Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-03-02
SENATE 70 TALK
SUBSIDY 1O DEATH
Democratic Members Not Favor
able to Amendments Tackled
On By House
ARE HOPEFUL OF SUCCEEDING
carmack Takes Lead in Opposition -
Minority Report From House Com
mittee on the Fowler Asset Cur
renoy Bill-sustains shaw's Arsu-
mont That Measure is Inadequate


|. mont That Measure is Inadequate
Washington, March 2.--what prac-
tfcally amounts to an agreement to
talk the ship subsidy bill to death,
was reached by the democratic sena-
tors today. The understanding is the
result OF conference on the floor OF
the senate between the leaders of the
senate minority and Representatives
Williams and Sherley, leaders of the
minority in the hbuse, who We're OPP
posed to the passage of the measure by
the house yesterday.
Carmack is one of the senators dis
posed to take an active part in the
movement to prevent the senate from
accepting the amendments to the bill
made by the house. When the senate
convened today he moved about among
his colleagues looking for support IN
the stand he proposed to take against
the measure. Evidently he received
great encouragement for he announced
a little later:
THE senate will not concur in the
amendments II l can get one or two
men to help me, and think have
them now
He was asked if he intended to speak
at length against the measure He re-
piled If it became necessary he was
inclined to take up quite little Of the
senate's time. The statement was ac-
companied with confident smile that
Indicated he had little doubt of the re-
suit.
Later the chairman of the democratic
senatorial caucus, Blackburn, gave no.
stice to tha>ssepublican leaders that the
democrats would not permitsSthe eshYp
subsidy bill to pass the senate before
adjournment.
The ship subsidy bill as it passed the
house was laid before the senate today,
when Gallinger moved to concur in the
house amendments. Carmacks motion
that the bill be taken up tomorrow
morning, was defeated. % to 81.
Motion after motion by the demo-
cratic senators postponing action on
the bill to different time followed, all
of which were defeated. 1t was evil
dent the democrats We're engaged in
a determined filibuster to make good
the statement of Blackburn, that the
bill could be voted on before final ad-
journment.
After the defeat Of other dilatory
motions a general agreement was
reached that the bill should be taken
up for consideration at S o'clock this
evening.
Minority Report on Currency Bill.
Washington, March 2.-Representa-
tive Glass of Virginia, has submitted to
the house the report of the minority
members of the committee on banking
and currency, in opposition to the Fowl
er asset currency bill, upon which a
favorable report has been made. The
minority report points out that there is
no urgent need for the proposed legis-
lation on account of there being no
general business demand for it. The
minority members base their opposition
to the passage of the measure upon
the ground that they do not believe that
credit notes which it authorizes will
be used for real emergency purposes
or that the currency thus provided will
have any appreciable degree upon
elasticity.
"On the contrary" the report says,
"one of the inevitable consequences Of
the enactment of this measure would
be the permanent imitation of paper
currency to an amount approximating
$225,000,000, which would mean, in the
last analysis, that much additional
strain upon the already insufficient
amount of money of final redemption" :"
The views Of the secretary of the
treasury that the measure is totally in
adequate as an emergency measure and
does not meet the demand for an elas-
tic currency are emphasized. In sup
port of their contention that there is
no urgent need for the proposed legis-
lation, the report points out that ma
tional banks in whose behalf this
privilege is sought now issue but 62@
per cent of the bond secured currency
authorized by the existing law. If
there were any necessity requiring an
addition to the volume of currency for
legitimate business purposes, it is
stated it could and would be met by
the issuance of part or whole of
more than 5000 100000 national bank
notes, which the law now permits.
but which the larger banks of the
country persistently refuse to put into
circulation"
The report says the only reply made
to this suggestion is the claim that
there is not enough profit to the banks
in bond-securing currency to induce
them to issue more notes." declaring
that the banks should derive a fair
profit on the business they transact,
and that they are concededly doing
this, the report concludes by asking
"Why, then, should congress be asked
to extend their privileges by enacting
a law which will enable them. without
bond security. with the semblance Of
government guaranty, to issue over
$213,000.0o0 of credit notes taxed at
only 3 per cent and to be loaned to the