New-York tribune., 1907-02-27
FINANCE BILL PASSED.
SENATE VOTES, IS TO H.
Good Chance Of agreement spith
House on Currency Measure.
IFrom The tribune Bureau.I

From The Tribune Bureau.I
Washington, Feb. Ex-senator Aldrch after a
debate which lasted a good part of to-day's ses-
sion. secured the adoption OF his financial bill
| by vote of 43 to IA. Senator Nelson's amend
! ment requiring the banks to pay interest on
! government deposits, rejected after SEN
! ator Spooner had made brief speech pointing
out that under decisions Of the Supreme Court
! this would entirely alter the relation of the
| government to such Of it's funds depos-
! tied in the banks changing them from bail
| ments to loans in the recovery OF which, in
case Of failure Of the bank the government
would enjoy no advantage over other creditors.
Senator Aldrich, at the suggestion Of SEN
atOr Bacon offered amendment instructing
the Secretary of the Treasury to distribute the
federal deposits as nearly possible among
tho several states. and the amendment was
adopted
Senator Newlands offered an amendment.
which was accepted by Mr.. Aldrich. and which
provides that the Secretary of the Treasury
shall January l Of each year, make public
a statement of the securities required for gov
ernment deposits during the year. AS read from
the desk the amendment failed TO make it clear
whether not the required statement referred
to the ensuing or the preceding year.
on its final passage the measure received the
votes Of all the Republicans except La Toilette
who usually votes with the Democrats. and also
Of three members Of the minority.
The bill authorizes the Secretary of the Treas
ury to issue gold certificates in denominations as
low as $40; to issue silver certificates In all de-
nominations from 81 up; to deposit customs rev.
enue in the national banks, and to permit ma
tionaI banks to retire their circulation to the
amount of 100000 a month instead of $8,OOO,-
00O the present restriction.
PROSPECTS IN HOUSE.
AS the bill is in the form of an amended House
measure, it will go at once to conference and
the chances for reaching an agreement with the
House are bright.
When Senator AIdrlch called up the bill Sen
ator Nelson offered a modification Of his amend
meut. As now presented, he said It simply
Iegalizes what the Secretary is now doing. My
understanding Is that he has for the first time
gone outside the law and accepted other securi-
ties for government deposits than government
bonds
Mr.. Nelson made a general complaint that
other parts of the country than tho South and
East had not for some years got consideration
at the hands Of the Senate Finance COMMITTEES
He had particular reference 10 the desire Of the
Northwest for legislation permitting national
banks to loan their funds on real estate security
Senator Aldrch said the Northwest was well
represented on the FINANCE Committee ana that
only one or two Senator's agreed with Mr. Nelson
the proposition 10 allow national banks TO
loan on real estat" mortgages.
Mr.. Culherson presented general ooJectloh
to the system which resulted IN the accuinuIa-
ton Of such large amounts or government
funds.
n,rt,, 100, 20 ,to .,u &C. ,,i,,r ,a,cs and ex-
i"' '''. VI '' ~ " 30
uaVagahee' ne sala. I'uSlId''H5' MI 'ul"'i-
declared the retirement rolls OF the army
and navy were being padded; that brigadier
o,,-,,, ,ra s,,,,,, -, +ba ro,tr.5 l,s, ,bt,lye-
~ " -
than the leaves or autumn placed IN IhAt rank
simply for the purpose Of increasing their pay.
r, r7ro1 ,,o,,r,,,,.r+ vas ,-ear r,, year reach
''0 ,,1 -, -,
ing OUT INTO t'e Icd'i oi 'ile statues anu 'HuS
adding to expenditures. He said that IN the
last four wears the Increase in national eXpendI-
., ,,7 o,,e,,r,.o,7 20 oaoooo
1'i'9 ''' ''' ~
our revenues durlhE tAaI uhIe nave IN
creased $4,000 OOO." intertccted MIR. Aldrich !
nh, az75 .,-o, @ ,.or,, bad business ,,r,,,,sI |
49,.
uoh. "hal remedy uoeS 'l' senator pi'po9''
Among other things. We can reduce the |