The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-05-28

me communication is signed by the
committee consisting of G L. Berry. L.
+. christensen and w. E. Sims.
fall Mr.. Burton characterized if as
/ fearful. causing the mightiest fnan-
elal institutions TO rock as if they
would fall. The wheels of Industry and
| commerce were clOgged and hundreds
ana thousands were thrown out of EN-,
ploNment, he said. Men who had
walked with heads erect, and who were
proud, were compelled TO beg in the
/ streets for bread. Much of the cause
/ OF mat distressing condition he laid
az the door OF the rightly and INSULT
cheney of the currency system of the
country. He declared that the Repub-
| llcans' against the solid opposition OF
the Democratic party. were determined
10 DO something so that such calami-
" might not occur again. If the DEM
/ ocrats had been in power and had gone
/ home doing nothing. he said. thew
might better have called on the rocks
ana nils 10 fall on them for their in
ability to take care of the people.
And yet he said. they fiji the air
with cries that this is a political emer-
gency; that this is partisan matter"
Lesson of Last. Fall.
Replying to Mr.. Cochran. he said that
IT that gentleman had been i'm New
York or even in a small manufacturing
town last fall he would have got a les
son OF what is an emergency that would
nave sunk deep and which he never
would have forgotten.
Mr.. Burton inquired Of the Demo-
Gratis why it was they had not said one
word about the fact that the basic prin-
6ipie OF the Williams bill was the AL
drich bill.
Not only did you make municipal
and state bonds the basis for currency"
he said, but you out-Aldriched AIdricb
in your bill" He trusted the neonIe
would not hear from the Democrats i'm
the next campaign about the Aldricb
Dill, unless that fact was explained
Making reference to Mr.. Williams
quotations of some remarks of his. Mr..
Burton admitted that he did say he
would not vote for the Aldrich bill and
he said, II have not voted for it. and 7
am not going TO vote for it," At that
statement the Democrats hOoted and
laughed. He repeated his objections to
that measure.
Another Panic Likely.
Mr.. Burton declared that Mr. Will
liams should properly congratulate
Speaker Cannon. Il congratulate you
alsO," he exclaimed, for your leader
ship and for the work of the Republic
can members of this house" If the ma
Jority members had gone to their
homes. he said, without passing a meas
ure which would make impossible the
sharp distress OF last autumn, they |
would have failed in their duty. He
was not so sure that another pressure |
may not be felt next autumn. Deposi- |
tors, he declared. were likely to with |
draw. They won't take any more |
chances he said. They will put their /
money away in safe deposit companies |
Large crops may require a large sum |
of money. The treasury will no longer /.
have a reservoir from which it can sup
ply the needs of banks"
The vote was taken and the confer |
ence report was adopted, 166 to $40.
The Democrats voted soiidly against /
the report. and they were Joined by the /
following fourteen Republicans:
Messrs, Cooper, Morse and Nelson of /
Wisconsin; Brumm of Pennsylvania, /
Fowler of New Jersey. Hill and Henry /
of Connecticut, Linberg of Minnesota. /
Murdoch, Calderhead and Campbell of /
kansas; Prince of Illinois, Waldo of /
New York and Darragh of Michigan.
Provisions of the Bill.
Inc EOiIeIfeS decided on /
the following provisions TO be carried /
in the compromise bill. retaining the /
basic principles of the Vreeland bill. /
and adding thereto from the Aldrich /
bill:
The reserve required TO be retained |
In central reserve and. reserve cities is |
10 per cent straight. A redemption |
fund Of 10 per cent instead of 5 per
cent required by the present law. is /
and all of il shall be held in /
Washington. The emergency currency
lssuable shall not exceed i'm the aggre- |
gate $500, 900. 900. Such currency shall /
be subject 10 a retirement tax of per |
cent for the first two months, and an
additional l per cent per month there
after until 10 per cent is reached. State,
county and municipal bonds shall be
acceptable as security for emergency
at 80 per cent of their market
value. Other bonds and commercial /
paper shall be similarly acceptable at
20 per cent of their market value No
bank shall be allowed to take out
circulation in an amount
excessive of 80 per cent OF its capital
and surplus when the security offered
IS commercial paper. No emergency
may be taken out under any
unless the obligant bank
las already taken out, according 10 the