Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1913-07-25
i. THE CURRENCY I; BILL
Committee still Unable to Agree on
rl Eund - >nk,t. ft

Fundamentals.
The administration currency bill
yesterday became the ,nter Of chaos
in the conference Of Democratic MEM
bers of the house Bank and Currency
COMMITTEE. After stormy day session
the conference broke up last night
with an interminable vista Of opposi-
tion and discussion opened up, and
the prospects OF an agreement on the
bill apparently reduced to a vague and
shadowy hope.
Even Chairman Glass, champion of
the bin on the house side. was about
ready to abandon the idea of getting
his colleagues together. President VIII
son regarded the situation as so serf-
Gus that he arranged for conference
at the White House last night with
Representative Henry. Of Texas. chair
man of the house rules committee, who
has been advising with the "insurgent"
committeeman The interview lasted
until well into the night
The conference yesterday was turbu-
lent from the outset.
After reopening discussion of the
fundamental feature of the bill. the
government control through the broad
powers of the proposed Federal reserve
board, Representative Bulkeley, Of
Ohio, held the floor for an hour In a
discussion of President Wilson's atti-
tude toward the bill. &sftt
It became apparent that the proposal
to keep this board strict government
institution. urged by President Wilson
as one of the essentials, was point of
wide disagreement
Then Representative Ragsdale pre-
sented set Of amendments practically
rewriting the essentials Of the bill.
These amendments, framed by Repre-
sentative Henry and Representative
Ragsdale, present the sentiment Of the
so-called "insurgent" Democrats on
the currency question and provide for
currency issued on warehouse receiDts
for cotton, corn and wheat.
Representatives Henry and Ragsda'e
announced their intention of fighting
for the amendment not only In the
conference Of the committee Of Demo-
orats, but I'm the full committee, the
Democratic caucus and probably on
the floor Of the house.
Chairman Glass said last night, that
at the close Of the days session, he
suggested the impossibility Of the
Democrats agreeing and proposed that
they take the uncompleted bill to the
full committee and try to reach an
agreement with the minority members.
or that they take 1t to the Democratic
caucus. The majority. however. be-
lieved they should make further at
tempt to thresh out their difrerencef 4.
conference. 6c a%5.
President Wilson's recently publ ih-
ed political work "The New Freedom"
furnished the text Of Representative
Bulkeley's discussion. Mr.. Bulke.ey
quoted from the presidents work, pas
sages which he said showed that when
the book was written President Wilson
was opposed to the idea Of placing vast
governmental responsibilities In the
hands of restricted bodies which might
in any way be controlled or influenced
by industrial or financial interests.
Representative Robley, Of Indiana.
replied at length to Mr.. Bulkeley and
Chairman Glass took hand In the dis
cussIon which became rather bitter.
1t is expected that the debate on this
and other phases Of the bill will be
extended and that some time will have
to be present in the consideration OF
the so-called "insurgent" amendments.
In statement accompanying the
amendments, Representative Henry
last night criticized the Glass bill as
written wholly In the interests Of
creditor classes, the banking fraterni-
ty and the financial world, without
proper protection for the debtor
classes and those who toll and sustain
the country" a E
The "insurgent" amendments would
begin by reforming the proposed Fed
eral reserve board They would author
lie a board of nine members, including
the secretary Of the treasury and the
secretary of agriculture and the comp
trOller OF the treasury anu SIX HeH-
bers appointed by the president. or
these, one would be a person expert
enced in banking and general business.
one a bona fide representative Of in
dustrial labor" and one a "bona-fide
representative Of agriculture"
Except for the banking member OF
the board all would be forbidden tn
hold stock in any bank, trust company
or any concern "the security or paper
Of which may be handled by any OF
the banks names under this law.
Another provision would provide
that ex-presidents Of the United States
should be deemed ex-officio members
of the board.
London, July "a: Without de-
claring war, and apparently trusting
that the jealousles Of the powers will