The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-09-24
CURRENCY Law PASSES HOUSE
BY VOTE OF sss TO 81 BILn GOES
no SENATE IN ALMOST ORIG
INAL FORM.


and currency methods proposed in the
Democratic currency bill was started
on Its way to the statute books today,
BY vote of 2S6 to 81. the house pass
ed the bill In almost the form in
which 1t originally was proposed.
Twenty-four Republicans voted for
the bill and three Democrats voted
against II. A final fight on an amend
ment reafhrming the present fnan-
cial policy of "a gold money stads.rd
caused some defections from the Dem
ocratic side.
The three Democrats who voted
against the bill were: Representatives
Galloway. Texas; witherspoon, Mis-
sissippi. and Elder. Louisiana.
The Republicans voting for Il
were: Representatives Baltz, Browne.
Cary. Cooper. Cramton. Dillon, Esch.
Farr Foss. Frear. Haughen. Pelgen-
sen. Kent. Lenroot. Mapes. Lindquist,
McLaughlir. Nelson. Porter, Samuel
Smith ana j. M. c. Smith of Michi-
gan. Smith of Minnesota, Stafford,
Young OF North Dakota.
The Progressive vote split, two
Progressives, Representative Temple
and Waters Of Pennsylvania voting
against the bill. Fourteen others
voted for 1t. They were: Representa-
tives Bell. California, Hinebaugh,
Woodruff of Michigan. Kelly of Penn
sylvania. Lafferty. Mcdonald. Mana
han. Murdock. Nolan, Norton, Rupley,
Thomson of Illinois. stephens of Cal
ifornia and Lindbergh.
With this overwhelming house ma
jority and the Endorsement Of Presi-
dent Wilson behind II. the measure
was sent over to the senate. There
Ii was referred to the banking and
currency committee. where hearings
already are In progress. The commit
tee may not be ready to report for
several weeks.
The measure would eliminate the
present American bank note system
under which banks issue currency
against government bonds. and estab-
lish q, currency issued by 12 federal
reserve banks, based on sound COM
merclal paper. which the government
assumes the responsibility of redeem
ing.
IL would place virtually every
phase of banking under the control |
of federal reserve board of seven
members appointed by the president
and a council OF bankers. which would |
have only advisory powers. The sys-
tenn would be administered through
reserve banks In IL geographical divi-
sions. each capitalized at about So
100000. which capital is to be sub
scribed by banks in the reserve dis
trict. At the 11th hour the house
wrote into the bill a disclaimer OF
any intention to alter the gold money
standard fixed by law.
Ten days of earnest consideration in
the house failed to alter the bill in
any material particular and 1t passe d
virtually as drawn by Representative
Glass of Virginia, chairman of the
house banking and currency commir-
tee. after conferences with Senator
owen. chairman of the senate COM
mittee: Secretary McAdoo of the
treasury department and the presi-
dent.
Throughout the debate Republicans
and Progressives vigorously de-
nounced the methods employed in
framing the bill and I'm perfecting lis
details In caucus. The Democratic
lines held firm, and no minority
amendments were adopted. On final
passage but three Democrats voted
against the bill.
Sentiment regarding the measure
has not crystalized In the senate. The
senate committee Is hearing interested
citizens from all parts OF the country
on the principles of the bill. The
hearing may continue for several
days The committee itself is ex-
pected TO take weeks I'm the discus
sion of the measure. although the ad-
ministration hopes TO force the senate
to make an early report To- the floor,
where further extended debate is
looked for.
number OF invited experts still
were ~ be heard when the senate
committee finished today's hearings.
Public discussion OF the measure
probably will continue until early
next week. The bill then will be
taken up for discu ssion within the
committee room.