The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-12-23

II was a gold brick 10 tho farmer
In that only small percentage OF the
surplus of the small banks could be
loaned 10 the farmers.
Rcpresc Ienroot, of Wiscon-
sin. Republican, announced that he
would vote for a conference report
because he believed II an Improve
pent on both Senate and House bills.
Under this BILL lie said. tho re-
serves In Wall Street can no longer
be used in stock speculation. but must
be used to meet the commercial needs
OF the country.
Representative Moore OF PcnnsyI-
Yania- characterized The bill as IA
,ravestry upon Democracys so-callcd
popular rule" and q confession of die
tauon.
Representative Guernsey. of Maine.
Republican, said he objected to the bill
chiefly because the reserve board would
be controlled by partisan interests.
Representatives Hehin. of Alabama.
and 4. Mitchell Palmer OF Pennsyi-
vania, Democrats, supported the re-
rort in enthusiastic addresses.
Only .Hnif Blow" Struck.
Announcing that he would vote for
;he conference report, Victor Murdoch
PrnT"eV7;ve lender i'll the House, in
sisted that the Democrats had acted
100 hastily ana struck only II half
A.~,, ptt.al interests
In tile last eight months" said Mr.
Murdoch. Il have seen tho mental at
,ltude Of Democratic leaders chang q
from, a desire to serve the public TO an
attitude Of trying TO avert national
disaster. There is no panic III this coun-
rry yet. but the special interests Of the
country. which arc no mean enemy,
lave been spreading the poison of pes
siiuism"
Representative Llndbersh Of Mime
sofa, Progressive, assailed the confer
enco report on the ground that it
eventually would increase rather than
decrease the cost OF living The vital
defect o! the measure. he said was
that II did not give the Federal Re
serve Board the right 10 fix rates OF
Interest 10 he rnareed by bankers
Representative Kahn, Of California,
and Plat OF New York, Republicans
criticized The report. declaring It would
prove disappointment to tho nation.
Much OF the discussion concerned the
elimination by the conferees OF the
Senate'S scheme OF guaranty Of bank
deposits. REPRESENTATIVE Glass DO
rlarcd that the Senate provision would
have defeated amy real guaranty Of
bank deposits, and iutiInatcd that fur
ther Legislation OF this might be under
taken. He said that such a guaranty
OF deposits ough; 10 place the tax on
INC banks and not on the government.
Ovation for Underwood.
Majority Leader Underwood. as tho
debate neared conclusion. was given
= great ovation when he arose to speak.
lie congratulated the House and SEN
ate and the Banking ana Currency
Committee "on accomplishing result
that many Congresses ana many com
mittecs have attempted III twenty years
and failed"
Mr.. Underwood referred to the talk
OF q money trust. and said that one OF
tie great reforms under the bill is the
taking of the reserves out Of the re-
serve centres and scattering them
through the regional reserve banks un-
der governmental supervision
Minority Leader Mann closed the de
bate FOR the Republicans, declaring
that Democratic control Of nine
months duration had east it's malign
influence over two great countries"
Mexico he said, lies PROSTATE.
bleeding. and America lies PROSTATE its
men out of employment. and factories
closed" AS a remedy, no said. the
Democrats proposed to initiate the cur
rency. He predicted the return to the
House of can unwieldy Republican ma
jorlty next November