New-York tribune., 1908-05-20
FINANCIAL BILL DEAD
SO SENATE LEADERS SAY.
Erpect "Cold Storage for VreeIand
Measure-Speaker Blamed.
From The Tribune Bureau

Washington, May 19.-There will be no fnan-
cial legislation at this session of Congress and
the Aldrich and Vreeland bills will slumber in
conference until next winter unless every expec-
tation Of the party leaders fails. There has not
been formal conference the BILL but SEN
ators Aldrich Hale ar1 Allison called on the
Speaker this afternoon and laid the situation
before him. The Speaker declared that in the
light Of what they told him it would be quite i'm
possible to obtain favorable action by the House
The Senate conferrees have been examining the
Vreeland bill with great care, and they find litt,
in it which would be acceptable to the Senate
The upper house is a unit in its determination
not to authorize the issue of emergency currency
except upon specific security and with the ne
cessty and amount of such issue subject to the
discretion of the Secretary of the Treasury This
was proved by the unanimous vote of the Finance
Committee to substitute the new Aldrich bill for
the Nreeland bill and the assertions of the
Democrats that While they voted against the
new Aldrich bill they regarded it as Infinitely
sounder' legislation than the Vreeland measure
Messrs. Aldrch. Hale and Allison after a
careful examination Of the vreeland bill, are
convinced there is practically nothing in it
which could be saved in conference. They say
that the House conferrees entirely reason
able and that Mr.. Vreeland is sound on the
make numerous sacrifices of his convictions
TO obtain favorable action by the House Mr.
Aldrfch has discussed the question with Mr.
Vreeland informally and they are in accord as
to what should be done, but Mr. Vreeland
could give no assurance that the House would
accept what the Senate conferrees would re-
gard as a sound measure. while Mr.. Aldrich .
vas firm in his conviction that the Senate would
lot consent to any measure which savored so |
strongly of credit currency did the Vree- !
and bill. Having reached this point it was /
iecided to consult the Speaker. and the con- !
ultatton -esU.ted in a conviction that no finan-
al legislation could be had.
Senators do not attempt to conceal the fact |
hat they hold Speaker Cannon responsible for
he failure of financial legislation. They saw
hat. in the face of the Presidents advice with
he knowledge that Representative Fowler
vas so bent on q financial measure of his own
hat no. committee he dominated could ever
each an agreement with the Senate and de-
pite previous experience of ineffectiveness in !
ne Banking and Currency Committee coexist-
Mt with Mr. FoWlers charmanship Mr. Cam
on persisted in confding that important COM
littee to the member from New Jersey But
lore than that, they say that Mr.. Cannon lost
see that he was wavering under the pressure
the banks, which have been almost a unit in
pposng the Senate's financial views
The Senate leaders insist that had Speaker
annon stood by the plans of the Senator'S even
tier reappointing Mr.. Fowler financial legisla-
on would have been enacted, but they saw that |
lie moment the Speaker wavered the House
ood for the more advanced view of asset cur
ncy, with the result that it will be impossible .
provide emergency currency at this ses- :
on.
The conferrees on the financial bill will meet :
morrow afternoon, but their present expecta- :
on is that the meeting Will merely decide in
hat cold storage vault the legislation shall be
eserved until next session. no predictions are =.
ade to the which will be pursued :
xt winter, but it is declared that members OF 8
e House will then at least be free to act in :,
cordance with their best Judgment unham- h
red by the menace of general election
Senator's predict that the unwngness of the =
0use to agree to what the Senate regards as ~
und legislation will result in postponfns in O.
f1nitely the creation of a financial commission | -