The Washington herald., 1907-12-10
PLAN DEBATE TO-DAY
Financial Resolutions Added
To by Tillman.
INCORPORATION BILL OFFERED
Senator PIatt Wants to Establish a
Bureau Of interpretations with Ju-
diciaI and Administrative Powers
Over Companies 1t Charters-Sen-
atOr Nelson's Proposed Changes.

Owing to the continued absence from
the Senate Of Senator Aldrich, Chairman
of the Committee on Finance. the minor
ity resolutions concerning the recent
Panama bond and currency note issues
were not acted upon yesterday, but again
went over.
Senator Tlllman. however. added two
more resolutions to the Democratic re-
quests for information regarding the
course of the administration during the
recent financial furry.
Senator Tillman wants to know whether
the 3 per cent certificates We're for the
purpose of borrowing money TO meet
public expenditures, and if not, whether
they We're not issued without warrant of
law; whether the Panama Canal bond
issue was for the purpose of defraying
the expenses Of the canal. when there
was more than 500, 100000 in the Treasury
for current expnditures; whether legisla-
ton is necessary to protect the people
from the issue Of unlawful money. if
clearing house certificates can be so de-
scribed. and TO prevent the increase of
the public debt in time of peace.
Asks Who Got Bonds.
Senator Tillman desires this information
from the Finance Committee after an in
vestigation His resolution also went
over until to-day, when Senator Aldrich
is expected to be present.
Senator Clay modified his resolution so
as to make it direct Mr.. Cortelyou to
furnish 10 the Senate an abstract of the
proposals received by him f>r the Panar
ma bond issue and the 5 per cent certif-
Gates, with the amount of those issues
which have been allotted and 10 whom.
The Senate passed a resolution. offered
by Senator Latimer. Of South Carolina.
last week. calling on the Secretary OF
Agriculture for information relating 10
the swamp lands OF the country and the
feasibility OF reclaiming them by drain
age.
Senator Nelson, Of Minnesota. intro
duced a bill authorizing the national
banks of the country to lend money on
real estate security.
Proposes Federal Charters.
A bill fer Federal incorporation was
introduced by Senator Platt. Of New
York 1t authorizes the establishment.
under the Secretary Of the Treasury. Of
the bureau Of Incorporation. with a chief
at a salary Of S4.0C0 a year.
This officer is given power 20 appoint
his sUbordinates. All corporations that
do business in two or more States and
have a paid capital OF at least $4,000.
may, under the bill, surrender State char
ters and reincorporate under the bureau
Of Incorporation. which Is given full
power of supervision over corporations.
may make rules for their guidance. and
inspect their books. and failure on the
part Of the corporation 70 comply with
any demand made by the bureau is TO
work a revocation of the Federal char
ter. The bureau is given power TO take
possession OF the assets of corporation
having a Federal charter whenever il ap-
pears that the corporation is bankrupt,
and to administer them for the benefit OF
creditors The bureau is also given power
TO declare vacancies in the Office OF d.
rectors of the Federal interpretations
named. whenever It is believed the af-
fairs OF the corporation are being mis-
managed.