The Birmingham age-herald., 1913-07-25

reserve OF SO Ia per cent of the banks
| total liabilities. They would provide
that not more than so per cent of the
paper rediscounted to a depositing bank
| should have a maturity of more than
| so days
| The amendments would provide for
an issue of United States notes" of not
to exceed $500, 100000 and "in addition
| thereto sum equal to the difference
between the total amountof national
bank notes outstanding at any one
given moment and the amount of such
notes outstanding at the passage of
this act. These notes would be re-
deemed in gold at the treasury or at
any federal reserve bank
The all-important feature of the
/ amendment would provide for the dvis-
ion of this new currency into three
separate groups for three individual
purposes, 100000 900 is distinctive
commercial currency of the United
States s200,000.000 Industrial cur
| rency" ana s2OO,0oO,Oo agricultural
| currency"
Commercial Currency
The commercial currency would be
| Issued to the reserve banks and the in
dustrlal currency through the reserve
banks to the states and territories
upon legally authorized state or. terri
| tolldl DOilQS ana COunlyf anu mun1C1Dal
| bonds when legally executed and in
dorsed by the state or territory"
| The agricultural currency would be
| issued through the reserve banks to
farmers upon warehouse or storage
certificates, certifying the deposit of
cotton, corn or wheat in bonded, in
sured and solvent warehouse or storage
plants to be approved by the federal
reserve board"
/ The ri oil -.
sued for use in internal improvements
and such amounts as are taken by states
and territories must be repaid in 20 years.
! The amendments propose an elaborate
/ scheme for the issue of the agricultural
currency. They would provide for the
issue of currency to 80 per cent of the
market value of warehouse receipts for
cotton when the market price is under
10 cents, for corn when the price is be-
low so cents a bushel, and for wheat when
| the price is less than 81 bushel
There also is a provision authorizing
banks not located in reserve or central
reserve cities to make loans on i'm
proved and unncumbered farm land
Not to to exceed 30 per cent of the. land S
value.
Revision Eliminated
The much discussed provision for the
refundng of the per cent bonds. which
secure the present currency, by the issue
| OF per cent notes without the circula-
ton privilege, which was included in the
GLASS Dill. would be eliminated by the
| 1nsurgent amendments.
| In his determination to get the cur
rency bill through at this session, the
President has decided to forego his va
+, cation and remain In Washington con-
tinuously until the measure is passed.
| Suggestion that the Senate might adj
journ after the tariff bill was passed
| and take a recess until November /, when
| consideration of the currency might be
| renewed have been prevalent in Con-
gress. but they do not find much favor
at the White House.
Meanwhile the President is watching
| closely the progress of the bill i'm the
| House and regards the vigorous debates
| among the democrats on the House bank
Ing and currency committee as whole
| some discussion, calculated to bring out
| the measure.
| When he left the White House tonight
| Representative Henry said he could not
discuss his conference with the Presi-
dent and White House officials were
| equally recticent. 1t Is expected, how
ever that Mr. Henry's report on the in
tereiew will play a prominent part at
ltomorrow's meeting OF the committee
democrats.