The Ontario Argus. (Ontario, Or.) 1???-1947, 1913-11-06
news FROM OUR
NATIONAL CAPITAL
Senate Banking Committee Is
Likely to Report Four
Bank Plan.

ate banking and currency committed
ended its first week of deliberations
II appeared certain that the bill to be
reported to the senate would contain
certain provisions for a four regional
reserve, government controlled bank
system. the s10o,00o.000 stock Of
which will be offered 70 the public.
With progress on the fundamentals
OF the senate measure Just begun, only
the framework of the Glass-Owen
measure has been retained. The most
radical change in the administration
measure has been the complete re.
moval Of the regional reserve banks
from bank control. Briefly, the fol-
lowing were the provisions OF the
measure. which II was believed would
govern its final drafting.
Four regional reserve banks with a
total capitalization of 500. 100000. di.
vided according to the financial loca-
tion Of the center from which the
banks will operate.
Absolute control OF the banks by the
government and regional reserve
boards, to be appointed by the presi.
dent.
The regional reserve bank stock to
bear either 8 or 6 per cent interest
and to be sold TO the public by sub
scription, the balance, II any. to be
taken up by the member banks. This
stock will have no voting power, and
will not share In the surplus. That
will accrue to the government.
Cooperation With States Proposed.
II congress, at the regular session.
will authorize an additional loan OF
sl00.0O0.000 TO the reclamation fund.
in accordance with the recommenda.
tion to be submitted by Secretary
Lane. the interior department will un.
dertake. In cooperation with the sew.
eral states. to redeem those Carey act
projects which have proven failures,
and which threaten, without some
such aid. TO entail heavy loss on set
tiers who have undertaken to estab.
lish homes under their canals.
The plan OF the interior department
In TO have the federal government join
with the states In completing Carey
act projects which have fallen into
disrepute through failure Of contract
ors or from other cause. So
Members Lose Mileage.
Senators and representatives will
be obliged TO forego the mileage bin
at the coming regular session OF con.
gress. much as they may dislike to do
so. The fact that the special session
is TO run into the regular session with
out substantial break makes II i'm
practicable for congress 10 pass the
appropriations this winter,
and II any attempt is made to put such
a bill through II will be killed by pub
lie opinion.
Senators and members have re.
ceived mileage for the special session.
Mail Efficiency 10 Aim.
Postmaster General Burleson has
decided 10 standardize the entire post
nj service. so far as possible. with
view to greater efficiency. To this
end the department will operate sew
eral model offices. "dynamos from
which TO charge the entire system OF
offices throughout the country"
These offices will be used 10 discover
the best practical way Of administer
ing the postal facilities and TO test out
devices and methods that may prove
Of value.
National Capital Brevlties.
The secretary OF war Is urged to
modify the examination required for
Students desiring TO enter West Point.
The plea is made that 60 per cent OF
he applicants fail, A government
school is suggested as one
he constitution limiting the member.
ship OF the house OF representatives
% 450 has been commenced by Repre-
sentative Cardell Hull OF Tennessee.