Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-10-20
CURRENCY BILL TO
PASS NEXT MONTH,
WILSON PREDICTS
Lets II Be Known He Yields
on Reserve Bank
Number.

WASHINGTON. Oct. 20.-President
Wilson wrote Representative Under
wood. the majority leader of the
House today, expressing the opinion
that the currency bill would be re-
ported to the Senate not later than
the first week in November and
passed after two or three weeks de-
bate.
II have had conferences with
members of the Senate committee on
banking and currency, both Demo
Gratis and Republicans" wrote the
President. las a result OF those con-
ferences 1 feel confident that re-
port on the bill may be expected not
later than the first week in Novem-
Der Most Of the members of the
committee with whom | have con
ferred have shown themselves keenly
aware of the disadvantage to the
country of any unnecessary delay. l
believe that the action of the Senate
upon bill will follow within two or,
at the most, three weeks after the
report is made.
Il do not believe that there will be
any attempt To delay its passage by
dilatory tactics. Senators on both
sides realize that the business of the.
country awaits this legislation, i'm
patient of being kept in suspense
and display a most public spirited
desire to dispose of it promptly. The
passage of the bill is assured.
In these circumstances | should
like to confer with you as you so
kindly suggested. as to the action the
House should take while awaiting the
results"
The President does not believe an
adjournment is possible but thinks
some agreement might be reached
with the minority in the House for a
brief recess. The President is fully
confident of considerable non-partisan
support for the bill, and told callers
today he did not expect any change
affecting any fundamental part of the
bill. but rather had found an uneX-
pected agreement on the fundamen-
tails.
The Presidents letter was freely cir
culated in Congress and renewed ac-
tive discussion of recess prospects
Senator Weeks, Republican, of the
banking committee, observed that the
letter disclosed more optimism than
the facts warranted"
Senators Bristow and Hitchcock
were not optimistic for passage at
the present session. Senator OGor-
man thought it might be possible,
but that it could not be determined
Ito a certainty" Senator Pomerene
agreed with the President.
One development which lent en-
couragement to those who hope for
speedy action came when the Pres
ident let 1t be known that he was
not finally committed to any partic- !
ular number of reserve banks. so
long as there were enough to meet |
business requirements and that the
Federal reserve board did not neces- |
sarily have to include the secretary |
of agriculture and the comptroller of
the currency. so long as it was gov
eminent controlled. Active oppOsi-
ton has been directed at these fea- |
lures.
Republican Leader Mann promised
to let Mr.. Underwood know his po-
sition on a recess tomorrow; mean
while Mr.. Underwood is sounding
sentiment in the Senate.
Victor Morawetz, of the National |
Bank of Commerce of New York, in
dorsed the general provisions of the |
administration bill before the bank
ing committee, but suggested re-
ducing the regional banks to five or
six