New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-08-25
BANKERS VIEWS FAIL
TO IMPRESS DEMOCRATS
Party Lines frightened in the
House to Stand by the Cur
renCy Bill as 1t Is.
SMALL CHANCE IN SENATE
One or Two Changes Desired
by Banking Interests May
Be Made, Including Re-
duction of Reserves.

Washington. Aus. et-The answer Of the
administration forces ia the House TO
the criticisms OF the new currency bill
made by the conference OF bankers al
Chicago Yesterday will be tightening UP
Of the lines and n more vigorous indorse-
ment OF the bill as IL now stands IN
formal conferences OF Democratic mem
bers of the House Currency committee
to-day emphasized the fact that the ac-
tive supporters Of the Presidents cur
rency plan expect TO pass the measure
through the House without substantial
change.
The amendments proposed by the oahN-
ers. IL was pointed out by House leaders
all we're considered in detail when the
bill originally was prepared and IN the
long debate over its provisions IN the
Committee on Banking and Currency.
The proposal 10 reduce the quantity OF re-
serves and give To- country banks the
privilege Of keeping part OF their reserves
i'm the large cities had many supporters.
and ultimately may bee worked into the
bill IA the Senate. but the change Is not
expected In the House
The bankers viii have an opportunity
TO present their views openly 10 Congress
after the currency bill gets into the Sen
ate Chairman owen of the Senate Cur
rcncy Committee said to-day that he "N-
pected leading representatives of the varl-
Gus factions among the bankers would
be Invited to give their views on the bill
To the Senate committee.
I.4af nf
proposal TO reduce somewhat the guam
tity Of the reserves" said Senator owen.
we have not discussed the new legisla-
ton sufficiently in committee. however.
10 know what changes will be made In
the bill
Few OF the changes advocated by the
bankers will receive favorable considera-
ton from the Democratic forces I'm the
Senate Chairman owen is unalterably
opposed to the idea OF changing the fed
eral board OF control so that banking in
terests would have share In It's man
agement. or TO creating currency 10 he
issued by the banks. instead of by the
federal government. 1t is believed that a
large majority Of the Senate will adhere
TO the plan for Treasury notes, rather
than notes to be issued by the banks.
Senator Shafroth, a member OF the cur
rency Committee, Will introduce I'm the
Senate tomorrow proposed plan for the
retirement of all existing currency except
silver certificates and the issuance OF a
general form of Treasury notes secured
by n 20 per cent gold reserve.
Senator Shafroth's bill also would SUD-
stitute Treasury notes at once for all out
standing national bank notes, and would
cancel the government bonds that now
form the security for the national bank
currency. lie said to-day his bill would
save Sli.S0,0O0 in interest now paid oy
the government on bonds used to secure
national bank currency. a sum that would
be increased to 81 2+6,C00 If the per cent
bonds were refunded with per cents.
1T would take the control OF the cur
rency out of the hands of the banks and
place 1t fl the government" said Senator
Shafroth. 1T would satisfy the bankers
because IT would cash their per cent
bonds without loss
Many requests for hearings have been
received by members OF the Senate com
mittee. Some OF these are from officers
OF leading labor organizations r. j. Do
Ian, of Chicago, secretsry-treasurer OF
the Brotherhood of Steam Shovel and
Dredge Men. said In part:
THE workingmen OF the country are
just az much. II not more, interested IN
the pending currency measure than any
other class, AS they are tho people who
deposit their earnings in the savings
banks OF the country. I believe IL repre-
sentative men Of the different classes of
people interested I'm this measure We're
Invited to participate in conference great
good would come from IT,"