New-York tribune., 1903-02-28
ALDRICH BILL IN HOUSE.
IN ITS ENEMIES HANDS.
Sent to Banking and Currency Com
mittee and Not Likely to Pass.
IBY TELEGRAPH TO THE TRIBUSE.I

Washington Feb. Ex-senator AIdrichs
Financial bill has landed in the camp of it's
enemies in the House. 1t was introduced by
Chairman Payne of the Ways and Means Com
mittee to-day as the Payne bill TO provide
revenue from the deposit of public money. for
the safe keeping thereof and for other purposes"
and referred to the Ways and Means Commit
tee. Shortly after this reference had been made
Chairman Fowler of the Banking and Currency
Committee became aware of the action. and lost
no time in making a vigorous protest to the
Speaker. The ground which the bill
ferred to the Ways and Means Committee was
said TO he that it revenue measure. be-
cause It provided a revenue for the government
from the by the banks of tie government
money deposit Being revenue measure. il
must originate in the House. Chairman Fowler
made short work of this analysis of the bill.
The revenue feature merely incident,
he declared. The whole purpose of the bill
to provide that State. county. municipal and in
dustrial bonds might be accepted by the Secre-
tary of the Treasury as security for government
deposits. that the currency of the country might
be increased.
The bill was withdrawn from the Ways and
Means Committee at once on this representa-
tion. and sent TO the Banking and Currency
Committee A number of the majority mem
bers of this committee met tonight for the
consideration of the bill. but from the universal
tone of the expressions of members of this
committee il is evident that the AIdrich bill.
if it is ever reported from this committee will
bear little resemblance to its present form 1t
hinted tonight that some features of the
bill night be reported amendments to the
Fowler flexible currency bill which has
the right of way. but very rough one, in view
OF the Democratic fiibuster in the House.
Should the identity of the AIdrtch bill be pre-
served enough to get into conference along
with the Fowler bill, some financial legislation
might be the result at this session. That both
the Adrich and Fowler bills which fail
it is safe TO say is the general impression among
legislators in Washington. Had the Aldrich
bill been allowed to go to the Ways and
Means Committee, as has been the intention of
its friends from the first. it would have been
reported to the House, and coming in as a
revenue measure would have been a priv
ieged bill and could have been rushed through
under a special rule.
Some of the hard things which are being
said tonight about the AldriCh bill by MEM
bers of the committee to which it has been
consigned are that under it no additional de-
posits of government money could be made in
the banks of the country for at least six months
after its passage This takes away its claim
to being an emergency measure necessary for
the next crop moving season. To show that
this contention is true these figures are given:
The government surplus now amounts to some
thing like S222 100000 OF this amount $50
600 600 is now deposited with the banks, and
$50 1000 900 is required by law to be held in the
Treasury as a reserve fund. This would leave
only SD 900 900 for deposit But there is the
paynnent of S5O000000 TO be made on the
canal and with the revenues cut down ii will
take. il is estimated. something like six months
to accumulate the $2S0OOOOO needed TO be
added TO the SOD 100000 now on hand TO make
nm this $50 600 600 payment. Therefore. no re-
,;af car come TO the country from the Aldrich
bill in time to move the crops next fall
The argument against the bill from patriotic
noint of view is that il allows the Secretary OF
the Treasury to use his discretion in accepting
or rejecting the bonds of any State county |
rrunicinaiity or industrial corporation submit |
ted as security. There is no question: IL Is de-
cIared that the acceptance OF such ponds VIII |
enhance their value. Each time new class OF
bonds &c admitted for deposit the Secretary |
lii Low himseIf open 10 the charge il is stated.
Of having a selfish interest in the transaction in /
ear,a yav This same criticism would apply |
should the Secretary decide that any oondS |
,ybicb he had accepted previously as security |
,rare no longer good for that purpose. These |
honds' would Immediately decline in price IL is |
held that from purely patrlouc point OF view |
tha Secretary of the Treasury should not be /
nIaced in anv position where he might be criti- |
rised Some portions OF the bill, however, are |
declared to be devoid or Vlclousness. but even |
these are deemed not offering relief TO any /
Tbere viii be a meeting of the Banking and |
Currency Committee of the House tomorrow. |
or ar least the Republican members of the |
committee TO take the bill formally under con- |
sidera ton
AMENDING THE DINGLEY TARIFF.