New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-30
President Expects MCAdoo to
Evolve II from His and Those
of Owen and Glass.
PROFESSOR" TO GIVE AID
Aviation for Opening of Money
Trust Investigation Partly
Re, ponsible ~ Inter
myers Visit.

.hs drafts Of three financial bills and the
srief Of his PROFESSIONAL friend who has
mt in concrete form certain features OF
the legislation which the President desires
10 see embodied in the bill he hopes will
pass
The anonymous college professor did
not however prepare a bill as it was
supposed he would do. out Of these bills
and memoranda the President expects to
form definite and comprehensive bill.
he will not DO this work himself. but eX-
poets the Secretary Of the Treasury TO do
80 with such legal assistance as Secretary
McAdOo may care TO utilize. The bills
now before the President have been pre-
pared by Secretary McAdoo. Senator
owen and Representative Glass. respec-
lively. In going over these the President
purposes 10 indicate in each such portions
as he desires retained in the ultimate
measure and then to leave il to Mr.. Ac-
Adoo to work the various provisions into
8 homogeneous measure The President
said he had not received any draft Of a
bill from Representative Henry, and the
Indications are that the Henry-Pujo-Un-
i.rmyer propositions will receive short
shift at the White House.
Saving Of Time Expected
From a survey Of the difficulties which
have attended currency legislation in the
past the administration has decided that
much time and discussion can be saved BY
the committees of Congress II they begin
work with a concrete measure embodying
the views Of the chairmen Of the Banking
and Currency committees and the Secre-
tary Of the Treasury as the basis Of their
deliberations. Such a programme, II is
felt. will automatically eliminate numer-
Gus visionary and chimerical propositions
likely 10 be urged by members Of Con-
gress. because il will be obvious that such
schemes could not be utilized without the
rejection Of the fundamentals Of the ad-
rnjnistration measure. adopted only after
careful consideration and with joint ap-
prevail Of the chief factors therein.
Furthermore the President is anxious to
achieve a bill which will command wide
popular approval which will be commend
Cd by the press and all sincere advocates
Of monetary reform and will thus acquire
popular support which will go far TO de-
Ter cautious criticism. President Wilson
takes the ground that by procuring the
carefully thought out recommendations OF
such experts as the chairmen Of the Bank
.ng and Currency committees and the Sec
retsry Of the Treasury, adding to them
certain we'll defined ideas OF his own and
then working all Of these over into
homogeneous measure he will be getting
the best thought on the subject that the
party possesses.
IN all his discussions Of the subject Mr.
Wilson disclaims all pride Of paternity,
insists that he IL not even the author of
the administration measure. but that. in
word II will be simply the concrete ex-
preston Of the best thought in the Demo-
cratic party.
Untermyer's Visit Partly Explained.
A quiet agitation for the reopening Of
the money trust investigation is now in
progress in the House. and II Isl learned
to-day that this was partly responsible
for the visit TO Washington yesterday OF
Samuel Untermyer. recent counsel for the
Pujo money trust investigating com
mlttee
As told exclusively in The Tribunes
Dispatches Mr. Untermyer held long
conference yesterday with Chairman
Henry OF the Rules Committee. who has
announced his purpose 10 introduce
currency reform bill in opposition TO the
Glass administration bill. Mr. Untermyer
and Mr. Henry are in substantial accord
IN their IDEAS regarding currency reform.
and Representative Glass. chairman Of
ers mi f.
tee Is wholly out Of tune with the finding
Of the money trust" committee and the
untermyer recommendations.
It is evident however. that there is
a. element m the House favorable 10 a
further probe OF the money trust be-
fore any revision Of the currency laws is
attempted. The Pujo committee recon-
nended a resumption OF the inquiry at
the beginning Of the ed Congress but
hr Glass is inclined 10 throw such
Recommendations into the discard. in
these circumstances the conferences be-
tween Mr.. Henry. sponsor for the money
trust investigation. and Mr.. Cntermyer
tssm unusually significant and may
prssage a fight 10 reopen the investga-
ton.
Hopes for a wholly non-partisan report
trom the House Banking and Currency
Committee on currency bill were dissi-
paied to-day. when 1t became certain
mat Representative Lndbergh the
Minnesota nsurgent would be minor
i'y member OF the committee. Mr.. Limo
esrgh was named by the Bull Moose con
urgent in the House. and II is assured
NAT he will never approve Of the Glass
Currency bin.
The fact Is that Mr.. Henry, Mr.. Lind
osrgh and MI Untermyer regard the
money trust" inquiry as Incomplete
ana they cannot be reconcied 10 any
currency reform bill which does not take
eognizance Of the Pujo recommendations
'o' the control OF stock exchanges, clear
ms house associations and 'concentra-
Won Of credit in Wall Street.
IN It's present shape the Glass ana
wen bills sidestep legislation regarding
"e regulation Of stock exchanges and
Nnored subjects. merely providing
Naght-out revision OF the currency
avs Mr.. Henry says such g. bill would
makeshift and would not meet the
g'hg Issue OF the domination Of a
money trust
win Mr. Henry threatening 20 intro
currency bill In opposition 10 the
Hs measure. with Mr.. Lindbergh
snoring for a curb OF the money
Us. and with Mr.. Untermyer slipping
~, "ashington for a quiet talk on the
I'm OF the banking laws. the signs
o'r prOpitiOue for rou In Democratic