The Montgomery advertiser., 1907-12-10
FOR INVESTIGATION
SENATOR TILLMAN,S RESOLUTIONS
 ON REGENT BOND ISSUE,
South Carolinian Weats More Light Thrown on Panama Canal Bonds and the Clearing House
 Certincates.

Washington, Dec. 9.-Senator Tilf- | man today introduced resolutions di- recting the Committee on Finance .1to | investigate the recent proceedings of the Secretary. of the Treasury in con-
 nection with the financial crisis. and also to make inquiry concerning clear I ing house certificates. @ I The resolutions were presented in | two series. the first dealing with the 1 operations of the Treasury Department and the second with clearing house cer- 1 tificates, both being divided into three subdivisions
 I The first of the resolutions direct the Committee on Finance to investigate
 and report to the Senate as follows: First-Whether the issue of certifi- cates Of indebtedness bearing per cent, interest, bids for which were l invited by the Secretary of the Treas ury, November IS, 1907, were for the purpose of borrowing money Ito meet public expenditures" as provided by | Section g of the act approved June l IS, 1899, and if not, whether there is
 any warrant of law for the issue of l said certificates.
 Second-whether the issue of $5o,- 000.00o of bonds of the Panama Canal loan, bids for which were called for I by the Secretary of the Treasury on November IS, 1907, was required to I "defray the expenditures on said ca- nal, there being at the time when both of these loans were made, upwards of
 $2oo. 900. 900 in the Treasury for current l expenditures.
 | whether any legislation is
 necessary to protect the peoples and business interests of the country from the issue of unlawful money, If clear ing house certificates are such. and to prevent the illegal increase of the pub lie debt in time of peace.
 | The second series of resolutions di- rects the Finance Committee Ito inves- tigate and report to the Senate as soon as practicable" on the following points: First--Whether clearing house cer- tificates with which the country is
 now flooded, have been issued under
 authority of the law. or contrary to the same.
 certificates by an association of banks, both state and National, and the use
 of the same as money subjects such
 certificates or notes to the tax of 10
 per cent. provided in Section 34l2,
 United States Revised Statutes
 Third-Whether it would be permissi-
 ble under the law as it is for an asso- citation of banks. warehouse and ele-
 vators to issue certificates based on
 cotton, wheat and tobacco, stored in
 such warehouses and elevators, and
 fully insured. to be used as money in
 marketing said crops in the same way as clearing house certificates are now
 used.
 Senator Tillman asked that unani- nous consent be given him to address the Senate on his resolutions, but Mir. Lodge suggested that in the absence of MT. Aldrich, Chairman of the Commit tee on Finance, the resolutions should go over.
 That is satisfactory to me-" said Mir. Tillman.
 Senator Culberson also called up his resolutions asking for information con- cerning the issue of $50 00O, 900 of Pan- anna Canal bonds and the total num- Der of banks in operation on Decem- Der l and November IS. 1907, and the amount of public money on deposit in the banks of each State and Territory on these dates. Senator Allison sug- gested that as Senator Aldrich Chair man of the Committee on Finance, was not present, these resolutions be al- lowed to go over. and they went over
 Senator Culberson offered substi- tute for his resolution of last week calling on the Secretary of the Treas ury for information concerning the amount of the S50,000,000 Panama bonds and the $100,0 900 of per cent. certificates that have 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 information desired.