The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-12-03
CURRENCY BILL MOVES SLOW.
SENATE DEMOCRATS In CON.
FERENCE MEET MANY Or
STACLES TO ADVANCE
MENT
Some Go So Far as to Say That Tues.
day or Wednesday Will be Earliest
Date on Which Bill Can BE Pre-
scnted to Upper House.

Washington, Nov. 28.-Obstacles
To-Day encountered by the senate
Democrats in their consideration of
currency in conference threatened to
extend the meeting over into next
week. Work on the bill today drag
ged. Practically no material ad-
vance was made in the draft as pre-
senred by Chairman Owen and the
five admins ration Democrats on the
banking and currency committee.
Several senators ventured the opin-
ion that the conference would be un-
able to conclude its consideration of
the bill before next Tuesday or We'd
nesday, Notwithstanding the vote TO
finish tomorrow night. The leaders
still hope, however, to present the bill
to the senate on Monday.
Acting Majority Leader Johnson of
the house, at the request of the pres
ident, conferred with Senate Leader
Kern and it was arranged to have the
z
congress at a joint session Tuesday
afternoon at 1 o'clock.
The currency conference referred
pack to the committee several para
graphs to be redrafted with changes
OF phraseology or form. In one of
these conference decided to provide
that no member of the federal reserve
board should be allowed to accept a
position with any member bank for
a period of years after leaving the
federal board
The paragraph allowing national
banks to act as executors and admin
lstrators also was referred back to
the committee to be drawn so that
it would not conflict with the laws
of various States
Inc question of the number Of
regional reserve banks to be operated
has been left open and probably will
be taken up tomorrow. The Georgia
senators insist that if the South is to
have regional bank it should be To-
Gated in Atlanta.
While progress today was slow, the
leaders were satisfied that the Owen
draft of the bill finally would be
adopted with but few changes The
question of binding the Democrats
to support the conference bill as a
party measure has not yet been taken
up but it is expected that a bind
ing resolution will be presented after
the bill has been completed.
The Democratic conference tonight
defeated proposal to broaden the re-
demption features of the new cur
rency bill so that the proposed treas
ury notes would be redeemable at the
United States treasury in lawful
money" The committee had recon-
mended that the final redemption be
limited strictly to gold, and after a
lengthy debate tonight that position
was upheld by the conference The
bill as now agreed to permits a note
to be redeeemable in either gold or
lawful money" at the regional banks,
but in gold only at the treasury.
"A change was agreed to in the form
of the Owen bill, which would make
the new treasury notes acceptable for
the payment Of customs. This was op-
posed by the committee that drafted
the bill on the ground that the GUS
toms receipts furnished one certain
method of getting gold in time Of
need for the use of the treasury.
Rapid progress was made on the
bill tonight, and Democratic senators
confidently predicted the conference
would be able to complete it's work by
tomorrow night.