The Washington herald., 1906-11-14
BOND CIRCULATION
PLAN is REJECTED.
coNTINrED FRoM FIKsr -.

the commission with regard TO the sug-
gestiOn that emergency notes be issued
as a means OF creating elasticity 10 the
money market whenever stringency is
threatened. In this case. one member
argues. even II the people were aware
that such notes had been issued. ex-
citement might be created when the notes
were issaed by different banks This
emergency circulation would be OF great
benefit TO the national banks. There is
a difference Of opinion whether the emer-
gency notes should be engraved under q
new design or correspond with those al
ready IN use
Comptroller Of the Currency Ridgely
attended the meeting yesterday.
All the sessions are behind closed doors
at the New Willard.
The commission attended a dinner in
the evening at the Willard, as the
guests OF F. A. Vanderlip. Charles NJ.
Fowler chairman OF the committee on
Banking and Currency OF the House OF
Representatives, arrived in the city last
night and Was also guest at Mr.. Van
derlip's dinner. Another guest was C.
II. Keep. Assistant Secretary Of the
Treasury.
The commission adjourned shortly after
8 o'clock last evening and will convene
AT lV q CLOCK this morning.
viii Combine Plans.
mo one mans plan will be adopted b.
the commission" said Charles n. HUI
tig president OF the Third Nstional .nk
OF St Louis. It vas through the Efforts
cf Mr. Huttig and Festus J. Wade. presi-
den; Of the Mercantile trust Company, Of
ST. Louis. that the C, ission decided
that two-thirds vote stall be necessary
20 adopt any plan.
We viii take the best features If all
the plans suggested" declared Mr Hut
TIC, and from them form the one thaI
will be submitted 10 Congress. ] believe
We viii complete our task tomorrow. and
IL is the general feeling that We viii come
TO a conclusion that viii be entirely sat
isfactory. Congress should take up the
subject IN earnest win q view Of giving
the country legislation which Will prevent
the annual recurrence Of the scarcity Of
currency during the crop moving season.
AMI as Tar as possible, financial cOnCl-
ton which viii permit 0f excessively high
rates OF interest"
Working In Harmony
The embarrassment that has heretofore
attended the efforts OF the numerous ex-
ponents Of currency reform to get togeth-
er is not in evidence in tbis conference
The men on the commission and their
confreres from tn, Sew York Chamber Of
Commerce committee. are al men Of i'm
p0rtant private affairs but they have
come together IN the present conference
with the serious conviction that some
thing snould be done to make IL unneces-
sary for the Secretary OF the Treasury to
be called Oh periodically 90 take extraor-
binary steps 10 relieve the money market.
F. A. Vanderlip and Charles 4. Conant
represe ting the currency committee from
the New York Chamber of Commerce,
have been invited to remain as associate
members OF the commission. II was de-
cided yesterday TO invite Senator Aldrich,
chairman OF the Finance Committee Of
the Senate and Representative Fowler
chairman OF the Committee on Banking
and Currency, Of the House of Repre-
sentatives. 10 participate in the confer
ence.
Senators and Representatives who are
in Washington are taking an unusual in
teTest I'm the monetary conference. Sena-
tors Burrows and Warren both declared
yesterday. that there was great nee0 0f
currency legislation.