The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-21
POINTS
OF DIFFERENCE TO
Be COMPROMISED
House Sends Glass-Owen
Currency Bill to Con-
ference.
GLASS DECLARES
IT NOT WORKABLE
Several Provisions That Are
Conflicting and Which Would
Bring Calamity to Country.
Apparently No Chance of
Agreement on Measure
Before Monday.
I Especial to The Times-Dispatch.l


Washington. December 2o.-After
five hours Of wrangling to-day, the
House sent the Glass Owen bill to
conference. with rejection OF ali Sen
ate amendments TO the original House
bill. except those extending from sixty
days to ninety days the maturity of
bank loans on paper based on farm
produc,s. and permitting national
banks to loan on fve-year farm mort
cages.
Representative Murray. OF Oklahoma,
met defeat. 2j4 TO SO, in a motion to
concur in all Senate amendments, and
to pass the bill approved By the Sen
ate lie vas defeated. also in a mo-
ton TO instruct the House conferees
20 agree with Senate amendments
limiting TO seven the membership of
the Federal Reserve Board. and pro-
hlbiting Senators and Congressman
/ from holding membership on this
board or on the boards Of regional and
reserve banks. The latter provision
was Inserted In the bill AT n late hour
by Senator La Toilette and Is be-
/ heVed TO be thrust at Senator owen.
chairman of the Senate Banking Com
rnttee. who Is identified as an official
with numper Of banks
Chairman Carter Glass. of the House
Banking and Currency Committee
asked that the kill be sent to confer-
ence. becadJe its enactment into law
III us present shape would be a
cal@nit;' TO the country. He fur
ther said that there existed no chance
that any agreement on n currency biz,
could be reached with the Senate bo-
fore Monday.
Not Workable Law.
want the bill sent 10 conference"
he said, because I am convinced as tho
bill has been drafted by the Senate
is NOT workable law. There are
! several provisions in il tina. are con-
hicting. especially those in reference
to gold reserves TO be held by the re-
gional and reserve banks"
MI. Glass. opposing the Senate re-
serve clauses. said:
Under these provisions. the total
reserves OF the banks in the system
both in cash and in credit with the
reserve banks would be less than they
are now holding in cash. Within a few
! months. under these provisions we
would have saturnal!a OF expansion
and wild inhation"
There are things in this BILL" he de-
l,clared. which would bring calamity
10 this country, and they should not be
allowed TO become law" Mr. Glass
said that the Senate bank deposit guar
antce provision was mere pretense,"
and was not workable.
me House conferees on the bill are
Chairman Glass and Representatives
koroly. Democrat. and Hayes. Repub-
lican. The Senate conferees are SEN
ators Owen, Reed. OGorman. Pomer-
enc. Shafroth and Hollis. Democrats
and Nelson. Brstow and Crawford. Re-
publicans.
Representatives Hardwick, Georgia
and Madden. Illinois. were defeated in
efforts TO have the House name as
numerous conference body as the SEN
ate.
Points of Difference.
The principal points OF difference
which must be compromised are the
number OF regional reserve banks
guarantee OF deposits, length OF ma
turity OF commercial paper with re-
gional banks. percentage OF gold re-
/ serve to be required against tho cir
culating notes.
Other points OF difference. the ex-
tension OF maturity OF paper based on
farm products and fve-year mortgage
loans. were settled by the House
through acceptance OF the Senate
amendments BY n vote OF 21I to 81, OF
ratification resolution presented by
Representative Lever, South Carolina
Republican Leader Mann offered the
Hitchcock bill as substitute for the
Glass Owen bill, but did not press IL
to a record vote. He said that he want
ed to place it in position that some
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