The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1913-12-16
Victory for the Administration
on the Currency Reform
Measure
SENATOR ROOT
is DENOUNCED
Administration Democrats Score Re
publican Senator's Attitude in OPP
position-Defeat Insures Adoption
of Owen Plan for Regional Banks.

WASHINGTON. Dee IS. - Victory
for the administration forces in the
first test of strength on the currency
reform bill marked yesterday : ses-
sion Of the Senate. The vote, 40 to 30
tabled 4 substitute offered by Senator
Hitchcock for section , Of the admins
tration bill, proposing system Of four
regional banks with a possible increase
to eight, the regional bank stock TO be
owned by the public.
The defeat of this amendment prac-
tically insured the adoption OF the
Owen plan which provides for from
eight to twelve regional banks with the
stock owned hy the national banks that
become members OF the respective
regional banks. The Democratic lead
crs claimed the result OF the test vote
involving one OF the most important
features of the fight indicated the ul-
innate success Of the administration
measure.
Efforts to get an agreement of the
beginning Of the final voting on the
bill were not successful today, but
leaders on both sides OF the chamber
looked forward to an early termination
Of the debate and for final action he
fore the end of the week
When the Hitchcock substitute had
been tabled Senator Reed made n
speech vigorously defending the Owen
bill aud replying to Senator Root who
on Saturday attacked the measure and
called Secretary Bryan the domi-
mating influence behind the proposed
new currency system.
Replying directly to Senator Root s
predictions that undue imitation and a
financial panic might eusue if the cur
rency bill were passed in its present
form, Senator Reed declared no infla
tion of the currency could occur unless
the 'souud money men Who run the
banks" brought it about
This is a workable bill, hc de
clarcd. 1t is not surchargcd with ID
struction to business. If added che, s.
ought to bc pat u. | for one anl viii
ing to put them IN. But the >oaatoi
from New y IUrE spent his time telling
, of the dire things that would happen I,
business and spent but little time cN
+ planning his own proposed amendments
- No one has the right to stand OF
the floor Of this Senate and undcrtak,
to alarm the business interests Of TIA,
country when there is no Tust cause fo
it. | doubt the high patriotism Of tn
man who will stand here aud or,
wolf, wolf, when there Is no wolf
> who viii take this chance of inIuriuJ
the multitude who may be misled H.
such cry.
Senator Reed said "tvpcwrittc
. document proposing Senator Root 70
= the presidency had been prepared an
given to the press before he made hi
speech. +" 1t is not difficult tkcn to M
derstand why the secret1fy of stat
was brought in. ~ lie added. Whe
the voice of ambition is calling to higl
II er honors. il is not difficult to uude
: stand that men will sometimes let the
Il interest overcome their spirit Of fai
ness and candor.
! eff we ever have imitation Of til
It currency under this bill il will /
< caused by the bankers Of the countI
and by no one else. Even if Mr.. Brva
,f was all that he has been painted by h
ls enemies; even if he favored in1atic
r of the currency which no one has Il
"a right to charge; even if his infuen,
II. was to stand back of this pre- oosed fe
i'll eral reserve board and to ntrol Il
men who will be appointed by Il
. President; that board cannot put o.
one dollar of additional currency u
til there has been call made upon
by the regional banks whose boar
ne will be controlled by the sound mon,
M men who run the national banks.
We Senator Hitchcock made Il sharp
.y. tack on the proposed control of the
no gional reserve banks by the banki1
he interests of the country He declar
of this feature of the bill would turn on
no the country reserves to the use
these bankers and would legalize t
. methods and the combination Of cc
troll against the country has long pI
tested.