tear or pOltl'ai 'ohNiNi va
the proposed new currency system.
Antagonists OF the Glass bill expect To
direct their main attack In next Monday
Democratic caucus toward securing
amendments 20 establish an agricultural
currency. secured by actual supplies OF
corn. wheat and cotton. Friends OF the
currency measure have urged that this
proposed legislation be considered later
and not as part OF the general currency
reform plan.
Senator Lea. Of Tennessee, to-day In
PRODUCED bill 10 provide for revision
Of the -Vreeland emergency cur
rcncy act Senator Lea announced he
would speak within a few days In sup
port Of mis- bill. which differs radically
from the administration currency meas
ure soon 90 DE taken up in the House.
The Lea bill would establish cur
rency association Of local banks In each
OF the large cities. with authority To
ISSUE currency, under regulations made
by the Secretary OF ne Treasury, up To
$50. 10000 Each association would be
required TO guarantee It's circulation
The bin would limit the issue OF an
association TO 20 per cent Of its capital
stock.