The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1913-12-22
ALL PRINCIPAL ITEMS
REMAIN II MEASURE
(BV Aseocidted Press.)


Washington, Dec 22.-After workang
until nearly daylight the conference
committee on the currency bill had the
measure ready to report to both |
houses. All principal items contained |
in the administration bill remain. The
machinery of the two houses is pre-
pared for early action and it is believ
ed the measure VIII be signed by Pres
ident Wilson tonight.
At 1870 o'clock this morning the joint
conference committee agreed to strike
from the measure the Senate provision
for an insurance fund to guarantee de-
posits in national banks. At that time
but single point Of disagreement still
was In dispute. That was the COM
position of the Federal reserve board.
The committee agreed to strike out
the Senate amendment which would
allow the use of the new Federal re-
serve notes as bank reserves.
Among the more important decisions
of the committee were the following:
The minimum capital stock of each
regional reserve bank was fixed at $4,-
100000, a compromise between the 3d.
100000 minimum of the Senate bill and
the $5,OOO,OOO minimum of the House
bill.
The Senate's provision for from eight
to twelve regional banks, was accepted
by the House, In place Of the minimum
Of twelve, fixed in the House bill.
The Senate's provision that each
member bank must subscribe for stock
of the regional bank in its territory,
equal to per cent Of the member
banks capital and surplus, was accept
ed by the House to replace its own pro-
vision, that the subscription must equal
s per cent Of the member banks capt.
tai
The senate gave way on its provision
that no class B director of regional
bank could be a stockholder in any
member bank. This would permit the
three directors who represent agricul-
tural, commercial or industrial inter-
ests in the directorate of each regional
reserve bank to own stock in local
banks in their district.
After a long argument the House
< conferees agreed to accept the reserve
section written into the currency bill
by the Senate. Under the House bill
a reserve Of 33 1-3 per cent Of gold was
required behind the Federal reserve
notes which will constitute the new
currency. The Senate provision agreed
to in conference provides for a 40 per
cent gold reserve, with tax Of 1 per
cent on depreciation down to 80 1-2 per
cent and graduated tax below that
point.
The Senate receded from an amend
ment which would have admitted tore
discount by the regional banks accept
ances based on domestic shipments of
merchandise The House conferences
yielded to a Senate amendment which
will allow the Secretary of the Treas
ury discretion in the depositing Of gov
ernment funds in the new regional
banks. A compromise was arranged
as to the forcing of one regional bank
to rediscount the paper of another, by
which the vote of five members of the
Reserve Board will be necessary to
require such discounts, and the confer
ence struck out Senate amendment
under which member banks could have
discounted with the regional banks
their own direct obligations.
The conference agreed to retain a
Senate amendment providing that no
member Of Congress shall accept any
division of profit in the new system
The amendment providing that the Sec
retary Of the Treasury, the Assistant
Secretary of the Treasury and the
Comptroller of the Currency SHOULD be
ineligible for two years Eing
the government service osi-
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