Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-06-17
President Prepares Message
Which He viii keao to Joint
Session Of House and Sen
ate This Week,
UNDERWOOD SEES NO
HOPE OF QUICK ACTION
Floor Leader Declares Ques-
ton One of Which Majority
Has Little Accurate knowl-
edge to Go Upon

fes poHHipa JOURNAL SPECIAL trkaen Wisfl
Washinpton, june it.-puhlie opin-
ion is to decide whether there shall
be currency legislation in the present
session Of congress-
This wa, the view which Reprcspn-
mtlyc oscar Underwood, democratic
leader in TIE house. took after con-
ference with President Wilson ai the
White House late today
In the face of conflicting EXPIRES
sions from prominent democrats In
congress as 90 the necessity for cur
reney reform at the present session, u
is the avowcd purpose of the admin
istraupn 10 launch currency bin n
the house ana senate before Friday
of this week which will be accom-
panied on followed hy the presidents
message describing what he believes
10 be the necessity for banking re-
forms. Then. according to Mr. TN
derwood the plan of the house will
he to thoroughly discuss the new
banking proposals, and walt the cx-
preston of the newspapers of the
country. and the opinion of the bank-
ors and business men generally as 90
the merits OF the democratic nrepO-
sails. Should the discussion Of the
bin in congress be backed up by an
insistent dcmand from the country
nj large for an immediate revision ot
the currency system Il is the belief Of
the administration that senators and
congressman will yield their pleas OF
personal discomfort in the approach
ing hot weather.
The president believes strongly
that the country will buck him up Ia
his view that The currency system
ought a. be- reformed so az 10 allovi-
ate any strngeney that might follow
the passago of the tariff bill Repre-
sentative Underwood. after his con
ference with the president said that
while the democratic party had made
up its mind what ought 10 be done
on The tariff. currency reform was
practically "a new question and it
would bo impossible to predict how
long the house would take for dis
some time. he added, for members 20
hear from their home communities,
He would not venture q guess as 60
whether approval or disapproval Of
the bin could be- reached In month /
or longer and TOOK the position that /
the currency situation could only be
solved by the attitude which the na
tion revealed when the bill was de-
hated thoroughly
Meantime, Secretary McAdOo, Chair I
man owen and Glass. of the senate
and house banking and currency COM
mttces. finished the bill that repre-
sented the administrations view II
went to the printer tonight.
There has been no decision az t.
whether the president will read his
message to congress in advance Of
the introduction Of the biz or after (
ward
The bin in It's present form, em- /
braces system Of regional reserve +
with local governing /
boards. al under control of a federal F
reserve board Of nine members at
Washington Elasticity of the cur
rency is to be secured through the is-
suancc of United states notes 70 those I
reserve associations. and by them to
the local banks, upon adequate secur-
its, including commercial paper Of "a +
qualified class. The local banks
making up each reserve association
would be required to keep specific f
Of their reserve in the associ-
alton vaults.
40 important issues Of treasury
notes or gold or silver certificates
are TO be disturbed by the new cur.
rency but the bin would require the
gradual retirement Of all national
bank notes, within maximum period
of twenty years The new currency
system would become operative July
j, 1914
The presidents message was sent
10 the printer tonight It viii be read
10 the cabinet tomorrow.
speech-making In the house on
viii begin soon When the
. plan arranged today, request viii
be made for time Tor Representative
Neeley Of Kansas member Of the
majority, to speak "a the
earliest opportunity lie believes with
Representative Henry of Texas that
here should be an immediate renewal
If the inquiry into the money trust.
Chairmen owen and Glass, Of the
senate and mouse committees on
and currency conferred again
.odag ana Mr. owen afterward an
bounced thai the bin practically had
been completed and would be consld-
red In committee this week and taken
~ ana passed before the extra session
adjourned "'fhis talk Of no currency
eglslaiion at this session said Sena-
or owen. Us based on artificial sen !