Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-03-26
IN THE SENATE.
Proposed Amendments to AIdrich Bill
Being Disposed Of.

Washington. March 25.-A good deal
OF progress was made by the Senate
TO-DAY IN GlSpoSlng Of proposed amend
ments to The Aldrich currency bill 1t
was evident throughout the session
tnat the bill Will be perfected in the
FORM approved by the finance commit
Tee, as no proposition that failed to re-
celVe the sanction of the committee re-
ceived any substantial support.
The amendments, reported by the
committee were all adopted without
opposition and then one senator after
another offered additional amendments,
which, except in the case of one pro-
posed by Dupont and one by Lodge.
were voted down. Dupont's amend
ment provided that during the first
six months the emergency CURRENCY is
out, interest shall be paid at the rate
OF one half of one per cent per month
and after six months, at the rate of
ID OF one per cent. per month. The
amendment by Lodge admitted bonds
OF the insular government of Porto
RICO as 4 basis for the emergency cur
rency.
Several amendments were proposed
and laid aside upon the statement by
Aldrlch that the committee would take
them up and report to the Senate to-
morrow. Among these were the amend
ments offered by Lodge for the accep-
lance of bonds of the Philippine Is
lan:is and Of the city of Manila among
the securities for the issuance of em-
Urgency currency: by Nelson tor the
payment Of interest at not less than
l Il per cent. on deposits of public
money in national banks; also by Mel
son, rel'ealing sections of the law Civ
ing credit to national banks for parts
II their reserve deposited in other
banks
Mc1.aurin offered amendments, all
OF which were defeated, by which he
sought to make government claim
against failed national banks on ac-
count of the issuance of emergency
notes subordinate to those of depositors
also providing that no officer of a ma
tional bank shall be permitted to hold
an Office in any other such bank and
providing that individuals should be
allowed to receive treasury notes from
the department on the same terms that
the bill permits banks to secure emer-
gency currency
Nelson offered an amendment which
was voted down, allowing banks 10
make loans on farm mortgages
Aldrlch made another statement rela-
tive to the appointment of a monetary
commission. He spoke in response to 4
question from Senator Owen, saying:
1t is apparent to me that recent
events have shown an absolute ne
cessty for taking up this question. in a
legislative way and the preparation
for that will be entered upon in the
Immediate future"
Aldrich said he would never consent
to taking away safeguards of national
bank notes which had existed by act
of congress for forty years, a govern
ment preference having existed for
more than century
While the question of acceptinp
Philippine bonds as security was un-
der consideration, Teller spoke in OPP
position to the proposition, basing nis
objection on the ground that there
would be no means Of determining their
value and in connection spoke some
what of the relation of the Philippine
Islands to the United States saying:
Il do not want TO do anything that
will tie that country to this I want to
see the islands cut loose from this
country.
IF we have war with Japan we
will not have trouble with them as
Japan will walk in and take them
Replying. Lodge argued that Con-
gress should not Giscredit bonds is
sued on its authority He contended
that the bonds We're practically similar
to state and municipal bonds in this
country which are now acceptable for
government deposits of money in the
banks.
Nelson's amendment providing that
| national banks should be authorized to