The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-22

washington, December 2l.-An ALL
ahy conference Of the joint congress
lc hai committee on the currency hill
Tonight put that measure closa to co,,,
hicuon. Problems involving the re-
serve PROVISIONS. the size tand character
ct the Federal board, the redemption Of
ger cent government bonds and tho
retirement OF the present national ba,,l-
Currency proved troublesome. but ,ha
cohlerecs finally smoothed out most of
tAe issues between House and Senate
When the two branches of Congress
convene tomorrow it is expected plans
ninS Tuesday
~ was Tonight predicted that tho
CURRENCY bill could be completed and
signed by thai President late to-mor.
TOW or Tuesday. and Congress has
oiopped all other prooIems in antici-
i.'tion or the first actual recess that
IL viii hive enjoyed since April : r.
IS planned to halt all business until
January IL, and allow the Legislators
10 ENJOY rs complete rest as will
PRESIDENT Wilson. who will leave Wash
iaSton for Pass Christian. Miss. as
soon as the carrency bill is signed
Mnny Points Settled.
me currency conferees assembled
carry in the day, and at the opening
"I me evening session had Settled MANY
80. on ioNerteo points. An analysis OF
the bill by Senator Owen and Reprn
sentative Glass. chairncn or the CON
icrces. showed forty-two points of dir
ietcnce between the TWO houses but
!".hH ol these were OF II minor char
'ct,f' ana were quickly disposed OF.
Among the more important decisions
CT the committee to-day wer, the fol-
l. wing:
| The minimum capital of each regional
ieSarNc bank was fixed at $4,000. 600. n
compromise between the 5000. 900 min
imam OF the Senate bill and the sL
nf tr,a
Thc Senatcs provision for "frop
e'Eht TO twelve" regional banks was
accepted by the House IN place of tho
minimum OF Twelve tiAsu I'm the House
b"l. i4o''e
The Senates provision that each
member bank" must subscrib. o..
stock OF the regional oanks in its Ter
tit"ry equa. to per cent of the mem
bei banks capital anG surplus was 40
cepted by the House TO replace its own
provision that the subscription must
"H'ial . per cent OF the member bank.s
capital.
Senate Gives Way.
Inc senate gave way on its provision
that no class II director OF n rcpionaI
r"hk could be stakeholder in any
lneiincr bank THIS would permit the
three directors who represent "arri
cultural. commercial ur Industrial in
'rIcstS IN theuircctorate OF each re-
s-"hai reserve bank TO own stock in
I icNdi panHS IN their district.
The attempt OF the House conferees
!" nave the Secretary or Agriculturs
ana the Comptroller OF Currency 40
"cli rs the secretary of the Treasury
n@Ce members OF the organization com
] hliltce TO inaugGratc the new svstem
an" alSo made permanent members OF
INC Federal reserve board, held the at
tendon OF the conference through p,,,cb
or the afternoon. The House bill in
Guided these three Federal oflicials as
members of the boaru. while the Sen
atc allowed only the Secretary of the
Treasury TO remain on the board House
tonierecs insisted that the experience
ana knowledge OF the Comptroller and
inc secretary OF Agriculture should bs
lAH"e aNailaoie for the board that is to
govern the new banking system.
NO other legislation OF Importance
VIII be taken up in either house OF
Congress this week. Should the cur
i"ncy conference report be ready to-
morrow II viii be given the right OF
way III both he Senate and House, and
tdJ 'urnmcnt viii follow as soon as the
President signs the bill
Members of both houses are prepar
ms to leave Washington for the holi
GAYS even before President Wilson
writes his approval the new cur
rency law
After lengthy argument, the House
conferees agreed 10 accept the reserve
4
By the Senate. Under the House bill n
reserve OF 81 is per cent OF gold was
required behind the Federal reserve
notes wfch VIII constitute new cur
rency. The Senate provision, agreed to
by the conference, provides for 40
per cent geld reserve. with n tax OF
per cent on deprecia tion down to 81 I-o
pc: cent and a graduated tax below
that point.
both Make Concessions.
| The Serate receded from an amend
'ncnt which would have admitted to
rediscount by the regional banks ac-
ceptanccs based on domestic shipments
OF ,h.i cha iGisu The House confnrecg
yielded TO Senate amendment which 4
will ALLOW the Sc, ctary OF the Treas
ury discretion III the deposlting OF gov-tt
ornncEr furGs m the ncS rcgional4 y
| banks. ~ compromise was arranged