The Washington herald., 1913-08-12
CURRENCY BILL
BEFORE CAUCUS
Discussion Is Likely to Con-
tinue Until End of
Week.
ADDRESS BY MIR. GLASS
Measure Probably will Be Ordered
Reported by Majority So Large a.
to Discourage Opposition.
ADDRESS BY MIR. GLASS

The banking and currency bill was
acclaimed at a caucus of the House DEM
ocrats yesterday called for the purpose
of formally giving the measure party
Endorsement. The developments indi-
Gated that the bill will be ordered re-
ported to the House by a majority so
overwhelming as to discourage further
opposition by the insurgents, who have
rallied around Representative Henry OF
Texas, chairman of the Committee on
Rules. The insurgents were defeated at
the outset Of the caucus. Representa-
tive Medley of Kansas, who voted against
the administration bill in committee, pre-
scented a resolution providing that the
press should be admitted to the sessions
of the caucus. This was beaten by a
vote of 119 to IS.
Most of yesterdays session was con-
sumed IN the presentation of a speech
by Representative Glass of Virginia
chairman of the House Committee on
Banking and Currency, who outlined the
provisions of the bill. Mr.. Glass was
followed closely, and he was frequently
interrupted by applause. AT the conclu-
sion of the caucus leaders declared that
as a result OF the speech of Mr.. Glass
the administration bill is stronger now
btlllOCEdlS IL
been at any time since the agitation for
immediate reform of the banking and
currency laws began. The prediction is
made that the bill will go through the
caucus substantially as it was agreed to
by the Democrats of the House commit
tee. No changes will be permitted by
the leaders that are not suggested or
approved by the administration.
Eight UOurs' General Debate.
As a result of an agreement made in
caucus yesterday the bill probably Will
not be ready for presentation to the
House until next week Adopting cor
ciiiatory attitude toward the insurgents,
who are expected to fall into line as
soon as the caucus registers Its approval
Cf the banking bill, it was agreed that
eight hours should be allowed for general
debate on the measure. TWO hours OF
this time were consumed yesterday 1t Is
the, expectation that general debate on
the bill will come to an end Wednesday.
II will then be taken up for amendment
Under what is known as the five-minute
rule. This procedure necessarily limits
debate on a given proposition, but II does
rot always save time. Amendments may
De offered without limit to any pars-
graph, unless a rule to the contrary is
adopted. Present indications are that at
least three DAYS VII De allowed lot us
Cussion of the details of the bill, and the
leaders, therefore, do not expect that the
caucus will conclude its labors until the
end o: the week.
Yesterdays debate disclosed that the
insurgents stand no chance at all Of
amending the bill in any essential par
ticular. They evidently plan to muster
all their strength behind what are known
as the Ragsdale-Henry amendments,
which provide that currency shall be is
sued on warehouse receipts represent
ing corn, wheat. and cotton. and pos
sibly other staples. 1t is proposed that
the farmers shall be cared for through
the medium OF an amendment requiring
Federal banks to issue currency on ware
house receipts up to about 30 per cent
of the product used for such purpose.
Farmers Cared For.
Mr.. Glass insisted at the caucus that
the farmers as well as all other classes
were cared for by the proposed law. He
wheat, corn, cotton. and other great sta
pies with the certainty that currency
could be issued against such products
would encourage corners" and, in fact.
make them profitable. He said he re-
garded such a contingency as dangerous
in the extreme. and it was inferred from
his remarks that he believed that the
storage of great agricultural staples in
warehouses, even as a basis for short
time notes, might tend to increase the
cost of living by decreasing the supply
in time of need of breadstuffs.