Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-12-20
Owen BILL
PASSEDD
7HESENA1''E||:
Administration Currency Re-
form Wins BY Vote Of
81 TO 81
Hitchcock and & 1eplbh
cans Finally Vote vhh
Democrats
Conference Committee Viii
Compose Differences d
Two Horses
Measure VIII RevoIutionize
Financial System Of
Country

Washington, Dec. L9.-The admin
istration currency reform bill, propos.
ing revision of the financial sys.
tenn of the .Unitedd States and the
creation of regional reserve banks to
act as stabilizing elements in the
banking and financial world, passed
the senate last night by a vote OF 81
to "a. @.s,. n ss5
The forces that fought together for
the improvement and amendment Of
the measure were divided when the
final vote came. Hitchcock, who led
the opposition, returned to the dem
ocratic ranks. and Weeks, one of the
leaders of the republican side, with
five other republicans and Poindex..
ter, a progressive, voted for the pas
cage of the measure.
Wide differences exist between the.
form Of legislation passed by tie
senate and the bill passed by the
house months ago. Democratic lead
ers have already partly adjusted the
differences, and it is predicted that
the bill will be completed by a con.
ference committee and sent to the
president for his signature by Mon
daylight
The adoption of the administration
bill known as the "OWen bill" fol-
lowed the formal defeat, by "A to Al,
of the Hitchcock BILL" endorsed by
Hitchcock and the five republican
members of the evenly divided senate
currency committee. The senate pre-.
viously rejected, without roll call, the
central bank" bill offered by Bur
ton.
Crawford and Sterling were among
the voters favoring the Owen bill.
Clapp, Nelson, Gronna. La Toilette
and McCumber voted against the BILL
Throughout the afternoon Mrs. VIII
son with party fo White House
friends, Secretary, McAdoo and Jo-
seph Tumulty, the presidents see
retary, were spectators. The CALLER.
les and floors of the senate were
crowded. The passage Of the bill
was greeted with unchecked applause.
To hasten the final enactment of
the bill that is expected to re0rgan-
ize and give balance to the CONNER
cial and financial conditions the SEN
ate named it's conference committee
which will work with the house com
mittee to compose the differences be-
tween the two bills. The member
ship includes Nelson and Crawford.
Members Of the house committee not
already named will be selected to-
day.
Among the chief differences be-
tween. the house and the senate are:
That the house provided IL regional
banks, the senate "2 to H." discre-
tion being left to the federal reserve
board. The senate added provision
creating fund guaranteeing the de-
posits Of failed tanks that were mem
bers of the reserve associations. The
mouse limited the redisc0unt Of COM
mercial paper at the regional banks
to that maturing in 80 days. The
senate provided that 180-day agricul-
tural paper be accepted under limit
ations. The gold reserve required Of
the regional reserve banks against
circulating notes was placed at 80 1-3
per cent by the house and 40 by the
senate. Eanks would be permitted
to loan on fve.year farm MORTGAGES
by the senate, and one-year mort
cages by the house. ..s \
An amendment by La Toilette was
adopted, that mo United States SEN
ator or representative in congress
can be q member Of the federal re-
serve board. director In q federal re-
serve bank, or an ohicer Or didrector5
in any member OF the banks. &