The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1913-12-23

II return for IN a9rcemunt 10 vote 10
uaA ~ unanlmods evnsehl + Was
agreed ,nat inc ccnatc sDou1u mcc,
~ ,4oth ,u,.;tS, Iuhu W. tltr rtpor,
.olIema1els ana ,,,nc =, Voc not iauei
,..,.n -.
80" .a3s a1aI scnun. matt. Ia,
ils,ee it,, se-t-,. >I0N, .ooaA
'eeess ta,a 1l.43 - d",lt tnc e.l1NaI
~ sne f.pou lIUn. ,hu l.Uua,.
lne .onte4clo a1IcCu on ptocllcaiit
til ol tue lunudm.ntitls OF tuc measure
~ !, fdoscu tnc senate, IncIuu4n- tnc
proN lo-on tad. 40, Icos ,nan cl5n, nor
."Ofe inon iC2Iuu,u uanns suouIu "
.oluutcu.
1ne reserve requirements tor banks
th,,lln6 tie system vnIcn had Ocen
=n.nts Iet uu,.n uN the ocud.e aeIc
oeI ons encncd IA cO..1Crcncc, an amenu-
mtht alo"in2 the usc o. the present
oan~ nu,es and the proposed ne" leu-
ct;I reserve nOUcs IN y,,.n reserves DC
,n- sttlcAcn out. IN orucr TO MAKE tnc
tnungc tn1 mouse concrecs eaitcu ia
rep. DuiklcN OF ONO, memoet OF the
house banhnS committee. VINO madc
an extended III sumcnt 10 sno" ,nat tne
pIoN tslon WAS unnecessary.
tue last iong-drdwu-u struggle OF
the conference resulted from ,lte au-
lnnis,Iauou ; determination that the
controIler OF the currency snouid pe
gwen Il place ON tne Icder,d re>crA {
uoaru, nuch VIII controi the new Sks-
4 tcln. ne senate conIcrcts were eN en-
| N ditlued ON ans proposition three
senators Joining with tine nouso m,ar
i ueI~ OF 1ae committee IN supporting
I ,5r4r. ...,t,-...,fI.,gr
! the conference accepted the Senate
amendment increasing tnc geld reserve
behlnd the notes to be l-sucd IRON
| So Is per cent. rs fixed in the ltous,
| u1ll. TO 80 per cent with j "raduatet
tax on depietion as arranged IN tn,
| senate. It was understood Inat Pre,t
dent Wilson and Secretary Of til,
treasury Mc-Ndoo let the conferce
know tnat they favored the increase.
y compromise plan Tor retiring TIL
= per cent bonds on which the pres
Icur currency j. based. was written mt
the bill by the conference. Under TIA
plan s36,ooo,Qoo Of these bonds viii b
pure chased each wear, beginning tw
years after the system is placed Il
operation by the new regional bank
from the present national banks. O
one half Of its holdings each rcgioua
bank may issue currency. The I'd
mainder will be refunded iii > per cen
@o-Near bonds or 3 per cent ono yea
treasury notes, which the banks mus
agree to renew each yeay for 80 YEAR
The elimination Of the fedcrs
guarantee OF bank deposits from til
ucw currency bin is to be ToIloWc
soon bv the Introduction OF Il sep;
rate Till TO establish such euarssnte,
Chairman owen Of the Senate banl
) ing committee expects to introduce
. early next month.
I The conference agreed to leay
, Alaska ont OF the new system
: Tie new plan for the refundin9
the government > per cent bonds an
the retirement of the present natiol
I'll bank currency Is rs follows:
National banks may make appIict
tiou To the treasurer of the Unite
States 10 have their bonds sold at p;
= and accrued interest. The trcasur,
@ viii prepare list Of all such Il
il plications aud furnish it to the fcdc
h al reserve board. The latter M;
t compel the regional reserve banks
@ purchase annually q total OF II,
more than S25,Oo0,000 Of these bono