The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-06-17
WILSON THINKS
PEOPLE DEMAND
CURRENCY LAW
Believes Country VIII Back
Him Up in His View That
the System Ought to Be
Reformed.
MESSAGE SENT TO
PUBLIC PRINTER
Administration Bill to Be In
troduced in House and Sem
ate Before Friday of
This Week.

WASHINGTON, June 16. = Public
opinion, the sovereign voice in law
making, is to decide whether there shall
be currency legislation in the present
session Of congress.
This was the view which Representa-
tive Oscar w. Underwood, Democratic
leader in the house, took after con-
ference with President Wilson at the
White house late today.
In the face of conflicting expressions
from prominent Democrats in congress
as to the necessity for currency reform
at the present session, it is the avowed
purpose Of the administration to launch
currency bill in the house and senate
before Friday of this week, which will
be accompanied by the presidents mes
sage describing what he believes to be
the necessity for banking reform. Then,
according to Mr.. Underwood, the plan
Of the house will be to rest on its oars,
thoroughly discuss the new banking pro-
posals and await the expression Of the
newspapers Of the country and the opin-
ion of the bankers and business men
generally as to the merits of the Demo
cratic proposals.
Will Act on Demand.
Should the discussion of the bill in
congress be backed up by an insistent
demand from the country at large for
an immediate revision of the currency
system, it is the belief Of the admins
tration that senators and congressman
will yield their pleas Of personal dis
comfort in the approaching hot weather.
The president believes strongly that
the country will back him up in his
view that the currency system ought
to be reformed 30 as to alleviate any
stringency that might follow the pass
age of the tariff bill. Representative
Underwood, after his conference with
the president, said that while the
Democratic party had made up it's mind
what ought to be done on the tariff,
currency reform was practically q new
question to it and it would be impos.
sible to predict how long the house
would take for discussion of the bill.
Refuses to Guess.
1t would take some time, he added,
for members to hear from their home
communities. He would not venture a
guess as to whether approval or dis
approval Of the bill could be reached in
month or longer and took the posi-
tion that the currency situation could
only be solved by the attitude which
the nation revealed when the bill was
debated thoroughly.
Meantime Secretary McAdoo, Chair
men Owen and Glass OF the senate aud
house banking and currency commit
tees, finished the bill that represents
the administration 3 views. l went to
the printer tonight.
There has been no decision as to
whether the president will read his
message to congress in advance of the
introduction of the bill or afterward.
Scope of the Bill.
The bill, in its present form, en-
braces system Of regional reserve as
sociations with local governing boards,
all under control Of the federal reserve
board of nine members at Washington.
| Elasticity Of the currency is to be SO.
cured throughout the issuance of
United States notes to these reserve
associations, and by them to the local
banks, upon adequate security, includ.
ing commercial paper of a qualified
class. The local banks making up each
reserve association will be required to
keep specific amount of their reserves
| in the association vaults.
No present Issue of treasury notes
or gold or silver certificates are to be
disturbed by the new currency, but the
bill would require the gradual retire
ment Of all national bank notes with
| in maximum period of twenty years.
| The new currency system would become
operative July /. 1914.
The president Is message was sent to
the printer tonight. It will be read to
| the cabinet tomorrow,
| Speech making in the house on cur.
rency will begin soon. When the house
| meets tomorrow, according to a plan
| arranged today, request will he made
| for time for Representative Neeley of
| Kansas, member of the committee
| majority, to speak Mt the earliest op-
portunity. He believes, with Represen-
tativc Henry Of Texas, that there
should be an immediate renewal OF tho
inquiry into the "money trust