New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-26
WILSON MAY LOSE IN
CURRENCY BILL FIGHT
Owens Efforts to Hasten WORK
of Senate Committee Meet
with Decided Opposition.
.FILIBUSTER AT HEARINGS
Professor Irving Fisher Sounds
Warning That the Present
Measure Will Raise
Cost of Living.
IFrom The Tribune Bureau

washington. Sept. "a furry OF oppo-
sition TO Senator owens efforts 10 hasten
the hearings on the administration cur
rency hill to-day dspelled for the mo-
ment the stagnation which the measure
has encountered in the Senate Banking
and Currency Committee and disclosed
the fact that the President is in fair
way to fail i'm his purpose OF pushing II
through the Senate before the next SEES
sion Of Congress.
Senator Owens efforts to expedite the
examination OF witnesses met with objec-
tionS from Senators Weeks. O'Gorman
Reed and Bristow Senator O'Gorman
threatened to demand an executive seS-
sion II Senator owen persisted and diffi-
Guilty was averted only by allowing the
hearings 10 proceed in the leisurely
fashion in which they have been con-
Quoted heretofore.
As the situation stands at present
neither the opponents nor the friends OF
the administration bill are ready to de-
mand a showdown. Those who object 10
the bill or to some Of its features are
willing 10 allow the hearings 10 60 on In
the hope that an agreement may be re-
ported by the contending forces and that
a measure can he drafted which will make
Il non-partisan in character. and which
will meet with the approval OF the bank
ers OF the country.
II a showdown were called for now
President Wilson would stand to lose
with the odds 10 against him. Senator
OGorman. IT Is understood. is in favor
OF single reserve bank or association,
instead of twelve regional banks Sen
ators Reed and Hitchcock do not approve
Of the administration measure, although
Senator Reeds attitude is somewhat IN
certain. All Of the Republicans object to
certain features OF the bill.
The hearings have now assumed the as
pect of a filbuster. With the majority OF
the members Of the committee. in their
present state Of mind. they can he con-
tinued indefinitely, or until. at least, the
President arrives at the conclusion that
he can gain nothing by insisting on action
before the regular session Of Congress. 1t
is possible that a decision will he reached
when the tariff bill is out Of the way. The
committee may then map out definite
course. either postponing action until the
next regular session of Congress or throw
ing the question back into the hands Of
the President. The end of the hearings as
the situation now stands will not he in
sight for several weeks.
The high cost Of living. which has en-
barrassed the Democrats i'm the consider
alton of the tariff bill. stalked in to-day
10 perplex still more the members OF the
Banking and Currency Committee who re-
main loval TO the President. Professor
Irving Fisher. Of New Haven, warned the
committee that the bill in its present
shape may. by its inhationary character
boost the cost of living still higher. Ihe
measure. he estimated, provides for the
increase of credit currency by SpOcOVO.
The extensive development OF the ciedl'
evste,n Of transacting business by Check'
no said. is responsible for at least halt
,,o increase I'm the cost Of living. BY the
addition of S0o.O0O000 of reserve curlehc!
credit will be still further EXTENDED anu
,rices will soar still higher lie snGges'eu
that the Creenbscks be retired TO ne IT,
nlaced by the elastic currency "h'Vh '"'
bin aims to provide.
senator O'Gorman defended the constr
,utionalitv Of the provision OF the p'''
recurring national banks to pay in ~ Per
cont ~ their capital into the regional re-
serve banks. MI Winston ana o'h''
have Objected that il would deprive inc
harks Of pr,perty without due process oil