The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-07-28
CURRENCY SPLIT IS
NOT BEYOND HOPE
NOW THE BELIEF
"Corn Tassle Currency" and
Cotton Bale Cash" Are b
New Terms
PRESIDENT WILSON
Is UNDULY ALARMED
But Four Members are Known
to be Unalterably Opposed
to Owen-Class Bill
as 1t Stands
WASHINGTON. July 27.-"corn

WASHINGTON. July 27.-"Corn-
taasel currency" and "cotton-bale
cash." a. the proposed new issue OF
government notes based on agricui-
tural products is 1okingly dubbed by
1ts opponents. has served to set the
Democrats of the house by the ears
and, It Is claimed. put President VIII
son in an unwarranted state OF APP
prehension over the status of cur
rency legislation.
Many Democrats were of the opin-
lon yesterday that the president has
been needlessly alarmed by reports
OF the supposed strength of the eie-
ment In the house back Of the insur-
gent movement In the banking and
currency committed. and they de-
piored tho suggestion OF the presi-
dent to take the subject ont of the
hands OF the committee and submit
1t to a Democratic caucus.
Playing to Radicals
Some friends Of the administration
were fearful that this may be playing
into the hands of the insurgents. as
il Is Just what the radical Democrats
are supposed TO desire--to be allowed
70 present their views to a caucus OF
their fellows.
Another view presented was that
reference of the subject to caucus
would give the Republicans opportun-
Ivy 10 charge that the Democrats are
weak on constructive legislation ana
lay the committee open to the charge
OF incompetence. 1t was generally
understood that the caucus plan was
the presidents own idea, however.
and IL he pushes II there will be little
opposition.
The doubling Thomases' In the
house expressed their views as being
At n loss TO see how a greater degree
OF harmony may b. expected In
gathering OF the fun membership OF
the house than was shown pro rata
In the committee. unless II be conf
dence that the insurgents are more
strident in expression than prolific
In numbers,
Presidents Idea.
It as assured that the president
idea was that discussion In caucus
would show the agricultural asset
Democrats that they are minority
OF their colleagues and bring them into
line for the administration bill. No one
thought that President Wilson con-
tenn plated for a moment yielding as
sent to the currency scheme based
upon the agricultural and Industrial
assets proposed.
There are practically hut four
Democratic members of the committee
who insist upon radical amendments
t. the Glass bill These are Repre-
sentatives Buckley. Ragsdale, Eagle
and wingo Only Messrs. Ragsdale
and Eagle are counted as staunch sup
porters Of Mr.. Henry. who is not a
member OF the committee.
Br. Buckley says the only feature
Of the bill to which he should object
In the orga nization of the federal board
- l. this
would give the party In power too
much political power. hut IA yet he
has not suggested any remedies. and so
far as known he has NOT prepared any
amendments to the bill to meet his
own criticism. Under such circum-
stances II In impossible TO assert that
Mr.. Buckley is an unreconciled oppo-
nent Of the bill.
win Follow Henry.
Mr.. Ragsdale was the committee
member who introduced the Henry
substitute In the COMMITTEES. Mr.. Eagle
Il n believed. will follow the lead OF
Mr. Ragsdale and Mr.. Henry. Both
are new members and have yet to
serve through their first session Of a
congress II II understood that their
main objection to the Glass Owen bill
Ia because they believe It will give
additional powers to the alleged
money trust.
Already senator's complain of the
length OF the session. and are making
overtures for an early adjournment.
Democrats and Republicans In the
senate are now urging that the cur
rency bin be postponed until the reg
ulAr session next winter. but 1t ID
urged by some that II the administra-
ton bill Is defeated in the house now
Il will mean delay for a year or more.
For the president to be defeated In
his efforts now would mean that the
country would lose confidence in his
currency recommendations. some as
4 scrt while others Arr. Of opinion that
the night should be stopped now be-
II fore II gets more complicated. and
taken up again at the regular session
after feeling has quieted down.
Owen Defends Bill.
In 4 letter addressed to Joseph +.
TAlbert. vice president Of the City
National bank. New York. Senator
Robert L. Owen, chairman of the
senate committee on banking and
currency, enters an elaborate defense
( OF the administration banking reform
bill Senator Owens, letter Ii writ
/ ten In reply to one forwarded by
Vice President Taibert. who critically
analysed the measure.
Senator Owen writes In part:
THE federal reserve board should
no more. be stigmAtixed by the cpl
tibet political appointees than the
supreme court bf the United States,
whose members are also political APP
p0intees' 1t II In either case Z gov
einmentai position OF the highest dig
nifty and character. not partisan
machine.
II remind you that the Bank oil
England has not on its directory
tingle banker, broker or bill ais
counter, but II Ii controlled by public
4 opinion A. : great national agency,
\ and y = safeguard Tor the commercial
fCoatinusA o. TAisd raSs.)