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THE: ATLANTA
^L,. ATLANTA,, GGA-, Tuesday, December 23, 1913.
LIKELY TO GO OUT
OF CURRENCY BILL
Glass’ Speech Foreshadows
Struggle Over Reserve Re
quirements - He Predicts
"Saturnalia of Inflation”
(Special Dispatch to The Journal.)
WASHINGTON, D. C. Dec. 22.—
The currency bill is in the hands of
the conference committee of the sen
ate and house tonight. A report is ex
pected Monday.
There were many evidences of sharp
conflict over certa in features qf the
bill. The principal fight in conference
will be over the elimination of the
senate amendment insuring banK depos
its. It is believed that this will go
out of the bill.
A struggle over the question of re
serve requirements was foreshadowed in
a speech in the house this afternoon
by Representative Carter Glass, in
which he declared that the reserve re
quirement in the bill as it passed the
senate, including both credits and cash,
were less rigid than the cash require
ments under existing law and he pre
dicted that if they remained in the Dili
a “saturnalia of inflation” would in
evitably follow.
But the fundamental features of the
administration plan will remain in the
bill. It is possible that the comptroller
of the currency may be restored as an
ejfl-officio member of the reserve board.
The Glass bill, as it passed the house,
made the secretary of the treasury, the
secretary of agriculture and the comp
troller of the currency ex-officio men-
bers. The senate retained^ only the sec
retary of the treasury. It is under
stood that the president is insistent
that the comptroller of the currency be
put back, but he is not so insistent as
to the secretary of agriculture.
HOKE SMITH S FIGHT.
Senator Hoke Smith was primarily
responsible for the action of the senate
caucus in modifying the tax require
ments on the emergency notes to be
issued under the Aldrich-Vreeland act.
The Democratic caucus agreed to extend
the life of the act until July 1, 1916. But
it modified the excessive rates of taxes
on the issues under the bill so that the
initial tax will be 3 per cent, instead
of 5 per cent., incvreasing at the ratio of
one-half of 1 per cent, for each month
the emergency notes are in circulation.
The effect of this reduction of this
tax and the substitution of a progres
sive scale of taxation up to a maximum
of *6 per cent will result in a lower rate
of taxation or six months’ paper than
would be imposed under the existing
law. The heavy initial tax has been al
most prohibitive. Senator Smith ex
plained to his Democratic colleague
that the provision's would probably en
able the banks to meet any possible
contraction arising in the transition pe
riod while reserves are being shifted
from the present system to conform to
the new. Senator Smith also made a
strong fight for gold redemption for an
increase in the percentage of reserve
to be held against reserve notes, and to
eliminate the words “or lawful money”
from the redemption fund clause.
As the bill was finally passed from the
senate it provides practically for gold
redemption. Notes must be redeemed,
in gold when presented to me treasury
department, and may be redeemed in
gold or lawful money at the^option of
the holder when presented to the re
gional banks.
Senator Smith contended in the caucus
for a gold reserve of not less than 40
per cent against reserve notes and when
an effort was made to lower this per
centage and to depart from the gold
redemption feature he served notice on
his colleagues that he would carry the
fight to the floor of the senate if nec
essary. He won.
FEATURES OF NEW SYSTEM.
i The principal features of the new
system likely to remain in the bill as
it passes into law are the following:
Authorizes a regional reserve associ
ation of at least eight regional banks
which may be increased to twelve by
the federal reserve board, in its discre
tion.
Regional banks to be selected by an
organization committee.
Entire system to be under control of
the federal reserve board in Washing
ton, composed of seven members, the
secretary of the treasury to be one,
ex-officio, and the six others to be ap
pointed by the president.
All national banks in the United
States must signify their intention in
writing to come into the federal re
serve association within sixty days or
they may not thereafter act as reserve
agents. Unless they come in ^within
a year, they shall cease to be national
banks.
State banks may enter reserve asso
ciation. by submitting to federal in
spection.
Capital of regional reserve banks to be
6 per cent of capital and surplus of all
national banks, which affords aggregate
subscribed capital of $106,000,000, ex
clusive of state banks that may become
members.
Subscriptions to stock of reserve asso
ciations opened first to banks and then
to public.
SIX PER CENT DIVIDEND.
Dividend on the stock of the regional
banks. 6 per cent annually.
Advantages claimed for system, an
expansive or elastic currency facilitated
through ready mobilization of reserves.
Provides gradual retirement of na
tional bank notes and substitution of
treasury gold notes.
Authorizes issue by government to
member banks of reserve notes against
collateral, approved by federal reserve
board, redeemable at treasury in gold
or gold certificates and at the regional
banks in gold or lawful money at elec
tion of the holder.
Against not uses a gold reserve of
40 per cent is required in the treasury
department, with tax iVnposed upon de
pletion.
Regional reserve banks to be man
aged each by board of nine directors,
three chosen by federal reserve board,
three to be bankers and three taken
from other pursuits, the last six to be
elected by'the members’ banks.
Member banks thus control these di
rectorates.
Aldrich-Vreeland emergency currency
act extended until July, 1915. Tax light
ened upon emergency currency issued
under that act.
CUBAN WOMEN START
MOVE TO GET BALLOT
NEW YORK, Dec. 22.—Cuban women
want to vote and are organizing, ac
cording to a letter received here by Mrs.
Raymond Brown, president of the New
York State Suffrage association, who is
asked to lend her name to the move
ment by becoming honorary president.
“We have raised the banner of suf
frage here, with the name ‘Partido
Popular Femninista,’ with ideas of
equality in the relation of the sexes,
and with peaceful intentions and legal
proceedure,” the missive recites.
PART OF TAMPICO WATERFRONT; NEUTRAL ZONE IN BATTLE OF DECEMBER 14
HUERTA 11 LAST FOR
SEVERAL MONTHS 1ET
Sard to Be Planning to Con
fiscate Property of Rich
Rebel Sympathizers
(By Associated Press.)
MEXICO CITY, Dec. 22.-
-National
unlikely to commit the tactical error
of moving on San Luis Potosl and’
leaving the largest mobilized government
forces in their rear at Monterey. The
same military authorities do not believe
that a successful attack on Monterey
would be a simple task.
Reports that President Huerta has al
most no ammuition left in the city is
officially denied and the denial is cred
ited by most people, it being pointed
out that one of General Huerta’s chief
objects has been to look after the pro
tection of his own seat of government.
LIKING SITUATION.
The banking situation continued bad
today, state bank bills still being re
jected. except in limited amounts at
the Central bank. The run on the Banic
MAYTORENA, Sonora, Dec. 22. De- , of London and Mexico, though slightly
poverishment, and an increasing organ
| lzation among scores of rebel bands
I have reduced the provisional govern-;
| ment to what appears to be a desperate
diminished, continued throughout the
day.
The committee of bankers, which has
been attempting to solve the financial
* When the battle between the Mexican factions began Sunday, December 14, at Tampico, Admiral Fletcher, in charge of the United States warships
which had been hurried to the scene from Vera Cruz, declared a part of the waterfront neutral, so the foreigners wro feared the attack on the city by
the constitutionalists would endanger them would be safe. Americans—those who had not been taken aboard the battleships—and other foreigners,
thronged the beach till the constitutionalists were driven out.
Florida Has First
Business Airship
Line in the W'orld
(Special Dispatch to The Journal.)
ST. PETERSBURG, Fla., Dec. 22.—
The world’s first commercial line of
aeroplanes or similar craft will be es
tablished in St. Petersburg on New
Year’s day. All arrangements for the
St. Petersburg to Tampa air boat line
have been completed and two machines
are being shipped here, one from
Paducah, Ky., where Tony Janos, head
aviator of the Benoist Aircraft com
pany, of St. Louis, has been making ex
hibition flights for two weeks, and the
other fro mthe factory in St. Louis.
Not only will a commercial line of air
boats be established here, but located in
this city as winter headquarters. All ar
rangements were perfected today and
the city has given the use of one of the
breakwaters at the Yacht basin for
grounds, and has appropriated $500 for
the construction of two hangars, which
will house the craft.
A regular passenger carrying schedule
will, be maintained from this city to
Tampa, which is across the bay, twenty-
two miles. The trip will be made, it is
said, in eighteen to twenty minutes.
The machines will be capable of carry
ing four passengers besides the aviator,
and will each make two trips a day
until business necessitates a new
schedule.
This will be the first line of its kind
established for commercial purpose
alone. Several passenger lines were con
ducted for periods varying from one to
three weeks last summer in the north,
but they were merely for exhibition
purposes.
The line is promoted by lodal business
men and the Benoist company of St.
Louis, who believe that it will be pop
ular and a money-making proposition.
SAVANNAH LIQUOR MEN
SAY THEY WON’T GIVE IN
Men of U. S. Warships
Praised for Conduct
On European Cruise
(By Associated Press.)
WASHINGTON, v Dec. 22.—The story
of the remarkably good behavior of the
men of the United States battleship
fleet while on its recent cruise in Eu
ropean waters is being told by Rear
Admiral Charles Johnston Badger, U.
S. N., commander of the fleet, who is
here to spend the Christmas holidays
with his family. According to the ad
miral, of the 9,000 men granted shore
leave while on the sightseeing cruise,
only two men are still unaccounted for.
Even these two, he says, may prove not
to have been deserters and valid expla
nation of their absence may be forth
coming. Such a record, it is declared,
is unprecedented.
Admiral Badger testified to the good
behavior of the men, saying no report
was made to him of any serious mis
conduct on their part.
“The success of the cruise is un
questioned,” said Admiral Badger. “For
eign newspapers, without exception, tes
tified to the good behavior of the sail
ors, and they made most of their oppor
tunity to ‘see the world.’ ”
(Special Dispatch to The Journal.)
SAVANNAH, Ga., Dec. 22.—The
liquor interests of Savannah do not
propose to quietly surrender the right
to sell liquor because of a movement on
the part of a number of Savannah men
looking to the securing of injunctions
against them. This has become evi
dent even before the injunctions have
been drawn up. The evidence against a
large number of saloon keepers was
secured a night or so ago when the
members of the committee having the
fight in charge volunteered to go out
and buy the whisky needed to make the
cases complete.
The saloon men say they are prepared
for the contest and they are ready to
meet the anti-saloon crowd at any time,
was thought by some that the war
rants would be sworn out and the in
junctions secured yesterday but this
was not done. Mr. W. B. Stubbs, who is
leading the fight of the prohibitionists
will probably be ready early next week
to take definite action.
BIBB CITIZENS PREPARE
FOR BOLL WEEVIL FIGHT
(By Associated Press.)
MACON, Ga., ,Dec. 22.—At a mass
meeting of citizens of Macon and Bibb
county here -yesterday afternoon an or
ganization was perfected to prepare for
arid fight off the invasion of the boll
wtevy.
The organization is under the wing of
the Georgia chamber of commerce and
will have headquarters in this city.
According to President C. J. Haden, of
rhe Georgia chamber of commerce, an
educational campaign is being planned
throughout the cotton-growing section
of south and middle Georgia. Farm
ers will be taught the necessity of di
version of crops. The campaign is to
be carried into every school house,
church and home In the state.
A good sized sum of money for the
campaign was raised at the meeting
yesterday afternoon/ By Monday it is
expected that $3,500 will be on hand to
start the work.
DALTON PREACHER TAKES
LEAMNI 0 POLITICS
(Special Dispatch to The Journal.)
DALTON. Ga., Dec. 22.—Declaring
that after “having served you as a min
ister of the gospel,” he now has “a de
sire to represent you at the capitol,"
Rev. J. M. Cash has. issued a formal
statement to the voters, of Whitfield
county, telling of his entry into the
race for representative from Whitfield
county to fill the unexpired term of S.
E. Berry, deceased.
Mr. Cash makes the fourth aspirant
for the office to be voted on January 9,
the other candidates being G. G. Glenn,
A. T. Gilbert and H. D. Keith. Mr. Cash
has been an itinerant preacher for
years.
FAVORS "FINGER PRINTING”
ALL AUTOMOBILE DRIVERS
(By Associated Press.)
NEW YORK, Dec. 20.—Coroner's fig
ures show the number of deaths in this
city caused by automobiles has risen
from 37 in 1907 to 177 for eleven
months of 1913. Secretary of State
Mitchell May. who has made a study
of these figures, declares that while
the increasing number of automobiles in
partly responsible for the increase in
accidents, pedestrians are also largely
to blame. He favors a more rigid ex
amination of persons licensed to drive
motor cars and recommends the creation
of special bureaus for the prevention
of street accidents. It is also suggested
that all automobile drivers be "finger
printed."
MILLEN AND SYLVANIA
MAY GET P0ST0FFICES
(Special Dispatch to The Journal.)
WASHINGTON, D. C., Dec. 22.—Rep
resentative Edwards today introduced a
bill for a public building and site at
Millen, a,nd also one at Sylvania. Each
bill asks the sun^ of $75,000 for these
sites and buildings.
Mr. Edwards has procured a site pur
chased at Statesboro, and an authoriza
tion for a building was granted in the
last bill that passed congress. He has
also procured an authorization for a
site at Waynesboro, Ga., where a site
will be selected and purchased at an
early date by the government.
Mr. Edwards says that it is his pur
pose to see to it that every good and
progressive town of the First district
is given a public building.
NEW REGISTRATION LAWS
ARE MADE FOR EAT0NT0N
(Special Dispatch to The Journal.)
EATONTON, Ga., Dec. 22.—Eatonton’s
city council at its last meeting Thurs
day night pased an act requiring regis
tration for voters in all city elections:
the new law i s aimed especially at
purging local elections of floating
voters, as well as the ignorant voters
sometimes corraled on such occasions
who will cast their ballot for even a
good automobile or even hack ride to
and from the polls.
A six months’ residence is required
for voters and the new law is modeled
after the new state law providing for
permanent registration when once reg
istered, unles disfranchised under the
state laws as a voter.
NORTH CAROLINIANS
GET BIG FEDERAL JOBS
(B3 r Associated Press.)
WASHINGTON. Dec. 22.—President
Wilson today made the following nomi
nations:
Francis D. Winston, United States at
torney for eastern North Carolina.
W. T. Dortch, United States marshal
for eastern North Carolina. ~ <
Charles A. Webb, United States mar
shal for western North Carolina.
TRACHOMA THREATENS
TO WIPE OUT INDIAN RACE
WASHINGTON, D. C., Dec. 22.—
Trachoma menaces the Indians and tu
berculosis threatens to wipe out the
race, according to a report to the sen
ate today by the joint congressional In
dian committee, which recommended im
mediate establishment of camp hospitals
for tuberculosis on the reservations.
Yuletide Songs to Be
Sung on Streets by
Barnesville Children
(Special Dispatch to The Journal.)
BARNESVILLE, Ga., Dec. 22.—All
the Sunday schools of the city will get
together Christmas eve and parade all
the streets and byways of the com
munity, singing Christmas carols and
distributing gifts for the poor and
needy. The suggestion has met with
enthusiastic indorsement and it will
doubtless be an inspiring event.
The occasion will also be used for
the purpose of securing donations from
the people of the city for the Associated
Charities for the purpose of providing
funds for meeting such needs as may
arise within the winter months, when
there is more or less.demand for aid of
this kind.
TOO MUCH SLOW PAPER
CAUSES BANK TO CLOSE
(By Associated Press.)
PITTSBURG, Dec. /22.—A national
bank examiner took charge of the First
National bank of Elizabeth, at Eliza
beth, Pa., today oh instructions from the
treasury department. The bank’s direc
tors had requested such action. It was
stated at the bank that it had too much
slow paper to make further operation
advisable.
WANTS POLYGAMY BARRED
BY THE CONSTITUTION
WASHINGTON", Dec. 22.—A constitu
tional amendment prohibiting polyg
amy was proposed, today by Senator
W eeks, of Massachusetts, at the re
quest, he said, of many citizens of his
state who believed polygamy existed.
The judiciary comih'tttee will give a
hearing. - «*•
Oil Painting Bought
By Cincinnati Woman
For Sum of $400,000
(By Associated Press.)
NEW YORK, Dec. 22.—A Titian with
a noble history as one of the finest of
the master’s paintings, has been bought
by Mrs. Thomas J. Emory, of Cincin
nati, from Sir Hugh Lane, the famous
British collector. The price paid is
given as $40.0,000.
The painting is a portrait of the
young son of Charles V., of Spain, aft
erwards Philip II. Titian kept the orig
inal until his death. It was for a time
in the Padua palace collection and later
found its way to Munich and then to
London, so that, although it was paint
ed in 1550, it has had only four owners.
SAFE AT SALISBURY, N. C.,
IS BLOWN BY YEGGMEN
SALISBURY, N. C., Dec. 22.—Yegg-
men last night blew open the safe in
Connor’s store at Terrel, Catawba coun
ty, thirty miles from here, and secured
about $500. The postoffice is located in
the same building, and part of the
money belonked to the government.
Telephone lines were cut in order to
head off an alarm and rugs were hung
at the windows in order to deaden the
sound of the explosion. A wrench was
used to twist off a handle to make a
hole for inserting the nitroglycerin.
situation, but conservative residents of > "T”* t ha* " J *Znl*L* Z
the federal caoital profess to see in the 1 sltuatlon > has not > et succeeded in go-
the lederai capital profess to see m tne , beyond the point of making sugges-
recent military operations and in the .. ^ ,, . , .. ® ^ ,
continuation of Provisional President i °" s ; a, . th ° u * h it is believed General
1 Huerta, in the end, will issue a decree
forcing the acceptance of rhe state bank
notes, thus enlarging the volume of me
dium of exchange in the business world.
Huerta Dealt Blow
By Guaymas Exodus
MAYTORENA, Sonora, Bee, 22.—De
serters from the federal garrison at
Guaymas, a few miles south of the in
surgent camp here, were arriving to
day. Their number, it was expected,
would aggregate 500.
Already eleven officers have surren
dered. Among them was Major B.
Figueora, commander of cavalry, and a
member of the staff of General Pedro
Ojeda, federal chief at Guaymas.
The enlisted men arrived suffering
from want of water, and food. It was
said many cf them had not reached the
constitutionalist lines and were wan
dering from ranch to ranch or lost in
the mountains.
European Bankers Help
Huerta Out of the Hole
PARIS, Dc. 22.—The underwriting
by an international group of bankers
of a loan to the Mexican government
sufficient to meet the bond interest
payments falling due in January was ar
ranged today through the Banque de
Paris et des Pals Bas.
The group is composed of Paris, Lon
don and New York bankers and in
cludes Spevers. of New York.
The Paris banks will not advance
more thfin their proportionate share
of the amount underwritten by the
group. The negotiations were conduc
ted here, hut the amount of the loan
and the terms on which it is to be ad*
vanced were not disclosed.
Huerta to secure money, even though in
driblets, evidence that the government
may not fall for many months unless
some unexpected turn for the worse
occurs.
This was pay day for government em
ployes, and in almost all departments
there was little delay in meeting the
pay rolls. That the government may
not be able to float another loan is con
ceded by Mexicans generally, but none
has lost sight of the fact that the coun
try is rich and that General Huerta, as
a last resort, would not hesitate to take
money where he can find it.
BIG RAID LIKELx.
Already a drastic measure has been
discussed by the cabinet—that of the
confiscation of the property of all in
dividuals w r ho are known to have ar
rayed themselves against the Huerta
government. The measure has not yet
received the full approval of the minis
ters, but if adopted it will prove a rich
resource. Collections that fall little
short of being forced loans have been
made in cities outside the capital and
Provisional President Huerta’s new or
der for the establishment of a militia
at the expense of the business men gen
erally in the various states }s in line
with his policy to draw directly from
the country the revenue necessary for
carrying on the war.
REBELS CONFIDENT.
Rebel sympathizers here insist that
, Tampico will be easy prey for the rebels
on the next attack, but that after cap
turing the port they may be expected to
do one of two things—either advance to
the center of the country and attack San
Luis Potosi, or return northward and
fight for the possession of Monterey.
Military men believe the rebels are
WIRE NOT FOR MEXICANS,
BUT TO STOP COW TICKS
WASHINGTON, Dec. ?2.—Senator
Ashurst told the senate today that his
bill for a barbed wire fence along the
Mexican boundary was not designed to
stop incursions of rebels into American
territory but to keep out Mexican cat
tle infected with -ticks.
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