The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-12-21
By ASSOCIATED PRESS.


washington, Dec. 20.-Prospects for
speedy settlement of the differences
between the house and senate on the
administration currency reform bill
were less bright tonight. This after
noon ii was predicted that the con-
senate Monday, but when the task was
taken up by the democrats tonight
none would predict when an agree
me>~t Wouls be reached.
Representative Glass declared the
differences are serious and no imme-
diate agreement is expected. The.
house conferees started the work In
structed to accept two senate amend
ments the first makes commercial pa
per maturing in six months eligible to
rediscounting at regional banks. The
house had fixed the limit at three.
The second gives national banks the
right to make loans on five-year farm
mortgages up to one third OF their
time deposits. House cOnferees de-
cided to fight the depositors insurance
fund changes in the reserve require
ments. Glass, in the house debate.
would result in a calamity from the
expansion and wild imitation. Other
differences developed on the first read
ing of bill at conference.
DEBATE IN HOUSE.
After q hot debate in the house to-
ia 1ScQC1O Ileto lIlGlI
way and sent the currency bill to a
conference committee. Attempts to
concur at once ons the senate amend
ments were defeated SO to 40.
A group of middle western demo-
Gratis made a futile fight to accept
the senate provisions for guarantee of
deposits, re-discount Of six months
agricultural paper and five year farm
mortgage loans by national banks.
With the house in disorder, Repub-
lican Leader Mann moved to instruct
the ImDuse conferees to disagree to the
senate amendment and agree to the
Hitchcock bill, rejected by the SEN
ate. A parliamentary wrangle ensued
and another roll-call was ordered to
shut off debate.
Majority Leader Underwood secured
court to take up the bill
homa moved to concur in the senate
and the reading of the
fifty pages of changes made by the
senate was ordered causing a long de-
lay in getting the bill before the con-
ference committee.
The fight in the house developed a |
to insure retaining the SEN
ate amendment for guarantee of bank |
deposits.
Representative Glass declared the
enactment of the mea sure as 1t came |
from the senate would be a Calamity" |
Il want the bill sent to conference" |
be said, because I am convinced that |
the bill has been completed by the |
senate, it would not be q workable |
law"
He pointed out several provisions in |
the senate amendments which he said |
conflicted.
ME- Glass attacked the bank reserve |
requirements as amended by the SEN |
ate
Under this provision" he said. "the |
total reserves of the banks in the sys- |
tenn both in cash and in credit with |
the reserve banks would be less than |
they are at present holding In cash |
few months under these pro- /
visions we would have a saturnalia |
Of expansion-of wild imitation"
He declared the senate guarantee |
provision was a mere pretense."
There are things in this bill which ]
would bring calamity to this country /
and they ought not to be allowed to /
become law" he declared
Majority Leader Underwood closed /
the debate, declaring that the meas
ure should be sent to conference. and /
the house lined up for a vote.