The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-11-12
CURRENCY BILL MUCH CHANGED
SENATE RANKING COMMITTEES,
INCORPORATES RADICAL
CHANGES IN MEAS
URE..
Party Caucus to He Called for Whip
ping Members of Committee Back
into Line. Unless They Put Back
In Bill Features Which They Have
Altered or Eliminated.


leaders in the senate late today de-
slared that unless the senate bank
ing and currency committee voted
back into the administration currency
bill some Of the fundamentals ii had
aiienated "a party caucus would be
called for the beginning OF next week
to consider the subject.
kilograms were sent to absent
Democrats, urging them to at once re-
turn to Washington. The senate COM
mittee had continued to make changes
In the house bill to which the sup
porters Of the administration took OBJ
lection and a number of Democratic
senators at the White House during
the day told President Wilson that no
progress would be made by permitting
the house bill TO be buffeted about in
committee wherein coalition of
Republicans and "insurgent' Demo-
Gratis would alter the entire theory OF
the measure. II Is not known what
position the president took. Newspa-
per men who asked the president
whether a caucus would be called were
told by him that II was a subject for
the senate TO decide.
Tonight II became known that four
staunch administration supporters on
the committee--Senators Owen, Hol
lis. Pomerene and Shafroth-had been
quietly working on report which
they probably will submit to their
Democratic Colleagues. Senators Reed,
O'Gorman and Hitchcock. Should
they decline TO sign 1t. II Is believed
that the plan will be to submit the re &.
port to the Democratic caucus or con-
ference.
Senators who insist upon some kind
OF party action take the position that
the Democratic party will be required
TO. stand sponsor for whatever legis-
iation Is enacted. whether in the ex
ira session or the regular session of
congress.
Many senator's still were in hopes
that a change OF sentiment would yet
develop in the committee and al,
agreement be reached before Novem-
Der 10. the date on which 1t had been
expectd that a bill would be reported
TO the senate.
President Wilson has not relaxed In
his determination to have the currency
bill passed during the present session
and many Democratic senators have
indicated to him that they are restive
under the delay and wane to make the
bill party measure.
The committee today voted into the
bill the following affirmative provi-
sions:
That the regional hanks to admins
ter the new currency scheme be cap
itaiized by public subscription. the
stock not taken by the public to be
taken up by the members Of the bank
systems.
That each regional bank be con-
trolied by nine directors. five to be
named by the government through
the federal reserve board and four
to be chosen by the member banks.
That the new currency to be is
sued be treasury notes. obligations
OF the United States. lent to the banks
and not bank notes guaranteed by the
government. This sustains the ad-
ministratiJn bill as 1t passed the
house.
That the new notes be redeemable
In gold" by the regional bank and
the treasury and not in gold and
lawful money as provided by the
administration bill.
With the exception of the proposal
TO indorse the administration provi-
sion making the currency government
notes each amendment split the
Democratic side OF the committee. on
the proposal TO eliminate the words
law fui money" from the redemption
clause OF the bill. Senator O'Gorman
Joined Senator'S Reed and Hitchcock
with the Republicans. leaving only
Senators owen. Hollis. Pomerene and
shafroth behind the administration
provision.
All the Democrats and Senator
Crawford from the Republican side
voted to sustain the admins. alton
for treasury notes
When the committee adjourned to-
night there was pending "A proposal
To allow the regional banks to do u
general commercial banking business.
This with the amendments adopted
today. Chairman owen declared.
would alter the entire plan of the
bill.
Senator Owen said that az far os ha