Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-12-09
ASKS FOR INFORMATION
Wants to Know About Recent Issue
of Securities.
CULBERSON ALSO AFTER FACTS
Consideration Of Resolutions Put Of
Owing to the Absence Of
Senator Aldrich.

lutions directing the committee on finance
to investigate the recent proceedings OF
the Secretary Of the Treasury IN con-
nection with the financial crisis, and also
to make inquiry concerning clearing mouse
certificates The resolutions were pre-
sented in two series, the first dealing with
the operations of the Treasury Depart
ment and the second with clearing house
certificates, both being divided into three
subdivisions.
The first of the resolutions directs the
committee on finance to investigate and
report to the Senate as follows:
First-Whether the issue Of certificates
of indebtedness bearing per cent interest,
bids for which were invited by the Secre-
tary of the Treasury November is, 1907,
We're for the purpose Of borrowing money
Ito meet public expenditures as pro-
vided by section 81 OF the act approved
June IL. 1899. and if not whether there is
any warrant Of law for the issue OF said
certificates.
Second-Whether the issue of $50. 200, 900
of bonds of the Panama canal loan, bids
for which were called for by the Secretary
of the Treasury November 18, 1907, was
required to ''defray the expenditures on
said canal, there being at the time when
both these loans were made upward OF
$500, 900 in the Treasury for current
expenditures"
Third-Whether any legislation is neces-
sary to protect the people and business
interests of the country from the issue
of unlawful money, If clearing house GER
tificates are such. and to prevent the Tile
gal increase of the public debt In time Of
peace.
Clearing House Certificates.
The second series Of resolutions directs
the finance committee Ito investigate and
report to the Senate as soon as prac-
ticable' on the following points:
First-Whether clearing house certif-
Gates with which the country is now
flooded have been issued under authority
of law or contrary to the same.
SecOnd-Whether the issuing Of such
certificates by an association Of banks,
both state and national. and the use of
the same as money subjects such GER
tificates or notes to the tax of 10 per
centum provided in section 34l2, U. S.
r. 8.
Third-Whether 1t would be permissible
under the law as it Is for an association
Of banks, warehouses and elevators to
issue certificates based on cotton, wheat
and tobacco stored in such warehouses
as money in marketing said crops in the
same way as clearing house certificates
are now used.
Senator Tillman asked that unanimous
ate on his resolutions, but Mr.. Lodge sug-
gested that In the absence Of Mr.. Aldrich,
chairman of the committee on finance, the
resolutions should go over.
THAT is satisfactory to me-" said MIR.
Tillman.
Culberson Resolution Goes Over.
Senator Culberson also made an attempt
to bring the money question before the
Senate. He called up his resolutions ask
ing for information concerning the issue
of 1000. 900 Of Panama canal bonds, and
the total number of banks in operation
October 1 and November Ii, 1907, and the
amount of public money on deposit in the
banks of each state and territory on
those dates.
Senator Allison suggested that as SEN
ator Aldrich. chairman of the committee
on finance, was not present, these resoiu-
lions be allowed to go over.
Mr.. Culberson said that part OF the
information concerning Panama bonds
had been published In the newspapers.
and he did not see why 1t should 30
over.
Mr.. Allison reiterating that he thought
Mr.. Aldrich should be present when that
resolution should be considered, 1t was
allowed to 60 over.
The same action was taken on the reso-
luton concerning deposits Of public
money in national banks.
Senator Culberson offered q substitute
for his resolution of last week calling on
the Secretary of the Treasury for infor-
nation concerning the amount Of the $50
600, 900 Panama bonds and the 500, O,OOO
of 3 per cent certificates that nave been
issued and banks or persons to whom they
have been awarded. The substitute calls
for an abstract of the proposals for the
Panama bonds, in addition to the other
information desired.
The Senate at Ills this afternoon ad-
iourned until tomorrow.