The Birmingham age-herald., 1913-09-11
Series of Speeches for and
Against Measure Made
by Representatives
TO CONSIDER IT IN
DETAIL NEXT WEEK
Chairman Glass Opens the Debate and
Is Followed by Congressman Muir
dock, Who Declares Measure
Is Not Remedial
The DAY IN CONGRESS.
GI NATE

SENATE.
Steering committee conferred with
President Wil5an, agreed 10 proceed
to currency legislation, and conferred
on plan OF action,
Committee inVestigating West Nlr-
sinia mine strike continued to take
testimony.
HOUSE.
Agreed to close general debate on
administration currency bill Saturday
night and hold the day and night ses-
sicns meanwhile.
Representative Esch introduced bill
to authorize the interstate commerce
commission . compel installation OF
automatic train stops
Adjourned Al ,0;05 =. m. until noon
today
Washington. September 1o.-oratori-
cal display attending the passage Of
the administration currency bill
through the House began today with a
series of speeches for and against the
measure. The general discussion viii
continue throughout day aud night ses j.
sions until Saturday evening. Next week
the bill viii be taken up in detail.
Chairman Glass OF the banking and
currency committee, father of the bin,
Representative Hayes of California,
ranking republican member OF the com
mittee, and Representative Murdock of
Kansas. progressive floor leader, opened
the debate for their respective parties.
Chairman Glass presented the bill as
positive cure for the financial Ills
of the country; Representative Hayes
admitted the value of some of The pro-
visions. of the bill. and Representative
Murdoch criticised the measure as
"halting. timid, halfway eompromis-
ing"
Is Not Remedial, Says Murdock
1T intends to be remedial and is not,
declared Mr.. Murdock For d nation
crying for relief 1t offers not q remedy
but palliative: 1t possesses cocaine,
but is moi d cure: If has ehsifged some
of the formulas by which the predatory
powers prey upon the people. but it has
not challenged directly the malignant
methods which put these powers be-
yond the reach of all feeble legisla-
ton. AS well intentioned effort TO
bring elasticity to the currency the
Glass bill invites Endorsement. But even
If it brings elasticity, its enactment
Will not quiet the public demand for
correction Of the real source OF the
trouble-Wall street"
The greater part of today's repub-
lican opposition to the bill. voiced by
Representative Hayes and Representa-
tive Dyer of Missouri was based upon
the provisions of the measure requiring
that national banks subscribe 20 per
cent of their capital stock ana per
cent of their deposits as fund to cap
ital the federal reserve banks The re
turn on this Investment per cent
under the bill--the republicans declared,
was not sufficient profit to induce the
banks to enter the system. The broad
powers of the federal reserve board
and its partisan political complexion,
also were criticised.
Representatives. Krobly of Indiana
and Phelan of Massachusetts, demo-
cratic members of the COMMITTEES, sup
ported the arguments advanced by
Chairman Glass.
At the night session Representative
Mondell of Wyoming, republican, de-
clared that the Glass bill in Tlany re-
spects borrowed the ideas and large
ly the phraseology of the Aldrich
plan" He attacked the methods en-
ployed by the democrats in framing the
bill with a yelled reference to the ac-
tiyities of President Wilson.
The bill was attacked as "unworlS .
able" by Representative MADDEN OF
Illinois. republican, who declared that
the bankers of the country should be
allowed representation on the federal
reserve board.
Chairman-G Glass of the House bank
ing committee and one of the fathers
of the measure opened the currency
dc bate in the House.
In a long speech Mr. Glass eXpound-
ed the principles underlying the bill
and replied to various criticisms of the
measure The democrats hope to con-
clude the debate on Inc bill tins week
They hope to begin it's detailed con-
sideration by Monday next.
Mr.. Glass Replies to Criticism
Mr. Glass replied al length to crit
icism that the federal reserve board
placed by the bill in control OF tho
financial system would, with its widened
powers. be subjected TO political in
fluence.
There is no politics in this mat
ter this time: there can be nome" he
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