Fulton County tribune. (Wauseon, Ohio) 1883-1925, 1914-01-02
MONEY BILL IS LAW
BOTH HOUSES PASS MEASURE,
AND PRESIDENT WILSON AF-
FIXES HIS SIGNATURE ToIT.
CUT OUT DEPOSIT GUARANTY
Secretary of Agriculture Taken Of
Reserve Board, but Comptroller OF
Currency Is Retained at lnsistence
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
rency. 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 10:3 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 provid-
ing for an insurance fund to guaran-
tee national bank deposits was one of
the most important stricken out at
the instance of the 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 intiD1ated
in debate by Chairman Glass of the
house banking committee.
Other changes made from the SEN
ate measure included:
Net earnings from regional banks 60
ing to the government to be applied to the
gold redemption fund or to the reduction
of the bonded Indebtedness.
Secretary of agriculture placed on or
ganization 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 S4G00,OOO
| Permits class directors of federal re-
| serve banks to be stockholders but not of
| fcers of member banks, while Class c
| directors can be neither.
Compulsory discount by one iugiona
bank of the paper Of another requires af
| hrmative vote of five members of the fed,
eral reserve board.
| Senate amendment authorizing discount
| OF domestic acceptances stricken out.
| Permits collection charge on checks ant
exchange.
Branch banks to be operated by sever
/ directors, four being appointed h,y the
parent bank and three by the federal re
serve board and all having same qualifi
| cations as directors Of federal reserve
board
The president is expected to make
out slate of appointees for the fed
eral reserve board while he is Oh
vacation at Pass Christian, Miss.
John Shelton Williams, it is gener
ally understood, is slated for the
comptrollership. The place has beer
held vacant pending the outcome O
the currency legislation.
The organization committee is tC
consist of the secretary of the treas
ury. the secretary of agriculture ant
the comptroller of the currency un
der the terms of the bill as finally
agreed upon. The comptroller will
assume new Importance by virtue
of his membership on the federal re
serve board soon to be established
The secretary of agriculture will no
be on this board, although he will b.
a member of the organization com
mittee.