Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-04-11
None Of Measures So Far In
troduced Bear Endorsement
of Committee OF President
Wilson,
CONGRESSMAN GLASS
AND M'AD00 AGREE
Provision for Groups Of Banks
with Power to Issue Emerg-
ency Bank Notes is Popular
Feature,

tB, Morning Journal special Tea-cd Wirel
Washington April l0.--NeW cur
rcncy reform bills were introduced in
the house today by Representatives
Prouty Of Iowa; Nelson OF Wiseon-
sin. and Palmer. of PENNSYLVANIA.
Congress now has before t "a dozen
bills covering all branches of banking
and currency reform, but none Of
these bear the endorsement ol me Of
fetal committees of the houses or the
president
Representative Garter Glass, who
probably will Introduce the measure
about which money reform debate viii
center in the house. conferred today
with Secretary McAdoo, of the treas-
ury department. who has been gath
ering Information from banks upon
certain phases Of the financial situa-
lion. Mr.. Glass said at the end of the
conference that there would bee no
difference of opinion between himself
and the secretary of the treasury over
the bin that me finany would Introduce
iu the house
An effort viii be made IN the sem
ate 10 secure further hearings, par
ucularly on the subject of the
money stringeney at fop-moying
times aud liquidation of sectional de-
mands for money. Senator Hitchcock,
q member of the banking and cur
rcncy committee of the senate, said
today ne would ask for HEARINGS at
which more detailed facts could DE
secured. as TO local demands for
money. and local problems that should
bo considered when congress finally
takes up the work of reforming cur
rcncy methods
Three general bills now are before
the senate. The Weeks bin embraces
the plan Of the monetary commission,
for q national reserve association. or
central bank through which an banks
would secure their note currency The
Hitchcock bin proposes twenty dis
tinct reserve associations each with
the power TO issue notes to IFS mem-
bers and sell commercial paper The
Jones bill proposes sixteen sub-treas-
ury districts, each sub-treasurer be-
ing empowered to issue currency to
banks on approved bond Undor this
bin permanent national monetary
commission of eighteen members
would be established Tho measure
would impose a penalty Of ten years
imprisonment upon amy person guilty
of trying to corner the currency
either directly or through "chmn Of
investments"
OF the bills introduced today that
of Representative Nelson proposes a
national currency board of seven
members with power to issue treasury
notes through local associations OF
reserve and discount That Of Repre-
sentative Prouty would create a new
emergency CURRENCY similar To that
created by the Aldrich- -Nreeland law
now in force, but which would bel
much more accessible for banks in
case Of emergency Under this meas
ure the emergency notes, in amount
equal to 40 per cent of a banks capi-
tai and surplus. could be stored mi
the banks vaults and put into cireu-
lation " , the consent Of the comp
troller of t.n currency.
Representa- e palmcr's bill would
give banks the right 10 loan money
upon real estate lorteages and con
yeyances a general banking bin also
has been introduced by Representa-
tive Levy, Of New York The house
banking and currency committee viii
not be organized until the tariff leg
slation has been disposed Of senator
owen probably Will eau meeting of
he senate committee soon and out
line plans for currency reform work |
10 be considered al the present ses
sion Of congress