The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-08-27
CAUCUS BEATS INSURGENTS.
DEMOCRATIC MEMBERS RALLY
ROUND ADMINISTRATION
MEASURE AND DEFEAT
AMENDMENTS.
Head OF Presidents Cabinet Empha-
tically Denies Reports OF Differences
on Monetary Measure. Antri-trust
Feature to BE Separate.

of the administration currency bill
scored an important victory in the
house Democratic caucus today when
they brought to their aid an unuuali-
fled Endorsement of the measure from
Secretary Bryan and defeated the
proposed ''insurgent" amendments
that would have prohibited interlock-
ing directOrates in national or State
banks Incorporated under the pro-
posed law.
Secretary Bryan in letter address
ed to Chairman Glass of the currency
committee approved the bill as it
stands, declaring President Wilson
had recognized fundamental rights of
popular control in it's provisions. H..
asserted that the plank of the Demo-
cratic platform against interlOckinY
directOrates was aimed chiefly at
trusts and he urged Democrats to
stand by the president" and not 10
load down the currency bill with any
amendments which might endangcr
it's early passage.
Fortified with the backing of one
Of the makers OF the Baltimore plat
form, Representatives Glass and I'm
derwood met the demand for IN
amendment to prohibit interlockine
directorates with counterproposal
that the Democrats of the house take
up general legislation against inter-
locking directorates at the next ses-
sion.
A resolution by Representative Un..
derwOod, adopted by vote of 13O
to 60, referred the entire subject to
the Democratic members Of the judi
ciary committee OF the house and
directed them to bring in q bill at
the next session Of congress that
would prevent interlocking directoi,.
ates Of all kinds.
Administration leaders tonight said
the large vote that supported the
Underwood motion and the hearty
approval that greeted Secretary
Bryan's Endorsement Of the bill means
:he approval Of the complete Glass
bill with but little change.
The amendment over which the
fight waged throughout the day had
been offered by Representative Neeley
OF Kansas, one of the socalled "insur-
gents" of the banking and currency
committee. 1t was not until near the
close of the session that Chairman
Glass, after declaring that President
Wilson did not want such an amend
ment incorporated in the bill brought
forth the Bryan letter. He also pro-
duced q letter addressed to him by
Samuel Untermeyer, who was counsel
Tor the Pujo money trust committee,
saying he did not believe the inter
locking directorate provisions should
be in the currency bill.
Objecting members who had ques-
toned Mr.. Glass Interpretation Of
the presidents attitude gave way be-
fore the vigorous assertions of Sec
retary Bryan and q vote quickly set
tied the question.
In his letter Mr. Bryan declared
that for many years he had advocat-
ed Il law preventing a duplicating of
directOrates.
while the principle applies to
banks as well as to trusts, although
| think. in q less degree" the secre-
tary wrote, the plan has been con-
sidered mainly as a means Of dealing
with the trust evil. Competition can
be effectively prevented where the
same men act rs directors of com
pcting companies.
Il am as much in favor of the rem
edy now as | was when i began to
advocate 1t, in fact, more so, because
recent disclosures have given further
proof of the employment of this
means OF eliminating competitions; but
| do not think it wise to make il
Il part of the pending currency bill.
In attempting to secure remedial leg =.
islation, care must be taken not to
overload good measure with amend
ments, however good those amend
ments may be in themselves. A boat
may he sunk If you attempt to make
1t carry too much, however valuable
the merchandise.
"A bill is usually the result of Il
compromise. The president and Sec
retary McAdoO ia conjunction with
tn" Chairmcn OF the currency com
mittccs of the house and senate have
formulated a tentative measure. 1t
was prepared after extended inVcsti-
cation and the comparison of views. 1t
embodies certain provisions of great
Importance. and is, | believe, funda-
mentally sound. The provision in re