Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-12-17

republican administration during the last
twenty years. He continued:
4 Insist that throughout the entre
history Of our monetary legislation Mr.
Bryan has been just and prudent. and
has never been AT infatiOnist in any
sense. His steady advocacy of the GUAM
titative theory. his steady opposition to
asset currency bills that were before the
country some time ago showed that. He
stood everywhere against an imitation
of bank currency"
Expedition in House Promised.
Democratic Leader Underwood of the
House met Senate leaders today and as
sured them the House would not take
much tirne in disposing of the bill. He
predicted that il the bill passed the
Senate tomorrow it would be disposed or
by the House before Monday The chief
points of difference between the Senate
and House have already been thoroughly
considered by currency leaders of the
House and By Secretary McAdoo and the
President.
Amendment Defeated.
Lining up behind the administration bill,
the democrats yesterday afternoon de-
feated. by a vote of 30 to 30. the Hitch
cock amendment creating Il federal re-
serve board of nine members, one of
whom would b. the Secretary of the
Treasury, with terms of eight years each.
The Owen bill provides for a board Of
seven members, one of whom would be
the Secretary of the Treasury, with
terms of six years each.
Senator Hitchcock, supporting his
amendment said that with only six mem
bers and the Secretary of the Treasury
on the board, each succeeding admins
tration would result In a change of the
majority of the board. as the term of
one member would expire each year
Senator Root Renews Criticism.
Senator Root renewed his criticisms of
the currency bill. declaring replies by
democratic senators had emphasized the
fact that the proposed federal reserve
board would be the only barrier against
the popular agreeable and constantly
demanded" enlargement of the money of
the country.
1t will be broken reed. he declared,
"a futile hope. We are taking long
chance that we have nc right to take.
Your system is one which in its practical
working lays open the possibility Of
enormous imitation.
Democratic senators again criticised the
basis upon which Senator Root built his
omplaints>,against the bill and declared
the measure included ample safeguards
d5dIuSI iliHdliOA u lIc CuIicuSs
Reserve Currency Provision.
AT the night session, Senator
Owen made lengthy argument
in support of the provision OF the
bill making the proposed
new regional bank notes and the present
bank notes available for use
as reserve at the option of the federal
reserve board. He presented series of
tables to show that the present supply
of lawful money in the country would |
be insufficient to provide reserves for
all the banks under the new law.
Opposes Guarantee of Bank Deposits. |
A detailed argument against any plan |
to provide a guarantee Of bank deposits |
In the pending legislation was made by |
Senator Weeks.
Il believe" he said, that if this ques- |
ton were carefully considered a great |
of the people of the country |
would be against IT as they were in 1905 |
when the question was debated in the |
Of that year 1t is one of the |
most taking and plausible Of the many |
nostrums which are being dealt ont to |
the public because its proposers believe |
1t will be popular