The Birmingham age-herald., 1913-12-16
Table Substitute Offered by
Hitchcock for Section 2
of Measure
ACTION ASSURES
SUCCESS OF BILL
Leaders Predict Early Termination
of Debate and Vote by End of
Week-Reed Replies
to Root


for the administration forces of the
first test of strength on the currency
reform bill marked today's session of
the senate. The vote, 40 TO 30, tabled
substitute offered by Senator Hitch
cock for section of the administra-
tion bill. proposing system of four
regional banks, with n possible In
crease to eight. the regional bank
stock to be owned by the public.
The defeat of this amendment prac-
tically assured the adoption of the
owen plan, which provides for from
eight to twelve regional banks VITA
the stock owned by the national banks
that become members of the respective
regional banks sThe democratic lead
! ors claimed that the result of the test
vote, involving one of the most inn
portant features of the fight, indi-
Gated the complete success of the adj
ministration measure.
! Efforts to get an agreement for a
time to begin final voting on the bill
Were not successful today but leal-
ers on both sides of the chamber
! looked forward to an early termilGt-
| tion of the debate and for final ac-
tion before the end Of the week.
Reed Replies to Root
! When the Hitchcock substitute had
been tabled Senator Reed made a
speech vigorously defending the owen
bill and replying to Senator Root, who
| on Saturday attacked the measure and
called Secretary Bryan the dominat-
ing influence" behind the proposed new
currency system.
Replying directly to Senator Roots
predictions that undue initiation and a
financial panic might ensue If the cur-
rency bill We're passed In its present
form, Senator Reed declared no infla-
tion OF the currency could occur un-
| less the sound money men who run
the banks" brought it about.
This is workable bin he de-
| Clared. 1T is not surcharged with de-
struetion to business. II added checks
ought to be put in, / for one am Will
ling to put them in. Bur the senator
lfrom New f9rSAapent his time tellin%
OF the dire things that would happen
to business and spent but little time
explaining his own proposed amend
ments.
NO one has the right to stand on
the floor of this Senate and undertake.
to alarm the business interests of the
country when there is no just cause
| for it, / doubt the high patriotism OF
the man who will stand here and cry.
wolf, wolf when there is no wolf
who viii take this chance of injuring
the multitude who may be mlsled by
such cry
Senator Reed said "typewrittcn
document" proposing Senator Root for
the presidency had been prepared and
given to the press before he made his
speech. 1T Is not difficult then 10 un-
derstand why the Secretary of State
was brought in" he added. "When tho
s..ft
honors, it is not difficult To under-
stand that men will sometimes .et
their interest overcome their spirit OF
fairness and candor.
Banks VIII Be Responsible
"If we ever have any initiation Of
the currency under this bill it will be
caused by the bankers of the coun-
try and by no one else. Even If Mr..
Bryan was all that he has been paint
ed by his enemies even If he ia
vored initiation of the currency, which
no one has the right to charge; even If
his influence was to stand back OF this
proposed federal reserve board and 70
control the men who will be appointed
by the President. that board cannot
put out one dollar of additional cur
rency until there has been call made
upon it by the regional banks, whose
boards Will be controlled by the ssourd
money men who run the national
hanks"
Senator Hitchcock made sharp at
tack on the proposed control of the
regional reserve banks by the banking
interests of the country. He declared
this feature of the bill would turn
over the country reserves to the use
of these bankers and would legal'ze
the methods and the combinations of
control against which the country has
long protested.
Quoting the speech of Senator Store
Yesterday in which the latter attacked
A. b. Hepburn and Frank A. Wander
lip of New York and Milton Allies Of
Washington as representatives of \
class of bankers who We're fighting e.
fective currency reform. he insisted
that under the democratic bill the cor
troll of the currency system of the
country would be turned over to these
and other bankers.
"lf the Vanderlips and the Allies are
going to control" interrupted Senator
Stone. cit IS remarkable that they are
opposing this whole system. They have
been down here fighting 1t. They are
| fighting 1t yet They are invoking ev-
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