Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1913-12-18
Agreement =. Final Action "Ou
Legislative Day of Friday,
December 49,"
TWO DAYS FOR CONFERENCE
President in Close Touch with
Measure and His Signature
Is Expected before
Christmas.

Washington. Dec. 17.-An agreement to
vote on the final passage Of the admins
tration currency bill "on the legislative
day of Friday. December 49," was reach
cd in the Senate late to-day. The agree
mcnt provides that debate tomorrow and
Friday shall be limited to Is minutes for
each senator upon each amendment or
upon the bill itself.
While the legislative day may run over
into Saturday, it is the expectation of
Senate leaders that the bill will be passed
before midnight Friday night. If impor-
tant amendments are pending at that
time. however, a recess may be taken un-
til Saturday morning as the republicans
would not consent to the agreement until
the democrats promised they would not
keep the Senate in session all night Fri
day.
Democratic Leader Underwood Of the
House was in conference with Senate
leaders to-day in preparation for the
final stages Of congressional action on the
currency measure. 1t is thought that but
two days will be taken for the compile
ton of the bill in the joint conference
committee. House leaders have kept in
the Senate and they expect President
Wilson's signature to bc attached to the
measure before Christmas The Zig task
of organizing a federal reserve board
and creating the vast system of regional
banks will then begin.
The Senate spent to-day in consideration
of further amendments proposed by Sen
ator Hitchcock. defeating by Al to 81 his
amendment to extend the guarantee Of
bank deposits to cover State banks that
Joined the new system as well as national
banks. Senator owen expressed his ap-
proval of this idea, but the democrats
would not support it because it had not
received the endorsement Of the caucus.
4 motion by Senator Hitchcock to in
crease from 90 days to $50 days the
maturity date Of paper that could be sub
mittcd for rcdiscount at the regional
banks was also defeated, 80 to "a.
DEMOCRATS GET TOGETHER.
The democrats gathered in a hurried
~ called conference at six o'clock to-
night to settle all final differences over
the bill and agree upon amendments
which they would support The list of
amendments submitted to the caucus in
proposed by Senator Hitchcock or by re-
publicans and voted down and it was said
several of these might be offered to-mor-
row or Friday by Senator owen and
adopted as part of the bill
With the last of the Hitchcock amend
ments which is expected early to-mor-
row, affirmative work on the currency
bill will begin at once. The amendments
comprised the essential features of the
measure drafted by Senator Hitchcock
and the five members OF the Senate bank
ing committee. With these out of the
way Senator owen VIII offer his bill en-
dorsed by the Senate democratic caucu.
as the substitute for the Glass bill that
passed the House.
Republican senators joined Senator
Hitchcock to-day in a strong fight
against the provision of the owen bill
limiting to 80 days the maturity perioC
of commercial paper that might be re
discounted at the proposed new regiona
reserve banks.
Senators Crawford Of South Dakota
and McCumbcr of North Dakota declared
it would make it impossible for countr!
banks of the West to meet an emergency
and that the mass of six months note
of farmers and stock raisers would b
valuclcss in time of a panic because the,
could not be rediscounted.
CALLS 1T BANK FOR BIG BANKERS
"Wlth this ninety days provision yo
are simply creating bank of big bank
ers," declared Senator Crawford,
bank to help big banks but for whic
you assess the little banks to get tn
capital. The little banks are smpl
commanded to carry wood and water 70
the big banks.
you say to the Nanderlips and tn
Hepburns and the Morgans and the Rey
nOdses, Come in with your short tern
paper and get the money but you say t
the Smiths and the Browns and tn
Joncscs from the small country districts
GO somewhere else with your long-tim
farmers paper; we cannot discount it,
Senator Shafroth replied that the linn
tation against long term paper had bee
settled upon solely to assure the federt
reserve banks having paper that woul
be Liquid" and quickly convertible int
cash in time of stress.
Following the numerous attacks on tn
note issue provision ANA the reserve ro
quirements of the bill by those who con
tended that the measure would open tn
doors to imitation, the democratic confer
ence tonight revised the reserve section
The required gold reserve behind the ne'
circulating notes was increased from
per cent. as provided in the owen bill
to 10 per cent. with a tax of one pc
cent. on depletion of the reserve down
32Ia per cent. An attempt to fix a
arbitrary limit on the amount of note
10 be issued failed.
Other amendments adopted provided fC
the use of part Of the surplus earr
ings of the regional banks for buildin
M the gold reserve, for an increase
the compensation of the members of III
federal reserve board from $4,000 to sl2
| 900 as provided in the Hitchcock amend
ment and that all the member bank
must receive the proposed new notes {
.ar was approved.