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783-7, 63d Con:;#, let & 2a sessions.
History of tfe"
1slation,---continu u
:vJi; .:?d -u
■
•'■•3 notions to substitute t: aowc&ll^d "Owen
raent" of V *• ~*enate for the so-callrd "Glass 3111” of L, » >ua ■;
t . Ovift^l aaendi3»nt wee the house bill
Led fey the s u c tio n
of the Flnti .,•• oa&ittee of the S m i t e with vh ic?
,. ;yer. .
associated* ihc folio CLnr ar * tie datos and pa^ -a of tv Con
gress tonal Record on vhich eo- -?ar tbf> .otio.ce and r-sx&r&a of
r* nnn \ an ha novod to aubstlt t*» ’ ia attended M i : for the
Glass bills
l?ov* z r , 1913 (Cong*
eoord p* 5962} ;
.r. Cwon.
r. resident, l have the honor to r/port
fr n * :r Co It tee >n -a*- •ir.g ar.: Curr --noy th< bill (?.■• t.
7837) * * and 1 ftubc.it a formal rc rt *3. Lert. 1331 63d
Con^., 1st ses«.} V room
I ask to have " r i m a an
ap'-o *d lees :>f the h :oort v ‘e •a ?f tv.e tvo sections of the
Co rdttce*
Nov* St, 19 3 {C ng.
;*>c rd p. 5964):
•r. even*
r* resident, T send to t'n desk, as a
se~ first’ proposition, an ear dnent ctiloh I propose to of ft?r
as a substitute for the house bill, and ask that it be
printed and lie on th table*
ov. 24, 1913 (Gong*
:ec ;rd p. 5992):
vfter opening the debate on the lc islet Ion and eat>l«inin ; its rovisi ns, r* Owen a^ici:
"On Saturday last I gar notion that today I should
to amend the ouse bill by strikin' out all after
tha enacting clause and substituting the ous bill as
a/asnded by the 3©»ooratio section " tli Cor^aittee*1
11
*30ve
Nov. 24, 1913 (Cun, . .fceord p. 6000);
After having spoken at soae length on the bill, Mr.
Owen said:
"I will now ;aovo the &uen&i.tmt wt ich I pro >oeed on
Saturday* The subject Is now before the Senate; Senators
(1) pages 1 & 2 are the addenda covering Mr.
Owens* motions,etc. The history of the
legislation begins at page 3.
(continued):
ADDENDA, -- continued, p. 2*
desiring to sneak upon it nay do so, thoug I do not sup; ose
■,e shall arrive at 1j:\ou iat>.* action upon. tne oii.i*
Dec. 1, 1313:
(Cong, Record p. Z~ ) l
Mr. Owen ttr-.ain offered hlo amendment as a substitute
for the Class bill, with the proposal to .1tlfixe out all
after the enactin' clause and to Insert t..'
upon by the section of the Finanoa comlttee wiUi which
Senator Owen was a aociated.
Dec* 19, 191C.;
(Con , lecord p. 1210:
Ur. won’s amendment in the nature of a substitute
for th*? House bill was agreed to (without a roll call).
The Vice resident. The question is on tho adoption
of the amendment of the Senator fro® Oklahoma, as amended.
The amendment as amended was agreed to.
The bill was reported to the •enato os susendad.
Tlie Tice President.
open to amendment.
The Bill-l* in
Senate and
(.ill amende nt© were rejected).
|- { -ITChCOC--.fS substitute, r presenting the view® of
the Republican section of the
Finance Coaaittee,
wo. rejected (Ye* and hay vote), Cone, -‘ooord p. I B M ,
eo. 19, 1913.
-l«o all amendments offered by r. .itc..
cock mere reject'**! the same date.
«'i BILL .’ASSBD TRL .-S-tUTh, .ane date, > c . 19, 1913,
Cong, Record p. 123C (Yeas— 54; nay.— 34; not voting— 7,.
7 'Olt'.UL
Act of ~eccsrbop 23, 1313,
(38
]*
.17 , ACT
ub.
o. 43, 63d Congress.
tat. 251)
History Of The Legislation
( iefer no«s to the Congressional records Jera&aeat
dltlon:
"P. i.n denotes ^ercaanant score.)
r.l. 7837 —
FIH1T
hr.
He
"An net To provide for the establishment of
federal reserve banks, to furnish an
elastic curr ncy, to afford jeans of
rediscountin' conrrereint pn*^r, to
establish a sore .-.ffectivt supervision
jf banking In the united tales, and
for other purpose.-;.*
iJT.ON:
TK TTS M V lS l
L.
(Virginia); v#O- iaitteo o o 21ai.;•<iiig anu 5urr@nov
Introduced August 29, 1913; .n. 3325.
rt d >dth amends* nts Iff. Hept. 69, 63d Con %, 1st
seas.), lent. 9, 1913; P.R. 4633.
In Vol. 1.
rebated In
ousoj
Sent. 9, 1913; P.R, 4622-4624.
uee;
Hearings,
v. 14 ( U
arts/.
-an. Co-.
’ arin a,
printed as
d^ eu ifnti
3. Bee, til.
63d Cong.,
1st Sf>S*u
3 vols.
•>e?t. 10, 1913; .R. 4638-4706; atr. alas a opens
debate (p, 464£j; reviews vari us ff*>rta to
sec .re monetary le'elation; makes mention of
rork of tation&l onetary Co mission, saving,
'’it is tr fet d In som detail in the report
• of th'* Banking and Curr^no
It tea ahioh
aeconpa’;’as the bill now un:er oon aid oration*
{i.e., in :u Rapt. 69, 63d Cong., 1st sess.)
inferring to th Co;rn 1sn^ n fs ”Aldrlch scheme,'*
l’r. -lass says;
"The proponents of th*s bi 1 no> under cunalaQrutlvUi aid not h*elt&te to appropriate any
au esati?n of a
rltorlous nature ade by the
"onotary Commission, just as tbo so-called
aldrioh seheme embodied many of the revisions
of the Foislsr bill and tb^ uhIonian centralbank plan/*
Sept.
■hept.
Sept.
he t .
*rt.
Sept.
hep t.
■#pt.
?ols. 15,
16, ’< 17
. Docs. 63d
6ong., 1st
:.R. 5129.
(Ye
Il
ls,
1Z,
15,
16,
17,
ia,
P.S,
1913;
1913;
1913;
1913;
1913;
1913;
1913;
1913;
*•
■
.3 . 4721-4773
. i. -.777-,338
.a. 4967-4957
.U. 4998-3654
.H. 5 56-5109
. ..5127-130
•a. 142-5151
,
-.v*t. tint* 13, 1913,
referred to "•rial Co.-.ui tee on Batkin,. and turrcncv,
a t bar 10, 1913; H. H. 5126.
63d Con rose,
First aeuion:
In v.e.nat ■*:
Report d hack (3. lie t. 133, 03d Cong., 1st .ess.) — re
port submitted by onator •' an ( kla.) — Sov. 22, 1913;
*.1. 3962-5903.
r. uwen submits amendment which he said
he proposed to offer as a substitute for the house bill?
Je«*
& .n isBue of o cord, p. 5964.
(*crr j i f diac.issi•>n of the bill occurred on the date J r.
Owen submitted report on the House bill — the 'lass bill;
but he discussed the bill at considerable length, ineertinp
in th ..cord V t> texts o'* the ionat commit tee’s report
and certain statistical matter, in remark* iov. 24, 1913,
* »R* 3988-6009; and he also discussed the proposed legis
lation on other dates, including Cot. 13, and Pee. 15, 1913;
and he discussed the subject earlier, during consideration of
his own bill —
. ::c39 — in ienate Aug. 5, 1913, ?.A.
5007-3088 and 3091-3097; 8ee references more in detail
hereinafter given.)
Houce Hill *«.nd Th* Owen And The Hitchcock Substitutes*
Jointing out, in his remarks iJov. 24, 1913, the division
of opinion among the membership of the senate Banking nnd
Currency Con- ittee with regard to the "ouse bill, and that
the bill has been "reported without amendment,19 Senator
Owen said:
n ouae bill 7837 hut* been reported by the (senate)
Coi i.ittee on ranking end currency without recast ndatiou,
the co&.ittee having divined into two sections— six on
one slue and six on the other. There has been printed,
first the ouse bill without amendment; second, the iouee
bill as pr >oosed to be ascended by the chain^n of the
( senate) committee (I'r. O’cn) ant; his Democratic associates;
and, third, the 1.erase bill as proposed to be upended by the
enator from :ebrnska {Hr. Kit oh cock) arid his .. ubilCAn
associates. The vie.a of each s ction of the cor. rittee
have been printed In Report 133 3. 3*>pt. 133, arts 1, 2
and 3, 63d Cong., 1st >ese.) as appendices.
"On Saturday last I gave notice that tc.dey i should
Hove to anend the House bill by striking out ail after
the enacting clausa and substituting thf .ouse bill as
amended by tr Dnir ooretio section of the committee,
X have proposed tills substitute Biercly as a ."tatter
of eonvfi.i ueef the proposed substitute beinr merely
tr:-- ■ousc bill v it numerous unimportant oban^es in
phraseology, wit: some chan,/*# of considerable irportanov.
It will roatly facilitate the consideration of the bill
to use th* substitute in lieu of considering every one of
the eh sagas made in the ffousc bill.*
(Hr. wen made the motion of hich he had given notice,
e ove referred to: Nov. 24, 1913, P. 1. 6000: later
in the session immediately following, 1. e., 63d
^ong. , Pd ;^ss, he a.tain offered his c:end&ent in thnature of a substitute for the Glass bill: Dec. 1.
1913; see text: P.d. 21-27: Text at p. 22)
Debate in > nates
Dot. 9, 19X3j
. a. 5507-5510:
3511-551i:
Oct. 13, 1913; 1.3.
5>)S;
(Mr. O^cn and others)
{Vr.
P
o m s
, Colo., and Others)
-5 (o nsr&l lebat ; A number of
nntors Participating).
Cct. 20, 1913;
.3. 5702-5703:
These three Pena tors vot- c
’'Tee", for the passage of
th bill, after having op-
rosed certain provisions
of the bill; and after Hr.
Pltchoocx had offered
numerous anendiatata, all of
wr ch <*er© reject'd.
Kov. 10, 1913;
.a. 56 30-5684:
(h r .
.1
nr< t * is a o u r i,
>er-
S€>nal explanation, denying
motives ^puted to him, in
article in New York orlu,
namely, that in a upeech
he was to rsaks he Intended
to ‘’smoke out1* and "put on
recor * Senators C *Gorman
U . Y.), ieed (H o .) and
kite cock (i ie b . ), t) c t roe
"C oeratio enators slle, dly
delaying action on the
banKing ana currency 1111).
(Senators ritcheoo* and Aeed
at some length, and oth* r e ) .
o r . 17, 11*13;
. U 5931-5935;
{ r. l«e- lauds, etra&a,
at some l e n g t h , inserting
c rtain matter in record,
an d o th r cnat >ra )•
fro*. 2?, 1913;
♦R. 5962-5963:
3967-5968:
(Mr, Owen and others);
{’’r. Oven and oth re);
•ov. 24, 1913; P.R. 5988*6009i
5991-6002:
*ov. 25, 1913;
.R. 6012-6329:
6014-6019:
6019-6029;
Nov. 26, 1913; :.R. 6051-6056;
(Important General debate,
various Senator# partloipating:)
(3'r. Oven apetika at con
siderable length, Ins rtIng i xts of rrpcrts and
statistical ratter).
(General debate, various
Senator* participatin :)
( r . '1tcbcok, at. nome
length)
(<4r# Gh afroth, ..olo., &t
some length, and other
onatore in general debate).
(*-r. X^ewiands jt considers .le
length).
(Tire l^t suasion, or extraordinary session, of the
6.;d Congresst commencing Apr. 7, 1915, continued
•
Ji‘1 to 9ec# 1, 19.3, or the date of the beginning
of the *•d Jeeision, or regular session, of'the
65d Con t ss, m d con aide rf111on of th»' barlclng and
currency bill vaa continued in th 2d session);
63d C ongress,
second Session:
In The Senate:
Tr. Owen again subtilttod his rubstitute for the Glass bill,
to--ether It:
rief remarks: Coc. 1, 1915; P.R. 21-27;
t txt
• r. Oven’s substitute at p. 22.
debate in Senate:
iec. 4, 1913;
.R. 169-179: 1r. Reed, lssouri, at
great length; inserts in Record comparative
tabulation shoving oertnln provisions of the
:* 'Use and ieriato bills and the ^or* ijaiortft.nt
char, cs vrou-.t In the le isletIon. u m hr.
•teed *a r feroncea to the reet nunber o f ch&cves
-»de in tli bill fro* the tine of its introduction
in the house until it passed both houses, l . e .
chan rea In both House and enate. » * * since
this bill found Its ay into
ress it ;aa been
ac,* .dad 301 tiries*;
Dec* 5, 1913;
. S.
374-284:
(j»r•
i **t(i8S« i at
great length. **r. aeks
had b<en a briber of the
National oil i t a r y Commission).
Dec* 8, 1913;
. R.
426-474:
(General debate; various
Senat .rs partic Inatlnr }:
420-435*
445-461:
461-474:
(i:r. Gw&naon, ¥a., at length):
( *r. Gel non, G.lna., at ien th j :
(ir. eeics,
use., at length):
515-553:
{Grne ra lieU.< tc, various
enat ,r& >.rt 1c i t l a g );
515-526:
527-540:
541-346;
(. r. :••laon, Inn.):
jl r. 3ristow, *<&na.):
(:r. -clean, Conn);
594-614:
613-634:
General debate:
various
Genator® perticlooting.
607-614:
623—634:
{ r. rrwford, 3. D.)
( r. Her;an, 111.)
662-711;
673-636:
{ r. burton, Ohio, at length.
Dec. 9, 131 ;
Dec. 10, 1913;
• ft.
.it.
Dec. 11, 1913; P.E.
r,
Burton had been a member
of th- National Monetary
Cor-misalon).
Dec. 12, 1913; ?.R.
6 58-698:
699-708:
{ !r* ltchcook, Neb., at
loath, Insert in .c in vcord
numerous letters to him *©ga rd In r banking 1e i *la ti -n):
708-711;
Ur. wa?i, ‘kla., by ay of
anc’e r to *«r. Gltchoock*#
efforts to «mend bill)
755-791:
(General debate, numerous
5en u to rs ■art ic 1pa t Ing)
736-761:
761-707:
767-773;
774-773:
783-791:
(~^r. :*ewlands)
(tor. Borah, Idaho)
(-dr. tone, I’o.)
(iir. Cur, Lin.", Iowa)
(hr. Cummins, lowa)
Dec. 13, 1913; ? . R.
821-861:
(General debate, numerous
Senators participating.)
Dec. 15, 1913; P. R.
821-827:
828-835:
836-846:
846-851:
851-861:
871-910:
(Mr. Cummins, Iowa)
(Mr. Root, N. Y.)
(Mr. Pomerene, Ohio)
(Mr. 7/eeks, Mass.)
(Mr. rsurt on, Ohio;
(General debate, numerous
Senators participating);
871-373:
873f884:
886-883:
874-883:
886-889392:
892-893:
399-902:
892-393895:
895-897:
897-899:
899-902:
902-905:
907-910:
(Mr.
(Mr.
(Mr.
(Mr.
(Mr.
Dec. 16, 1913; P. R.
Smith, S. C.)
Burt on, Ohio)
Hitchcock, Neb.)
Owen, Okla.)
Reed, Mo.)
(Mr. Owen, Okla.)
(Mr. Owen, Okla.)
(Mr.
(Mr.
(Mr.
(Mr.
(Mr.
(Mr.
Lane, Ore.)
.forks, Calif.)
eeks, Mass.)
Owen, Okla.)
/illlams,'Miss.)
Clapp, Minn.)
948-997:
(General debate, numerous
Senators participating).
943-957:
959-962:
Mr. Bristow, Kans . )
(Mr. alsh, Mont.)
(Discussing t e constitu
tionality of the proposed
legislation).
963-964:
975-976,
973:
965-972:
972- 973:
973- 978:
979-985:
(Mr. nitchcock, Neb. )
(Mr. Root, N. Y. )
(Mr. Swanson, Ya. )
(Mr. Newlands, Nev. )
(Mr. Owen, Okla.,; Inserts
in Record some figures"&s
a somewhat more complete
answer to the argument
which has been repeated by
the senior Senator from R. Y.
Mr. Root.")
.
994- 996; (nr.
905 - 993 *
.
eeks,
also p. 994*
illlt s, Isa.}: 13oussos gua anty of bank
Gee. 17, 1913;
Oec. lo, 1 1 0 ;
deposits).
.11. 1093*.077: (General debate# numerous
creators po Violating}.
1035-1054: (Or. Kern, lad.)
1035-1037; V r. Burton, .via)
1049- 1045; (: r. Burton, hlo)
1039-10421 (hr. Cronns, • 0.)
1051-1055: ( r. Ore ford, ... J. 5
1005-1071; (hr. "ivrcr , Idaho)
1037-1039; (lr. courier, • ./•); -iso
P. 1QS 9
1041-1043;
194V—1049*
1002-1007; {;,r. : it o w...t i l , hob.;
1050- 1003:
1064-ioeei
1070-1071;
.a. 1114-1157; (Osnsrti 1 0 *bat a , numerous
•bias*)
i O 4-1113;
1115-1116;
*.-.17-1113;
ii, t>-, i* n
1153-1154:
(hr.
, 111.)
( :r. Jurton, vhlo.)
(i~r. r>urtoa, hlo)
(Ur. *urrisf eb.)
.« fhOttts, Colo,) Guaranty
of bank do osits);
1104-110,-; {: • Owen, Ckls. inserts
matter bearing on guaranty
of bank deposits):
D*0. 19, 1910; *K. 1165-1E30: (Canon; 1 debate, numerous
.
On this date Ur. .Hitchcock’s
substitute (text at p. irr0) Senator witdo rewards of any
Considerable length on this
was rejected (Yea a:;d -ay
date, the late of the oassag*
vote; vote t p. 1325.
Of T.n bill).
,;lsos On this dat«1191-U93: ( r. he lards, . ©v.)
r. 3urto? 'a s.*b- 1226-1 ££7:
:. .S’ lands, Uev.)
stltute (text at
p. 1206) was
1193-1194; ( r. Cuainias, lov a)
(i f, Cumins, lo a5
r© jset® d (*;/11.!.out
lhie•
roll call: p.l£09.
h!r. 0 ea'a amendment
in the nature of a
substitute f'.'T the
(Unas bill was agreed
to )Yi V Is ante (with
out roll call):
r. 12XQ.
1194-1196,
1W6-U9?,
12.J4-1809, (It . Oven, Cal a.)
lsio-mi,
1225-1889,
183C.
1196-1197:
1201-1200: ! r. burton, Ohio}
1814-1215:
1155-1196: (S'r.
hr. 'urtor, •» otlon
to strike out section
ax©&-tin,-; employees
f ‘or? civil service,
rejected (You and nay
TOt©) p. 1214-1213.
1193,
llw8,
1202,
1814,
IP' o,
hu.©r )U8 t r.end&^nta
r. itohcock nil
rejected on this date.
. iti ,
c.Ich.)
1197,
li.99.
1SU-., (1x. Bristow, Kane.)
1220,
1886:
1*10-1820: Ur.
by
v. Older
>ore, OfcXa.)
12:27-1880: () r. J?:.O0t, U W .)
1226:
(ir. •dullin.;er,
.:.)
Vnanimoua-oc:\cent a^.reeeant for vote on the bill & ,reed to
In the ©nat© (without a roll call), i)ec. 17, 1913;
..
U 1059-1061.
j1.11
fissed ton&tr, .tended (Ton and Kay vote), dee. 1^,
1913; d. 1. 1230.
63d Oon ress,
Jecond easlon;
r'rtia Bill In Confarena#:
Senate as.v for a conference, ;otlon of r. Owea a reed
t-, c.n.ferres a r-ointuds Dec. 19, 1913; ».H. 1230.
’On account of the .
•;reat importance of the bill,*
Mr. Chfon aaya, *1 mm author!tad by tie eo.vcdttee to move
th*it ‘in# conferees? be appointed on behalf of the errnta.*
Touee dlearreee to innate amendment; and agrees to a confe •nee, otlon of r. 3la&a agreed to, conferees appointed;
^*c#, ber 2C, 1913;
in
.H. 1293-1316; conferees ar ointed
ouae, p. 1316.
Jr. ?urdwick (Qa.) In the ou»e, attempted to
have the ouae n®»© the aa ,« number of conferees that
t* e er.uta had cuuutd but ha waa overruled, und the
>uae r^r.eu three con forces.
Conference r -port aubaitt d in
.••-./, *• . ,
unate {■*.
,
163,
• r> , l
. i. 1353*1361 (tart of r*:?t>ort printed in .-.•ooro);
unanlzs.■us-cons*at a .reagent, to vet* on th** sonfereaee popartf a r*ed to in onate the **::*» date
(without ro.i call) ..u 1361-136£.
Conference report debated aad ft reed to in enate,
>•»© •-‘-■•p
, 1913; • i. I46d*148&5 a.-reed to ,,t o.
1408 (Yea and ay Yota).
■‘ -■
Ma;
•• r•
:u >n c x i
r
,". ,
k. d. U t *14735 .U4B, 14-36*1. 7).
c. .. ,
Confer nee r- art (P. .ieot. 163, 634 C onr, f I d *>''**. ),
sufer.11ted in euse by rp, r-xees (teat of re"art printed
in V-cord); l. U 1430*1439* See. Sl9 H U .
Conference
lebftted '
aee nr.d. >* r ed to ,
ec.
22, 191 ; . v. 1430-1464; nrreed to In L r*r.* (Y-n and
‘'ey oto) at r. 1464.
ie^erke of r. la»e on conference reoori, .ec. gp,
1913; not printed in body of nroc-eding* of that late,
but in Appendix, Vol. 51, nrt 17, at pa, e 501).
(Also other ap***q: <■*« in the ?,ouee on the confer nc *
report, sc-* aar.r vol...1v**, *r? ^a U x , vol. 37, .'art 17,
at op £1, £?, J3, 20, 31, 33, 35, 44, 45, 49, 54, 57,
59, 60, 61, o,ad 64).
dill xaalned fend signed, jeoeaber £3, 1913;
1490.
"1
,
- :
., I
1439,
@FedFRASER