The Washington herald., 1913-09-22
CURRENCY BILL
NOW UNCERTAIN
Many Differences Arise in
Consideration of New
Banking Measure.
HEARINGS TO CONTINUE
Members of Committee Not in Har-
mony on Important Features
of Legislation.
HEARINGS TO CONTINUE

| President Wilson's desire to see the
currency bill enacted at the present ses-
sion Of Congress was never SO uncertain
of realization as it is at the present time
That the Senate committee, which is now
having hearings on the bill passed by the
House last week. materially will change
some of the most important features of
the measure has been strongly impressed
on those who have followed the state
ments made by the members of the COM
mittee during the hearings.
Owing to the friction that has existed
between the administration and the Ma
tional City Bank of New York. the ap-
pearance OF President Frank 4. Wander
lip and Vice President Joseph Talbert
OF that institution before the Senate Com
mttee promise to be interesting.
During the last week there has been
noticeable crystallization of opinion re-
garding the bill in the minds Of the
members of the committee. Previously
the hearings were conspicuous for the
lack Of information on the subject of
| banking to which several members
pleaded guilty. The knowledge they have
gained through the statements made by
the bankers and experts who have come
before them has given these members
thirst for more information, so that in
| stead Of cutting down the time to be de-
voted to the hearings. there is "A pros
pect Of their continuance for two or three
weeks more.
Bankers Differ Widely.
TIE intricacies OF the banking and cur
Tency question are such that the bank
ers themselves have differed widely as
to their opinions of the pending bill.
This difference of opinion is further &C
CCntuated by the local issues involved in
the proposed banking system. The coun-
try bankers have indicated their belief
that the measure will discriminate
against them and in favor OF the city
banks Bankers in the reserve cities fear
that there will not be enough Federal
re serve banks to give one TO the particu-
lar city in which they are located. They
have, therefore, suggested that the sys-
tenn be made more inviting for banks
to go into it and that the minimum
capitalization requirement for the re-
gionaI banks be reduced.
The fact that the members of the COM
mittee so widely differ III their views of
the whole proposition would indicate that
much time viii be consumed in consdera-
ton of the bill after the hearings are
concluded and the committee begins
actual work on the bill. 1t is expected
that the Democrats will take the bill up
in caucus before il is reported to the Sen
ate. lie became known last week that the
Senators representing Southern and
Western States have received hundreds
of protests from country bankers and
their city correspondents.
The features on which. according to the
expressions uttered at the hearings. there
will be the most difficulty in getting to-
gether are what are termed the cOmpul
sorry features. These would compel ma
tiOnal banks to enter the new system
within year or lose their national bank
ing charters; prevent banks from charg-
ing for the collection Of checks and
drafts, and compel one regional bank to
rediscount the paper or another regional
bank when the Federal Reserve Board
so orders in times of stress. The reserve
requirement which will cause the country
banks to lose the interest they now re-
ceive on the reserves thar are deposited
with reserve and central reserve city
banks has aroused dissatisfaction within
the committee.