The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-22
Conferees Agree on Big Issues
Senate Winning on Minor
Points of Difference Between
Two Branches.
MEASURE TO WILSON
FOR SIGNATURE TODAY
Senator O'Gorman Makes Big
Fight Against Placing Comp
troller of Currency on Re-
serve Board. Guarantee of
Deposits Vexes.

WASHINGTON, Dec. 21.--At mid
night the conference of the senate and
house. after an all day session, had
reached an agreement on the most
important points in controversy in
the proposed currency legislation, and
1t seemed certain that all differences
would be settled before the commit
tee adjourned for the night.
That means that the conference re-
port establishing the new currency
system probably will be finally adopt
ed by congress tomorrow. and that
the president will sign the bill to-
m orrow night
When the conferees met for their
night session only four questions re-
manned open. These were the re-
funding section, and the accompany
ing provision in regard to retirement
of the national bank notes, the ques-
ton of the guarantee of bank de-
posts, which seems to have been re-
vived today after an understanding
last night that it was to go out of the
bill. and the makeup Of the federal
reserve board.
Making Strong Fight.
The house conferees were makins
strong fight. encouraged by the
president and Secretary McAdoo. to
have the comptroller Of the currency
retained as an exofficio member OF the
rsseTvg board. The indications were
that the senate would finally yield to
the house on this amendment. but
Senator O'Gorman has been making
fight against increasing the num-.
Der OF the members OF the federal
reserve board, ard ~ In epposst1sn to
having more than one executive treas
ury officer on the board.
The conclusions reached In the con-
ference committee today are those OF
the Democratic members only. but
they undoubtedly will be final so far
as the conference report Is con-
cerned.
The senate was victor today on
nearly all Of the points in dispute,
but in q few matters regarded Al
vital by Chairman Glass. the house
had its way. Probably the most Inn
portant victory for the house con.
ferees was in the adoption OF section
2 of the house bill, creating an or
ganization committee. This section
| provides that within ninety days al
! ter the passage of the act. or as soon
thereafter as practicable. the secre-
tary of the treasury. the secretary OF
agriculture and the comptroller OF the
currency acting as the reserve bank
organization committee shall desig-
nate from among the reserve ana
central reserve cities now authorized
by law a number OF such cities to be
| known as federal reserve cities and
shall divide the continental United
States into districts, each district 70
| contain one OF such federal ressrvo
cities"
Senate Victories.
Az tai hA
amendment as to the capitalization o.
| the regional associations. which VIII
| be per cent of the capital and sur
MUS OF the national banks Of the cOun-
| try approximating $106,0oo.0OO o.
| which only one-half viii be requires
| to be paid in.
| A compromise agreement was reach
ed as the minimum capital required %
a regional association. the amount BE-
| ing nxed at 100000. The house bill
had fxed IS, 000. 900. and the senate Gus
| the amount to $4,000 0oo.
| senate amendment fixing the
| dividend to be returned on the stock. OF
regional associations at per cent wAs
agreed to. The house had provided .
dividend of 5 per cent
| There was no serious struggle over
the amendment put In by tho senate
providing that all appointments made
under the federal reserve board b az
empted from the civil service law or
regulations.
| On the important provisions reQuir-
ing compulsory rediscount by one
regional bank from the paper Of anoth-
| err regional bank. compromise waA
reached by which such compulsory re-
discount can only be imposed on =
| regional bank by an affirmative vote
of Ave members of the federal reserve
board
Gold Reserve Increased.
| One result of the conference work
| was the acceptance of the senate re-
auirement for a gold reserve against
reserve bank notes. The house had
hxed the percentage OF reserve ro-
ouired to be held by the regional banks
against note issues at 80 1-s per cent
| After a very determined fight the sem
ate Increased the reserve to 40 per cent
and fixed tax on depletion. The sem
late provision was agreed to exactly ~
written.
| Another senate amendment which tbs
| house conferees accepted authorlxee
| the federal reserve board to remove ~
suspend any director or OFFICER o. =
regional reserve bank.
AS was generally predicted the sens
ate provisions as to redemption money
available for redeeming regional re-
serve notes. was adopted. These notea
must be redeemed In gold when pre-
sented at the treasury department.. bue
may be redeemed in either gold or 1AWe
full money when presented ct
regional bank. at the election q -
bank. A 81
The house conferees also accepted 90
senate amendment for bidding the aaGrA.
tary of the treasury. assistant necE4s
taries Of the treasury, the compttolaNy
/ OF the currency, or any memhef of 4N@