The new South-news., 1908-02-08
;60O,OoO,OeO
nay Be ISSJEJ
IN CALCULATING NOTES TO Re
LlEvE UNCLE SAN
DBn0CRAfS FOR SUBSTITUTE
Previsiens Of Long Expected 2sas-
ure anA Amsudmcnts That HAvs
Bsen Inserted. New MEXICO Gives
Tn

Washinyton.-The AldrieA financial
bill. which has been in the hands Of
the committee on finance since its in
PRODUCTION in the senate on January |
z. was reported by Senator Al irich-
The various amendments which have
been published from ume to time
appear in the bill. although in gen.
erai character the bill remains the
same IS when introduced. There has
been an effort on the part of the
eommittee to emphasize the cmerxen-
cy Of the act that is proposed and to
this end, varions Amen iments are in
serted in the bill which are intended
10 cause speedy issuance of addition
al currency when strmgency occurs.
The following amendments are in
serted in the first section Of the bill
in lieu of the provision which gave
the comptroller of the currency power
20 fix the time and amount of issues
when application is made accoding to
his judgment and at his convenience.
''The comptroller Of the currency
shall transmit Immediately the appli-
cation with bis recommendation, to
the secretary of the treasury, who
shall, If in his judgment business con-
ditions in the locslity demand ad-
ditioaAl circulation, approve the same
and shall determine the lime Of Issue
and fixo1he amount within the limita-
tions hereinafter imposed, Of the ad-
ditional circulation notes to be issued.
In order that the distribution Of the
notes to be issued under the provas-
ions of this act, shall be made equita-
bic as practicable between the variouA
sections of the country, the secretary
of the treasury shall not approve ap-
plications from associations in any
state in excess of the amount to which
such a state would be entitled Of the
additional notes herein authorized on
the basis Of the proportion which the
unimpaired capital and surplus Of the
national banking association in that
state bears to the total amount of
impaired capital and surplus Of the
national banking associations Of the
United States, provided, however, tina,
in case the applications from associa-
u fions in any state shall not be cqua
fkN4Aspount WHICH the association
of such state would be entitled to un
der this method of distribution, the
secretary Of the treasury, may, in his
discretion, to meet an emergency as
sign the amount not thus applied fol
to any applying association or associa
tions in states in the same section o.
the country"
The cause of the original bill fixing
seventy-6ve per cent of the marke
value of all municipal and railway
bonds as to the limit Of the issue Of
notes against them has peen amended
20 that railroad bonds alone are t
be taken at seventy-fve per cent o.
their market value. Notes may b.
issued against deposits Of municipa
and county bonds up to 90 per cent O.
their market value. The limit Of cir
culating notes that may be issued un
der the act has been raised iron
e250, ,O0O, ,00OC to $500, 900 900.
BOND SECTION BROADENED.
The section of the bill relating +
the acceptance of interest bearing oh
legations, or any legally authorize
bonds of states. cities, towns ant
counties as deposits for the sccurit
Of additional bank currency issue
against them has been broadencd cor
siderably by amendment. The word
'or other legally constituted munic
pality or district which have bee
added, are taken to mean that bond
issued by school districts and towr
ships will be acceptable providin
they conform to the requirement
specified. The population of these MI
inequalities is fixed by the reporte
bill at 10000 instead of 10000 as ori:
inally proposed.
I lhere - an Amendment making
duty of the secretary of the trea
00l to, obtain information with refel
END TO the value and character Of ii
municipal and railroad bonds to
accepted under the provisions OF II
act, and to furnish information to nj
tional banking associations ~ to sue
bonds - would be acceptable as s
curity. To the end that informatic
concerning railroad bonds nay
gathered with some degree Of accur
ey the clause of the bill relating
TIE acceptance Of railroad bonds
security Tor note issue is amended
as to include only the bonds Of roa<