Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-22
NONEYF|CHT
TOFLOOR
SENA TE
Two Distinct Currency Reform
Measures Reported by Com
mittee Unable to Agree,

WASHINGTON, Nov. 22.-The
Senate Banking and Currency Com
mittee to-day reported it's agree
ment to disagree" by presenting two
separate measures for currency re-
| form.
One was framed by Senator Owen
and half of his Democatic colleagues.
The other was framed by Senator
Hitchcock. a Democrat, and five Re
publican members of the committee.
For many weeks the committee had
been tied In a knot by discussion of
the measure passed by the House, and
now the Senate as a whole will have
to solve the whole tangle
Contingent bank control of the pro
posed regional reserve system, bank
ownership of the new system, redemp-
ton of notes in gold or lawful money,
eight regional reserve banks, and lib
! era provisions for farm loans are
| the principal features OF the curren :
cy bin prepared by Senator Owen and
his five allies.
Despite 900 amendments to the
House bill, the Owen bill closely re-
sembles the measure Endorsed by the
Administration before currency legis-
lation was transferred to the Senate,
! Rearranges Amendments.
The Hitchcock report as submitted
to the Senate, contains detailed ref
erence to the amendments to the
House bin. which we're adopted by
the Senate Banking and Currency
Committee before 1t split into two
factions. These amendments, ap-
proved by a majority of the commit
tee are retained in their entirety
in the Hitchcock draft, and few of
them. in changed form, in the Owen
plan.
The House brrI provides that the
national banks should be compelled
to enter the proposed regional re-
serve system at once and that the
banks should own the capital stock,
The Owen draft provides that the
hanks shall be compelled to enter the
system. but that the public shall be
rermitted to subscribe for the stock II
the banks do not subscribe enough
THE Secretary Of the Treasury Is to
+ake I'm the balance Of the stock re-
onired II the banks and public do not
take enough.
The Hitchcock nlan provides that
tho csn'taI stock first shall be opened
n rrbIic subscription for the period
of "a DAYS. and that the banks shall
he required thereafter to take what
over stock the public does not want.
Chances in REGIONAL Banks,
Tr-e,ve regional banks arc provided
IN the House bill. The Owen draf'
rrov,des for eight and the H'tchcocR
hu, FOR four with the proviso that
after four years the Federal Reserve
Board NAV increase the number tc
eight II necessary.
?, tho House bill ii is provided that
tho regional banks should he gov
orned bv a board of nine directors
tbree 70 be named bv the Government
and six by the hanks, with the pro
Wien thef the Federal Reserve Boarc
.Lo,,ld have mower to remove three o.
tho hank appointees. The Owen bill
re+ains this provision, excent that thu
raaeraI Reserve Board is given power
70 remove all OF the banks appoint
ees.
The Hitchcock plan provides tina
the Government in the beginning shall
onpoint a majority of the board anC
that the banks should all name fou
members only.
The House bill further provides tina
the asset currency proposed by the
hill, shall be redeemed in gold or law
full money.
The owen bill retains this excep
that the notes presented to the Uni
tod states Treasury shall be redeemed
in gold only. The Hitchcock draf
provides for gold redemption only.
These four differences are regarded
as fundamental in the reports mad
by the two factions -.---------