The Washington times., 1903-07-28
Work Done by Senators
Aldrich, Allison. O. H.
Plat, and Spooner, With
Aldrich Bill as Basis of
New Measure.
Chief Feature a Provision
for the Deposit in National
Banks of Receipts From
Collection of Customs

Nothing is more uncertain than the
programme for financial legislation Tor
the special session Of Congress which
viii convene November g. Certain mem
bers Of the Senate believe that body
will dictate the terms of the measure
to be adopted, but among members Of
the House there has developed a dis
position to have a hand in whatever
legislation is in order. Representatives
OF the large banking houses also have
ideas on the subject which they desire
to have Incorporated in the new cur
rency bill.
With so many conflicting opinions a
balance wheel was needed. There was
as great need for a harmonizing infiu-
ence among the bankers. Wall Street
brokers. and national legislators as
there was at the recent Republican con-
vention in Iowa. The chances OF a com
promise financial bill are thought 10 be
as good as the chance OF Iowa Republic
cans 10 get together on a tariff pro-
gram. At least it is believed that
something agreeabie to the majority will
be found.
riety of views concerning the policy OF
Congess toward a change in the finan-
ciaI policy of the country has been. and
continues to be, the subcommittee Of
the Senate Committee on Finance which
was appointed just before the close cf
the Fifty seventh Congress That COM
mittee has been laboring the greater
part of the summer in an endeayor %
prepare a bill which would prove ac-
ceptable to a majority OF both the SEN
ate and the House. The members of the
committee believe they have succeeds I'd.
A Notable Committee.
The committee which has been trying
TO prepare such a currency bill is com
posed of Senators Aldrieh of Rhode ISL
and, Allison of Iowa. Platt Of Connectl-
cut. and Spooner OF Wisconsin. The
committee was not pledged to any pol
icy, although it was conceded before
work was begun that the Aldrich bill
of last session would be used as basis
for the new measure.
Before beginning the draft Of the new
bill the committee interviewed every
member Of the Senate. Republican and
Democrat. In order TO determine the ex-
tent OF the objections TO the Aldrich
bill. In this manner complete poll was
made in the Senate Influential House
leaders. including Cannon. were then
asked for their opinions OF the Aldrich
bill. as were the Secretary Of the Treas
ury. the President. and number OF the
leading fnanciers OF different parts of
the country
Bill Well in Hand
The result OF the weeks spent in prep
aration enabled the committee to hold
its first meeting well equipped for work.
II had the consensus OF views held by
members Of Congress, the Administra-
tion, and the banking interests Of the
United States. The committee therefore
Lost no time in beginning the work Of
evolving the currency measure to be in
trocuced in Congress at the special ses-
sion.
Two meetings have been held by the
subcommittee The first was az Hot
Springs. Va, and the other in New
York The bill is now pretty well
shaped. and it is believed that IL can be
perfected at the next conference. which
will be held August 10 at Warwick
Neck. r. l., Senator Aldrich's summer
home.
Before that time the draft OF the rev
Bill viii be sent the rounds Of Members
OF Congress. representatives Of the Ad-
ministration. and prominent inanciers
The draft will be submitted for com
nent, and at the final meeting in August
will be again gone over. the objections
considered, and, n necessary, amend
uents made.
Would Avoid Opposition.
So thorough an inquiry into the senti-
nrent Of the country is made for the pur-
pose OF preparing bill sure TO command
the support OF a majority IN each house
and eliminate. so far as possible before
hand. the opposition likely to arise
against every currency measure. Mem
bers of the committee think that the
preliminary work will eliminate the pos
sibility OF Ions debate IN either house.
Representative Fowler. chairman Of
the Banking and Currency Committee, is
the principal stumbling block in the
House 10 the passage of currency bill
such as Will be proposed by the Senate
committee. He viii not listen 10 tho
suggestion OF any measure which de-
viates in the slightest degree from the
provisions OF bill which he tried 10
have passed by the House Of the Fifty
seventh Congress. He proved 20 be an
obstructionist who will have 10 be reck-
oned with, despite the fact that he
stands practically alone I'm the demand
for the passage of his bill II was
demonstrated at the last session that
the Fowler bill is impossible and would
pass neither the House nor the Senate.
one Of the popular features OF the Aid !