New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-12
CURRENCY BILL WINS
FIRST CAUCUS TEST
Vote Against Public Sessions
Shows "Regu|ars' Have Stu
alton Well in Hand.
AIDED BY MAJORITY LEADER
President Believes Banking In
terests No Longer Oppose the
Measure, and It's Passage
Is Predicted.
from The Tribune Bureau. !

From The Tribune Bureau
Washington. Aug. 1.-THE administra-
ton currency bill, introduced on June Is.
was finally laid before a caucus OF House
Democrats to-day. Chairman Glass, OF
the Bankiig and Currency Committee,
denied the unanimous Endorsement OF the
measure by his colleagues. theoretically
defended for more than two hours the
administration currency programme and
submitted TO considerable "heckling' 10y
the insurgent Democrats. who frankly
announced their desire TO shoot the bill
TO pieces.
In the initial skirmish the insurgent fac
ton lost BY a vote of ll9 TO 63 the eau
Gus defeated the motion Of Representative
Medley. OF Kansas. to open the doors ana
permit the press and the public to Watch
the activities of the warning Democrats
Following this vote an agreement was
reached that there should be eight hours
general debate on the currency bill. one
half OF this time to be controlled by Mr..
Glass and the rest by Mr.. Neeley. The
insurgent amendments to the bill will he
withheld until the general discussion is
ended.
The vote on publicity OF caucus proceed
ings indicated that the regulars have
the situation well lin hand. Although the
| insurgents decline TO recognize this vote
as an index OF the attitude OF the rank
and file. the prospects are that the ad-
ministration bill will be approved sub
stantially as il came from the committee.
Underwood Ready to Help.
Mr.. Underwood. tho majority leader, Is
on hand 10 throw his influence toward
favorable action at the opportune mo-
ment, and il was noticed to-day that Mr.
Glass drew far away from the insurgent
corner and remained somewhat under the
protecting wing Of the majority leader
Mr.. Underwood did not want currency
reform to share the hCnors OF the session
with tariT revision. but he has agreed 10
help ont the Presidents programme.
The first session Of the caucus justified
predictions that the chief fight will come
over the Henry-Ragsdale amendments
providing for an agricultural credit cur.
rency.
Mr.. Henry. OF Texas. who contends that
the products Of the farm are not recog-
nizel I'm the administration currencv
scheme. while the rotten securities OF
the banks are given privileged status. was
frequently on his feet firms questions at
the nervous chairman OF the Banking and
Currency Committee.
Mr.. Glass insisted that the bill as drawn
provided for loans and redlscounts OF
Commercial paper" backed by the chicf
products Of the farm-cotton. corn and
f,,.I,
was reoiscountablc by the reserve banks.
and the Ragsjale-Henry amendments
| were sUpe-huous.
Representatives Henry and Ragsdale
declared that the bill az drawn meant
that only short time paper OF the farmer
producer was discOuntable. ana no pro-
vision was made for storing, in ware
houses the product Of the farm FOR an
| indeterminate period.
Chairman Glass retorted that IL the
government encouraged loans and redle-
| counts on warehouse receipts II meant
/ the fostering Of speculation by the
farmer and placed the government In an
attitude Of lending money In order that
the producer might hold his products in
| definitely for a rise I'm prices.
President Optimistic.
The currency bin as submitted to the
! Democratic caucus has the cordial an
proval OF President Wilson. who cx-
pressed to-day the view that the banking
! interests, with the possible exception OF
one or two localities. had been won over
to the support OF the measure as amend
| ed While the President did not intimate
which cities were opposed 10 the bill. II
was assumed that lie referred to New
| York and Chicago.
The President is opposed to transferring
the power OF initiative from the federal
reserve board 10 the advisory board. This
| concession was asked at the meeting OF
the Western bankers at Secretary Nc
Adoo's crop fund council" last week
The bankers said at the time. however,
| that 81 the reserve requirement were
modified they would not hold out for
! transfer OF the power OF initiative.
President Wilson believes the currency
! bill will meet with no serious obstacles
! in the Senate. Senator owen, who was a
| White House caller to-day, expressed
| himself pleased with the outlook for cur
rency legislation this session. The oppo-
stion Of the banking interests had been
| eliminated he said, and the outlook in
the Senate was much brighter. Mr.. owen
| also declared that several large bankers
| from Chicago had declared themselves
| satisfied with the currency bill in its
amended form.
J s-o------