Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1914-01-02
MONEY BILL IS LAW
BOTH HOUSES PASS MEASURE,
AND PRESIDENT WILSON A.
FIXES HIS SIGNATURE TO 1T.
CUT OUT DEPOSIT GUARANTY
Secretary Of Agriculture Taken on
Reserve Board, but Comptroller OF
Currency 10 Retained at lnslstence
of Lower Chamber.

Washington, Dec. 26.-President
Wilson affixed his signature to the
currency bill in executive Offices at
the White House Tuesday.
There were present at the ceremony
the majority of the members OF the
cabinet. members of the senate and
house committees on banking and cur
rancy. Mrs. Wilson. the Misses Flea
nor and Margaret Wilson and Mrs.
Owen.
Immediately after the president
signed the bill he wound up prepara-
tions for his vacation and left for Pass
| Christian. Miss, at 10: 80 o'clock Tues
day night. ,
Although more than a hundred
changes were made in the currency
bill by the conference committee, the
fundamental principles of the senate
measure were not materially amend
ed. The senate amendment proV1d'
ing for an insurance fund to guaran-
tee national bank deposits was one OF
the most important stricken out al
the instance of rhe house conferees.
Senator Owen announced that a
separate bill TO provide for such a
guaranty would be considered in the
near future. This had been intimated
In debate by Chairman Glass of the
house banking committee.
Other changes made from the sen
ate easur included:
Net earnings from regional banks go
Ing to the government to be applied to the
gold emp fund or to the reduction
xF IA. lA-.I,I inI,tteIY n4EG
Secretary Of agriculture placed on or
FanIzatfon committee, but not on the per-
manent board,
Transition period for shifting reserve
fund to regional banks changed from two
TO three years.
Compels country banks to hold one
third of the reserves in their own vaults,
Eliminated one and two-dollar demoni-
nations from new treasury notes.
Minimum capital stock OF regional banks
Increased to $1,000. 600.
Permits class Il directors of federal re-
serve banks to be stockholders but not Of
ncers OF member banks. while class c
directors can be neither.
Compulsory discount by one regional
bank of the paper of another requires af-
6rrnative vote of FIVE members of the fed
ernl reserve board.
Senate amendment authorizing discount
OF domestic acceptances stricken out.
Permits collection charge on checks and
exchange.
Branch banks 70 be operated by seven
directors, four being appointed by the
parent bank and three by the federal re-
serve board and all having same quallh-
cations as directors of federal reserve
board.
The president is expected to make
out a slate of appointees for the fed
eral reserve board while. he is on
vacation OF Pass Christian. Miss.
John Shelton Williams. it is gener-
ally understood. is slated for the
comptrollership. The place has been
held vacant pending the outcome of
the currency legislation.
The organization committee Is to
consist of the secretary of the treas
ury, the secretary of agriculture and
the comptroller of the currency I'M
der the terms of the bill as finally
agreed upon. The comptroller will
assume a new Importance by virtue
of his membership on the federal re-
serve board soon to be established
The secretary of agriculture will not
be on this board, although he will be
a member of the organization com
mittee.