The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-12-24

federal officers as members Of the
board, while the senate allowed only
the secretary OF the treasury to re-
main on the board.
House conferees insist that the eX-
perience and knowledge of the comp
troller and the secretary of agricul-
ture should be made availalle lie for
rthe board that is to govern the new
banking system.
No other legislation of Importance
will be taken up in either house Of
congress this week. Should the cur
rency conference report early tomor-
row, it will be given the right of way
in both senate and house and ad-
tournament will follow as soon as the
president signs the bill. Members Of
both houses are preparing to leave
Washington for the holidays, even be-
fore President Wilson writes his ap-
prOval on the new currency law.
After lengthy argument the house
conferees agreed to accept the reserve
section written into the currency bill
by the senate. Under the house bill
reserve of 33 1-3 per cent. Of gold
was required behind the federal re-
serve notes which will constitute the
new currency. The senate provision,
agreed to in conference. provides for
a 40 per cent gold reserve. with tax
of per cent on depreciation down
to 32 1-2 per cent. and graduated
tax below that point.
The senate receded from an amend
ment which would have admitted to
rediscount by the regional banks ac-
counts based on domestic shipments
of merchandise. The house conferees
yielded to senate amendment which
will allow the secretary of the treas
ury discretion in the depOsitng OF
government funds in the new regional
banks. A compromise was arranged
as to the forcing Of one regional bank
to rCdiscount the paper Of another,
by which the vote Of five members Of
the reserve board will be necessary to
require such discounts. The confer
ence struck out a senate amendment
under which member banks could
have discounted with the regional
banks their own direct obligations.
The house agreed to retain q house
amendment providing that no MEM
ber of congress shall share any di-
vision Of profit in the new system.
The amendment providing that the
secretary Of the treasury, the assist
ant secretary Of the treasury and the
comptroller Of the currency should be
Ineligible for two years after leaving
the government service for any posi-
ton in a member bank, also was ac-
cepted.
The house conferees finally sue
ceeded in securing an agreement on
a provision that the new system
should be instituted by an organiza-
ton committee and that the secre-
tary Of agriculture and the comp
trOller Of currency should be members
of that committee. The composition
Of the federal reserve board was still
in dispute but the house conferecs
expected to be able to retain these
two officials among its members.
A senate provision allowing ma
tional banks to act as trustees and
executors of estates was agreed to,
in the nature Of compromises
1t was midnight when the commit
tee settled down with the compost
tion OF the federal reserve board, the
provision for the use Of federal re-
serve notes as reserves in member
banks, the bond refunding section and
the guarantee of bank deposits pro-
visions still in dispute.
The printing clerk Of the senate
was kept busy dashing backwards
and forwards in an automobile be-
tween the capitol and the government
printing office whore n big force Of
printers was awaiting the final draft
of the bill and the conference report.
II WAS apparent that the committee
determined to thrcsh out all the diff
fercnces before adjournment for the
night.
SACK OF MAIL Is LOST.