The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1913-06-25
PUBLIC TO DECIDE
CURRENCY REFORM this SESSION
If PEOPLE
ORDER that IT Be Done

A Democratic Currency Bill VIII be
Presented to the House This Week,
Its Ultimate Fate to be Deterimn-
ed by Popular Expression Of Press
and Public.
!. Public opinion, the sovereign voice
in lawmaking, IS to decide whether
there shall be currency legislation
during the present session Of Con-
gress. This was tae view which Rep
resentative Oscar Underwood, the
Democratic leader in the House, took
after a conference with President
Wilson at the White House on Mon
day
In the face of conflicting express
sions from prominent Democrats in
Congress as to the necessity for cur
rency reform during the present ses-
sion, II is the avowed purpose Of the
Administration to launch a currency
bill in the House and Senate before
Friday OF this week, which will be
accompanied, or followed, by the
Presidents message 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
proposals, and await the expression
Of the newspapers Of the country and
the opinion OF bankers and business
men generally as to the merits OF the
Democratic proposals.
The President strongly believes
that the country will back him up in
his views. that the currency system
ought to be reformed so as to allev-
late any stringency that might follow
the passage Of the tariff bill Repre-
sentative Underwood, after his con-
ference with the President said, that
while the Democratic party had made
up its mind what ought to be done
on the tariff, currency reform was
practically a new question to it, and
it would be impossible to predict how
long the House would take for dis
cussion of the bill. He took the
position that the currency situation
could be solved by the attitude which
the nation revealed when the bill
xINrAroh1v
Meantime, Secretary McAdoo,
Chairmen Owen and Glass, Of the
Senate and House banking and cur
rency committees, Saturday finished
the bill that represents the Admins
tration's views. It went to the print
er and Representative Glass was Of
the opinion that it probably would be
presented on Friday. There has been
no decision as to whether the Prest-
dent will read his message to Con-
gress in advance Of the introduction
: Of the bill or afterward. This point,
probably, will be determined later.
The bill in its present form en-
) brases system Of regional reserve
associations with local governing
boards, all under control of FEEDER
al reserve board Of nine members at
Washington Elasticity Of the cur
rency is to be secured through the
issuance of United States. notes to
these reserve associations and by
them to the local banks upon ade-
quate security, including commercial
paper Of qualified class. The local
banks making up each reserve asso-
ciation will be required to keep a
specified amount Of their reserves in
Z the association vaults.
No present issues Of treasury
notes or gold or silver certificates are
to be disturbed by the new currency,
but the bill would require the grad
ual retirement Of all national bank
notes within maximum period Of
twenty years. The new currency sys-
tenn would become operative July l.,
1914.
Members Of the banking and cur
!. rency committees Of both houses will
be In frequent conference hereafter
with the President, and while the bill
as presented will carry Administra-
ton approval, it will be subject to
amendments and suggestions gener-
ally. in both houses That differences
Of opinion can be harmonized Is the
confident expectation Of both the
President and Mr.. Underwood.
The trainers Of the bill have made
no authoritative version Of the bill,
and up to this time they declared
there had been no final agreement
as to detail. The main essentials
the distribution Of reserves and the
elasticity of the currency-have been
finally agreed on only after wide diff
ferences of opinion among the cur
rency advocates themselves were re-
conciled.
A more concillatory spirit. toward
the currency plan prevailed among
members of the House committee on
Monday, following visit to the
White House by Representative Phe-
Ian, Of Massachusetts,, one of the
members. Several of the members of
the committee who have felt that
they should have been consulted
with or advised regarding the cur
rercy while so many conferences
were in progress, talked among
themselves with a view to securing
party harmony.
Speech-making IN the House on
currency will begin soon. When the
House meets, according to plan
arranged, a request will be made for
time for Representative Neeley, OF
Kansas, a member Of the committee