The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1908-01-31
BILL GOES
TO S'!E|::'.|VII|'AI|||'T |: ] ] | | !.
.ALDRlch CURRENCY MEASURE l8
AT LAST REPORTED 10 THE
UPPER HOUSE.
CHANGES NOTED

0aSso IoF - Fer NenI ltou0 OF CUT
rency and Municipal Bonds Of Cities
Over 10000 Will Also BE Good Tor
Washington, Jan. 30.-Senator AID
rich. chairman Of the senate commit
tee on finance, today favorably report
ed his bill providing for an emer-
gency Increase in the national bank
circulation The report was author
lied at a meeting Of the committee
held today Sc vi. cb all th,s repi:b.., n,
members prase..i voted f,r resolu-
tion authorizing the reporting Of the
bill and I'll ns democrats so.ed for
the Bailey suaatilrte.
Mr.. Aldrich said he would call the
bill up for consideration on Monday,
February 10. He said he made the
announcement as to the time 50 that
the senator's might have ample time
to prepare for the discussion Of the
bill.
He said that the committee had un-
der consideration some amendments
to the bill relating to railroad bonds
and probably would suggest them at
later day. He explained that the
bill was the bill Of the majority Of the
committee, and members Of the mi
nority might have q substitute to Of
fer later. Ss8.
Amendments included.
The various amendments which
have been published from time to
time appear in the bill, although In
general character It remains the same
as when introduced. There has been
an effort on the part q the committee
u emphasize the emergency nature
Of the act that is proposed, and to
this end various amendments are In
serted in the bill which are intended
to cause speedy issuance Of additional
currency when stringency occurs.
The following amendment 10 insert
cd In the first section In lieu Of . pro
vision which gave the comptroller OF
the currency power TO AZ the time and
amount Of issues when application
is made. according to his Judgment
and at his convenience.
"The comptroller Of the currency
shall transmit Immediately the appli-
cation. with his recommendations. to
tho secretary Of the treasury. who
shall. II In his Judgment conditions u
the locality demand additional circula.
ton. approve the same and shall de-
termine the time Of issue and dx the
amount within the limitations herein
after imposed Of the additional circu-
lation, notes to be issued"
The clause OF the original bill flx-
ing IS per cent Of the market value Of
all municipal and railway bonds as
the limit OF the issue Of notes against
them has been amended 90 that rail-
road bonds alone are to be taken at
75 per cent Of their market value.
Notes may be issued against deposits
Of municipal bonds up to 80 per cent
of their market value.
School Bonds Acceptable.
The words 'or other legally consti-
tuted municipality or district" which
have been added, are taken to mean
that bonds issued by the school dis
tricts and townships will be- accept
able providing they conform to the
requirements specified. The population
Of these municipalities is fxed By the
reported bill at 10000 instead Of 10000
as originally proposed. The provision
in the old bill requiring a memoran-
dunn on the back of each bond show
ing that the legal title Of the same
has passed to the treasurer Of the
United States in trust has been
stricken out. and it has been made the
duty OF the secretary Of the treasury
to prescribe regulations for conveying
title.
In the bill as reported there is no
mention Of the reserves OF banks 10
Gated outside reserve or central cities.
In the original bill It was required that
they should hereafter hold at all times
at least two-thirds Of their reserve IN
lawful money.
It is specifically provided that III
acts and orders Of the comptroller ot
the treasury and the treasurer Of the
United States authorized BY the act
shall have the approval Of the secre.
tary OF the treasury.
FORECAST OF ~EATHER.
1 ~ : %