The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-26
A agricultural Amend
ment to Currency
Bill Adopted.
CONQUERED IN BY
ADMINISTRATION
Puts Paper Based on Agricultural
Products on Same Basis as
Commercial Paper for Bank
ing Purposes-Wilson Will
Oppose Proposals of
Chicago Bankers.

Washington. August 25.-An agricul-
tural currency amendment to the ad-
rninistration currency bill was adopted
by the House Democratic caucus to-
day. After several preliminary skir-
mishes. in which other amendments
were beaten, the caucus without a dis
scnting vote adopted an amendment.
agreed to by the "insurgent" con
tlngent and Banking and Currency
Committee. to put paper based on ag-
ricultural products on the same basis
| as commercial paper for banking pur-
poses.
Amendment to Bill.
The amendment, the result of many
conferences and concurred in by adj
rninisiration leaders and those unsuc-
cessfully seeking other amendments,
reads
Upon the Endorsement of any mem
/ Der bank, any Federal reserve bank
may discount notes and bills OF cx-
change arising out OF commercial trans
actions, that is, notes and bills of ex-
change issued or drawn for agricul-
tural. Industrial or commercial pur-
poses, of the proceeds OF which have
used or may be used for such purpose,
the Federal Reserve Board to have the
right to determine or define the char
acter of the paper thus eligible for
discount within the meaning OF this
act. But such definition shall not in
cludc notes or bills issued or drawn
for the purpose OF carrying or trading
in stocks, bonds or other investment
securities. nor shall anything herein
contained. be construed to prohibit such
notes and bills Of exchange, secured
by staple agricultural products or other
goods wares or merchandise from be-
trt livil f.,, ,ii
Notes and bills admitted TO dis
count under the terms of this para
graph must have n maturity of not
more than ninety days
Opposition In Satisfied.
I'VE have won all we contended for"
was the comment OF Representative
Neely. OF Kansas, In charge OF the op-
position 10 the bill.
The Glass amendment" added Rep
resentative Henry. of Texas, comes
practically 10 the amendment have
advocated during the last three
months"
The rediscount section as thus
amended" replied Chairman Glass.
does not comprehend single one of
the wild and absurd suggestions which
has been proposed. Mr. Henry sur
rendered solely and simply because
ne was beaten. He jumped after the
boat left the wharf"
During to-day's session the caucus
defeated an amendment by Represen-
tativc WIngo, OF Arkansas, TO exclude
from rediscounting at Federal reserve
banks notes or bills intended for deal
ing in futures or for marginal trading
on agricultural products. Representa-
tive Gray, OF Indiana, in the princi-
pal speech Of the day Intellectually
sought to divide the Federal reserve
n dfSfr nr irNfn Nt,t "a lg..s
sions.
Opposition by Wilson.
President Wilson does not regard OBJ
jections raised by the Chicago con-
ference Of bankers representing the
view of the rank and file OF bankers
throughout the country. He indicated
to-day TO callers general opposition to
the various proposals OF the Chicago
conference. though he has not examined
them in detail
The President told callers he had re-
ceived expressions OF hearty support
for the administration bill, not only
from business men generally. but from
the rank and file of bankers through
out the country, and would not COM
promise on its essential features
Late to-day the House caucus over
whelmingly voted down an amendment
to abolish the advisory board of bank
ers, provision for which was incorpo-
rated in the administration bill to
meet the criticism that the bankers
were being ignored
Secretary McAdoo tonight issued
the following statement concerning his
recent conference with George Rey-
nolds. of Chicago. at New York:
MY attention has been called to the
following statement attributed to Mr..
Reynolds:
"I spoke yesterday with Secretary
McAdoo, in New York. and we talked
of the bill and our objections to it.
and he assured me that the admnistra-
tion desired to do all in it's power in
remedying the defects of which we
have compla ined.
II do not believe Mr.. Reynolds made
this statement. What I said to him
at our conference in New York was
that any constructive suggestions or
criticisms submitted by the bankers
with reference to currency legislation
would. was sure, be carefully consid
cred by the committees of Congress and
the President. il submitted to them.
Any statement or Inference that l have
made any promise OF any sort to bank
ers or any one else with respect to
on lat Sla 10