The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-28

Mb,Iid fail.
THE wheels or industry and com
anerce were clogged; and hundreds ans
thousands were thrown out OF einplos
,rent. he said He declared that tne
Republicans, against the solid opPosit'
tIon OF the Democratic party. were a ~.
tcrmined TO do something. so that sucn
u calamity might not occur again. IL
The Democrats had been in power and
had gone home doing nothing, he said
ti,ey might better have called on the
,f,cks and hills to fall on then, FOR
their inability to take care of the pep-
ME. and yet he said, they M inc
afr with cries that this is political
emergency, that this Is partisan
matter"
Out-AIdrlclicd Aidrich.
Mr.. Burton inquired of Democrats
vhy IL was they had not said one word
about the fact that the basic princl-
ME of the Williams bill was the Aid
rich bill Not only did you make
municipal and state bonds the basis
fpr, currency "but you out-Aldrichcd
Aldrich IN your bill" He trusted the
people would not hear from the Demo-
Gratis in the next campaign about the
Aldrich bill, unless that fact was eN-
nlained.
MIR Burton declared that Mr.. VIII
INNS should properly congratulate
Speaker Cannon. ~ congratulate you
disc" he exclaimed, FOR your leader
slip and for the work OF the Republic
can members OF this House" If the
majority members had gone to their
homes, he said without passing a
measure which would make impossible
the sharp distress OF last autumn, they
would have failed in their duty.
The present measure, he said, would
accomplish its purpose. 1t might not
be permanent. and. he said, the con-
ferees placed a time limit upon II to.
suit that branch of the House which
believed in an entire reorganization,
Of the whole banking system ut may
be-" he said, that this will work 50
Well that no such readjus tment VIII!
be required. Under the conference
bi he said. no bank note could he
issued but what will be safe anywhere
on the globe. The tax was so high
that there WAS no danger of fnfladon."
Democrats Voted Solid.
The vote then was taken, and the
conference report was adopted, 1876
10 40. 80
The Democrats voted solidly against
the report and they were Joined by
the following fourteen Republicans:
Nessrs. Cooper, Morse and Nelson. of
Wisconsin; Bru,nm, OF Pennsylvania;
Fowler of New Jersey; Hill and Henry.
OF Connecticut. Linnberg, of Massachu
sets; Murdoch. Calderhead and Camp
he'll. of Kansas: Prince. of Illinois,
Waldo, of New York. and Darragh, of
Michigan.
As decided upon by the Republican
conference to-day and later passed by
The House, the conference bill retains
the basic principles of the vreeland
bill. and added thereto are the follow
ing provisions from the Aldrich bill:
The reserve fund required to be re.
tanned in central reserve and reserve
cities is 10 per cent. straight A re-
demption fund of 10 per cent, instead
of per cent. required by the present
law is stipulated. and all of it shall
he held in Washington. The emer-
gency currency issuable shall not ex-
coed in the aggegrate $500, 100000. Such
ment tax of per cent, for the first
two months. and an additional l per
cent. per month thereafter until 10
FER; cent is reached.
state, county and municipal bonds
shall be acceptable as security for
emergency currency at 90 per cent OF
commercial paper shall be similarly &C
reputable at 10 per cent. of their market
value. No bank shall be allowed to
take out emergency circulation in an
amount excessive of 80 per cent of it's
capital and surplus when the security
offered is commercial paper.
Groups OF Ten.
No emergency currency may be
taken out under any means unless the
ohlisant bank has already. taken out.
according to the present law. an
aIl.as@. OF currency equal to 40 per
Gent. of its capital stock and surplus
The provision from the Aidrich bill is
Incorporated in tho conference bill.
that banks which hold State. county
ard municipal bonds may, with the ap-
proval of the Secretary OF the Treas
AIRY. take out additional currency di-
Tectly upon them up to 30 per cent OF
their market value--that IS. they may
do so on their Individual initiative and
responsibility.
The use of. e5mue,'tial paper as a
basis for taking out emergency cur
rency may be only By banks which
affiliate themselves in groups of not
less than ten. with an aggregate capt
tai ani surplus of not less than $1,000
600. Such groups shall be known as
+ national currency associations" In
stead Of national clearing house asso-
citations, the clearing house associa-
tons Of the country having objected to
The use of the latter name.
The clause creating a currency COM
siission, to be composed of nine mem
& aers of the Senate and nine members
s 9f the House, is carried in the bill.
COMES BEFORE SENATE TO-DAY.
senator Aldrich Gives Notice That III,
WIN Cnll aieaaurc for Consideration
WASHINGTON. May 27.-The con.
Terence report on the currency bill
sTas laid before the Senate shortly he
Tore adjournment to-day, and Mr. AID
rich announced that Tomorrow II,
@ould move,Ato take UP and keen (
ander consideration until disposed OF
While waiting for the conference re
pert the session was occupied witt
running debate on the bill 10 conpen
sate government employees for in
1rres sustained while in services. A
I'm previous days the discussion wa
merely for the purpose of consuming
time while waiting on the currency BIZ
and the bill was not passed.
During the day the Senate passed
resolution calling for audited account
Of former post-masters who serve
hatWann S61 and 1874 r,bneo ,.ono,,...