The sun., 1908-04-18
ALDRICH BILL PUT TO SLEEP
HOUSE COMMITTEE TABLES IT BI
ALMOST UNANIMOUS VOTE.
Caucus Called on, ~ Many Republicans
said They would Not Attend II or Abide
by It's Decision Hearing on The Vree.
land Bln. Onered as . Substitute.

land Bln' Onered a. substitute.
WASHINGTON, April i7.--All is chaos in
the House Of Representatives concerning
currency legislation. What with the so-
ton Of the House Committee on Banking
and Currency to-day in tablng the Aldrioh
bill and tho criticisms Of Western members
Of the Vreeland bill the leaders are be-
ginning to fear that it may be impossible
to pass an emergency currency measure
at this session Of Congress.
A caucus on the subject was set for Tues
day night, but as a number Of Republicans
gave notice that they would not attend
a CAUCUS and IL one we're held they would
not be bound by its decision II has now
been decided 10 hold conference. A
full. frank and free discussion is expected
to take place at the conference on Tuesday.
Until then there will be no capitalization
OF sentiment on the question Of currency
legislation.
The House Committee on Banking and
Currency made short shrift OF the Aldrich
bill to-day. II was laid on the table by an
almost unanimous vote Brief oonsidera-
ton was given the Fowler bill providing
for the appointment Of commission to
give to the United States a scheme for a
scientific financial and currency system,
but no action was taken on ii.
Announcement was made by the COM
mttee that Representative Vreeland OF
New York and others interested will be
heard tomorrow on Mr. Vreeland's bill
offered as a substitute for the Aldrioh bill.
The Vreeland currency bill differs from the
Senate measure in two or three respects.
Il is the same as the Aldrich bill 90 far as
the provisions relating TO the issuance OF
emergency notes on Government, State,
municipal and county bonds are concerned,
but 1t adds commercial paper as basis for
circulation. II leaves the law relating to
reserves as Il is instead OF increasing the
amount Of reserves which bank must hold
In lie own vaults, as proposed in the Senate
measure.
Another provision Of the Aldrioh bill
that Is omitted from vie NtteldHu ONl ~
the La Toilette amendment prohibiting
national bank from investing its funds in
corporations in which the banks officers or
directors may be interested.
The Vreeland bill provides for an entirely
new proposition in the form OF a clearing
house association. It provides that any
number OF banks not less than ten may be
formed into a clearing house association
with a combined capitalization OF not less
than s. 200. 900. The members Of this asso-
citation are required to deposit with the
association securities acceptable to 1t as
basis for emergency circulation.
Upon the request Of the association tue
Secretary Of the Treasury is empowered
to issue emergency notes to national bank
member Of such association, 1t Is provided,
however, that the total amount Of cir
cuating notes outstanding Of any national
banking association, including notes
secured by United States bonds us now
provided by law, and notes secured by other
bonds as provided by the proposed law.
shall not at any time exceed the amount OF
unimpaired capital and surplus.