The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-27
Currency Measure Pre-
sented Both to Senate
and House.
CONSIDERATION
WILL BE FASTENED
1t Immediately Meets With At
tack From Republicans, Who
Resent Not Having Been
Consulted as to Its Prepa-
ration-Federal Reserve
Board Under Fire.

tration currency bill was launched on
the troubled seas OF legislative CON
sideration to-day. when IL was intro
duced In The senate by Senator owen.
and in tho House by Representa:ive
'lass the Banking and Currency Com
mltt"e chairmcn. The House immcdt-
ate!y referred the measure TO the
banking and CURRENCY Committee and
preparations were made for the com
ini'tee TO begin it's deliberations to-
morrow
several changes had been made in
the bill as tho result OF the numerous
conferences In which President VIII
son. Democrats az the House and SEN
ate committees, Treasury Department
oHicials ana committees of bankers
took part following the publication
OF the proposed measure several days
ago The changes embodied some Of
the suggestions made by those inter
es;ed in the legislation
However. despite earnest appeals
,hat the Federal reserve board 10 CON
troll the proposed new currency system
he increased. and that the bankers lie
given representation. no change in this
provision was made. The board Will
consist Of seven men. to be appointed
by tn" President In the senate Sen
ator tunnirs cort.nplates proposing
an amendment which would make tho
Kcinsrrtcd In nil.
Re'nsertcd in tho bill WAS tho orig
inal proposition for retiring tho nrcs
ent bank not"s within twenty wears
and tho substitution OF additional
Federal notes for them This eli,ni-
mates the proposed limit or $500 200. 600
in reserve notes contained i'm tho hill
as originally ,nade public In replac-
ing the bank notes the government .
per cent bonds. upon which these are
now issued Will be refunded by 2 uer
cent bonds without tho circulation
privilege
Chairman Glass made prepara,ions
Tor the speedy consideration OF th.. bill
by tn" House committee iie secured
the passage through the House Of two
resolutions 10 facilitate tho work ono
proyid"d for tho printing and distribu-
ton of 5000 copies OF the nov bill
The other. which was passed after a
partisan discussion. provided $1,000 for
the payment OF experts 10 BE- employed
by the committee
Republican Leader Mann declared
tho latter resolution probably would
lead 10 NOR" Democratic waste"
lie pointed ont that the money trust
committee in thu last Congress began
it, probe on a s2i,0G0 appropriation.
but that before tho committee con
cluded its work, s5o,ooO had been ex-
pended.
Mnnn Attacks Methods
MIR Mann attacked ih- methods used
in preparing tho bill introduced to-
day. He objected To m. sta;.,,.r, Of
president Wilson that tn. members Of
the Banking and Currency Committee
had been consulted in framing the bin
Tine President" hc said was n lit
tie loose as to his facts or a little
careless as 10 his language The Re
publican members OF the committee
members we're"
At t"-morrow's meeting the House
committee will take up the question
of holding public hearings on the bill
and VIII consider resolution proposed
by subcommittee providing that all
sessions Of the committee during the
consideration Of III" hill should be open
To the public.
Senator Weeks. Of Massachusetts, a
Republican member OF tho Senate Cur
rency Committee. and a former member
OF the National Monetary Commission.
issued a statement to-day in which he
urged Immediate action toward cur
rency reform. but criticized certain
features OF the new administration
bill
Il think the worst feature OF tho
bill Is tho Federal reserve board as il
Is constituted. and the cXtravagant
powers given TO it," he said II am
unaltcrahly opposed to anything which
savors Of political Influences having
any connection with our banking sys-
tcm. There Is vested in this board
greater power and or ccntraliZinS
tendency. than has ever been proposed
for an organization ny any party at
any time. either In this country or
abroad
Il have been and am now. extremely
dcsirous Of supporting the President
in this legislation. which should from
every standpoint he nonpartisan. With
this idea in mind took occasion near
~ month ago 10 say to Il prominent
member Of the administration. who
has been active in the framing Of this
hill. that thought the minority mem
bers Of the Banking and Currency
Committees OF the Senate and the
House should have an opportunity to
inspect the proposed legislation be-
fore the administration had put its
stamp of approval on II.
Request Not Granted.
This request has not been granted
The bill has been framed and repeat
cdly revised without any minority
member Of Congress having an oppor-
tunity to inspect II. The presidents
as far back June 10. invited the
members of the Banking and Currency
Committee OF the Senate to n confer
cncc to be held the evening Of June
%, at tho White House, and about the
Same time the proposed bill was given
to the public.
Having this invitation the members
OF the Banking and Currency Commit
tee were not In position to discuss
or criticize tho bill until they had
attended the conference to which they
had been invited. But in the mean
time. the chairman OF the Committee