The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-11-18
CONGRESS MAY
ADJOURN OVER
THANKSGIVING
Agreement to Submit Drafts
of Currency Bill by Thurs
day Revives Hopes of Re-
cess by Statesmen.
WISHES OF WILSON
WILL BE OBSERVED
Emergency in Mexican Situa.
ton May Induce President
to Insist That the Ses.
sion Be Unbroken.

WASHINGTON, Nov. J7.-De6nite
agreement today between the admins
tration and anti~adminiscration wings
OF the senate banking and currency
committee to complete their drafts OF
the currency bill and submit them to
the senate by Thursday was followed
by general talk at tho capitol of an
adjournment OF congress over Thanks
giving
No adjournment will be taken with
out the consent of theepresident, and
he has not yet made known his views.
In the senate it was believed the presi-
dent might agree to brief recess, al
though it has been known that he de-
sired to have congress ID session in
the event Of emergencies arising in the
Mexican situation.
Saturday, Monday and Tuesday have
been arranged as possible dates for
adjournment in conferences of house
and senate leaders.
Underwood Due Thursday.
Majority Leader Underwood, due to
return from his senatorial campaign in
Alabama on Thursday, is expected to
take up this question with President
Wilson.
Both wings Of the senate committee
continued work on their bills today.
The six administration Democrats re-
opened their deliberations to consider
the advisability of altering the pro-
vision in the Glass Owen bill for shift
ing the reserves Of the country from
the present depositaries to the new re-
gional reserve banks. It has been sug-
gested that the provision might make
too great demand on the banking re-
sources Of the country and result in
the calling Of loans and consequent
stringency. The Democrats reached no
definite agreement, but Chairman Owen
agreed to tabulate the figures available
on the subject and present them to the
committee tomorrow.
Republicans at Work.
Senator Hitchcock and the Republi
cans continued to write their draft OF
the bill. They increased the gold re-
serve to be held against the new cur
rency to As per cent and provided that
when the reserve fell below that point
it should be taxed on graduated scale
down to the minimum 80 per cent. The
bond refunding section was completely
changed. AS amended it would pro-
vide that each regional bank should
each year invest so per cent of its
available capital in the 2 per cent bonds
at par, which are the basis of the
present bank notes. The regional banks
would then be allowed to exchange
the per cent bonds for 3 per cent
one-year government notes, agreeing to
renew tho notes for twenty years. These
notes would be available for use in
foreign markets to secure gold to mnin-
tain the reserve.
Mistakes Corrected.
The Republicans also mado numerous
am en- dments, correcting what they re-
aarded aB discrepancies in the bill, and
making the latter sections conform to
amendments already adopted.
Senator Newlands Of Nevada, In q
speech from the floor today, outlined
his plan by which reserve associations
would be formed in each state and
federated into q general federal re-
serve association. He urged early ac-
tion on currency legislation.