New-York tribune., 1913-06-19
BRYAN WINS PARTIAL
VICTORY ON CURRENCY
Administration Leaders Admit
Certain Changes Have Been
Made in Measure.
MANY DIFFERENCES APPEAR
Asset Currency" the Chief
Cause of Disagreement, and
Prediction Is Made of a
Long Fight Ahead.

From The Tribune Bureau
Washington. June 1S-Beyond the ad-
mission that certain changes have been
made i'm the currency bill. following the
long conference at the v hite House last
night. administration leaders were
''peeved" and uncommunicative to-day
regarding the wrancle which has arisen
over currency reform. Chairman Glass
of the House Banking and Currency COM
mittee said tonight that he would not be
able to introduce the bill in the House be-
fore Tuesday. but he made no explanation
OF why the completed bill would not ne
put In earlier.
Further confirmation Of the report that
Secretary Bryan was the cause Of the
mix-up came from various sources to-day.
The Nebraskan. In fact, has won par
tiaI victory IN his contention that the
Glass bill as originally drawn left
loophole for bank domination Of the fed
eral board Of control. which Is 70 make
the currency issues on securities OF the
regional reserve banks. When the bill Is
introduced according to present plans.
board will have been increased and the
bank representation diminished.
The Secretary Of State evidently Is not
10 gain a complete victory for his slogan
that the government alone is authorized
to issue money and that this power
should not be delegated TO any one. re-
view Of Democratic platforms. written
mainly by Mr. Bryan. for the last sixteen
years enunciates this party principle IN
one form or another.
The President once more told newspaper
correspondents to-day that there existed
no serious differences" regarding the
currency bill Mr. Glass reiterated his
statement to this effect. hut another
Democratic member Of the Banking ana
Currency Committee said
1T depends upon the meaning YOU give
the words serious differences. do not
think that personal bitterness has been
engendcred, but there have been diner
ences which amount TO sharp conflict 10
my way Of thinking
Means a Long Contest.
The currency situation at the Capitol
to-day was practically unchanged. be-
cause leaders In both House and Senate
have been opposed FOR days 90 currency
legislation A. this session. The predie-
ton was made by House leader to-day
that the dissension IN the Glass commit
tee was such that 1T would require nine
=, davs TO report a bill after Il was intro
duced."
| Representative Bulkiey. committee
member. remarked that many changes
will be made In the bill before u sot9
! through the House
That important alterations were made
! I'm the bill al the suddenly called confer
ence last night is known. This confer
ence was attended by the President Sec
retary McAdoo. Senator owen and Rep
resentative Glass. and II followed a long
I talk the President had with the Secretary
Of State. Mr. Bryan and Secretary Nc
Adoo also held a conference today AL
Of which strengthened the statement that
| Mr.. Bryan objected 10 the Board OF Ooh-
troll feature Of the Glass bill
Mr.. Glass said tonight that ne was
authorized 10 say" that the publication IN
A Western newspaper Of what purported
70 be a draft Of the bill was grossly in
accurate In many essentials. The pup
ished summary, he said, was similar 10
an earlier draft Of the Glass bill, which
had been frequently changed In the last
two weeks.
one OF the changes concerns the method
Of retirement OF currency Issued on the
II per cent government bonds. but Mr.
Glass declined tonight to furnish the
details. This change and the one ahect-
ing the board Of control are among the
more important made at the midnight
conference last night.
Asset Currency Chief Trouble.
Some leaders declared that the bill was
loosely drawn and needed careful revision
before being submitted 10 Congress. The
real point Of disagreement, however.
seemed TO be the asset currency There
are indications that many Democrats. de-
spite the persistent explanation Of Sena-
tor owen. chairman OF the Banking and
Currency Committee, that the proposed
currency will have the credit OF the gov
/ ernment behind 1t, are opposed TO any
thing that savors Of this kind Of currency.
They hold that the government should
! issue all the currency that is to be Issued,
retaining absolute control and putting the
national reserves against IT as security.
| II the latter plan is adopted IT is almost
certain that long fight will follow, and
that the Presidents hope OF speedy cur
rency legislation will be dashed against
| the rocks Of Congressional discord. Just
as persistently as some Of the Democrats
adhere 10 the scheem Of having the gov
ernment issue the additional currency 10
tide the business OF the country over
periods OF financial stringency, others
among them Republicans, adhere 20 the
idea that il is a return to the old and
outworn system Of issuing "greenbacks,
and that the effect on the financial system
would be disastrous.
As matters now stand indications are
that currency legislation will not run a
smooth course In Congress The predic-
ton was made to-day by Senators who
have been apprised Of the Democratic plan
that the party is on the eve OF making
blunder ana that the consequences will be
disastrous unless plans now under consd-
Grafton are abandoned.
Samuel Untermycr. who piloted the
Pujo money trust Investigation in the