The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-11-07
Theory Of Administra-
tion Measure Is Revo-
lutionized.
WILSON OPPOSES
LATEST ACTION
Conference Will Be Called to AS
certain What Committee Is
Doing-All Democratic Alb
sentees Urged to Return by
Leaders as Measure
Of Precaution.
Especial 10 The Times-D!spateh.

Especial 10 The Times Dlspatch.1
: Washington November e-Amcud-
nents that rcyolutionize tho theory
upon which tho pending currency hill
was constructed. and which arc Oh
noxious TO President Wilson. wcrc to-
day agreed 10 by the Senate Committee
/ Oh Banking and Currency.
I Following strong intimatlons from
the White House that tho time had
come when the currency question
! should b" considered IL caucus ana
made party measure and sevcrc
criticism by the President OF tho man
(, ncr IN which tho coiu.niti.e is pro
cecding. that committee tore tho blil
I to pieces to-day and changed il In
thcs. very substantial pariicularg.
! The pital stock 81 the rauional 20
/ serve banks To L.. thrown opou to the
public FOR suhscliption The banks 10
take up All that remains. if any. after
sixty days from the date when sub
The public and not tic banks 10 have
control or The management Of these re-
eiohal banks The Federal reserve
poaru !" appoint tNe directors and the
/ MEMBER banks TO elect a minority
! representation "i louf directors
Treasury Notes To nc Issued
.rr...,,r,. ,o,. ,,,a., L.,
iernn,ont ia I iss,,.d a,a ~, ,a,io,,ol
hank rotas o,,.,..,,',ont ~. ,bo ,,a,.,
,rn,,.
7.ita. -.,.,..., ,,
!, .y,,,, o,,,. 49,, -, .,, ,',
Z -, - - 80 vi ~" -
~ - '' "a. hiousc ottl.
- 49,, 60 ~ cSioii'
-, ,,s ~, Set.' -
- I'pi'"i p"i , ''"a surplus OF IN"
,,t, "tsti ~. "lt',
~ 49, p's ao'e ~ t"sH' o,e-'hifd IN wv"
months ana lhc remaining third IN
! 49, t't'i'a' ny t'ousc pF"Niu'u Tor
! : @t.i -, .' 'a'.. So"ti 'ou'toil 70 IN"
Sapl'"' ,a' slocN o. me Feslonai equal 70
Pc ctNt oi i's own capital
fuohc ownership OF these regional
20. ms ana the'r cohtrol bN majority
"a "a oHsc'or9 70 oc appointed by the
rcuerai reserve BOARD was agreed 10
'niorSh W. "uoptioii OF 4 resolution
WilISh w Was the joint work OF Senators
t,eeu H"u fit.shcoSh, democrats. and
,i,. MeoNS' hepuo!'can, M INC Repub-
i'c.hH' together Win the TWO Demo
eiitS named. supported the resolution.
) -. - 'Me.' ' oilicreAt. ShAifo'h,
ho'i's ana odornlah voted against II.
owen Criticixcs Action.
i The administration bil nro,id.e ,,r
/ national buul; can;rol ~ ~ rc,,fa,,a,
i banks bv giving them six directors "a
three additional to La named lv thc
Federal board. Chairman owen ex-
planned after tho comntitto,, adio,,rn.l
\ that the theory Of tho adninistra,ion
I bin was that il should provid, fo,. ,
I bankers bank through which the re-
serves of tho banks of tile country
could be more easily mohli.ed and an
elasticity OF the currency assured lie
crlticlZtd the action OF tho committee
az az one 'h"t PROVIDES s'nply a peoples
,., nanN 'nat VII! operate IN competition
,,.a, ~ ,,I,. ~" ma VIII NOT
M, ;iI iuI' e''leH.s -. "' me Situatioh.
no 's'o's ~ r ot ei.e fiouSe niii i"r
of eunraDtc.d b.,,1, ,, 'D.,''
vote ,yhernin no nend,n.e h;,i -. Nm, 's
sustained rbis ,Iistipctto,, ~, ,,,.,>'
( Treasury notes and bank notes pua,-
anteed by the government. COMMITTEES
men say, is largely academic. ANYHOW
! Chairman Owen who ploInly is nor
turbed by the way things are going
III ms committee. said that every
nroposihon submitted by the Repub
st'aien out central bank had been APP
p'o'e' ~ " n'aIor.'E OF nc committee.
u,, va
/ .rrn..,,r> $50 -; e. wi t"S
was tLc oriv I3an,,,.ii,. ,.,,l ~ ~ =
I the unal,imo,is D.mn,.r,tt, ,,.,,,,,,rsi't,,
making the vote 10 ,,n 49,. ,,rnI'a -
sition To make the notes rcdecnabl,
in gold only, the propositiou nrcyailed
by vote of 10 4. the minority votes
being cast BY Senators owen, Pom
creme. Shafroth and Hollis
Senator Crawford has "A resolution
pending TO be acted upon Tomorrow.
which, IL adopted. will make these
regionals regular banks dealing with
I the people direct. and put them in
Il competition with the 23,00G other banks
I oil the country. His plan is that they
shall hc banks of deposit and discount,
authorized TO do 4 general commercial
! business. Ii is not believed that the
resolution will be accepted