The Washington herald., 1908-05-08
WORK ON MONEY BILL
Special Republican Commit
tee Asks for Suggestion.
WANT QUESTION ANSWERED
Members who Are 40 Report to
Conference on Monday Night Get
Busy EaTIy-Send Letters of In
quiry to All Members of Party In
House-VreeIand BIZ FayOrite.

The machinery was put in motion in
the House yesterday whereby it is ex-
Deeted that an emergency currency bill
will be passed in time to permit of its
consideration by the' Senate before ad-
iournment.
The committee appointed Wednesday
night to revise, modify, or amend the
Vreeiand bill within certain prescribed
limits got together early yesterday, and
the indications are that at Monday
nights conference It VIII bring in a
unanimous report
No Republican member Of the House
interested in the subject will be ignored
by the committee. BY order Of Chairman
Vreeland letter was addressed TO each
Republican asking him to submit his
views to the committee on the matter
and to give replies to questions, as fol-
lows:
I. Would you favor placing a limit
on the authorized issue Of notes in the
bill at an amount less than $4,000 600?
2 Would you favor the requirement
that the members of clearing house as
sociations should be limited to contigu-
Gus territory?
3. Would you permit more than one
association in any one city?
=, Would you favor making the banks
OF all associations Jointly and severaIIy
liable for all notes issued by said associa-
tions?"
Appended to these questions is this
suggestion:
The members of the committee would
vaiue any other suggestion which YOU
have to offer in regard TO currency leg
islation."
Leaders Are Confident.
The Republican leaders EXPRESS conf
dence IN their ability 10 put through
bill in which the principle Of commercial
paper as a safe and logical asset for
circulation shall be recognized
The insurgents declare that if an emer-
gency measure is passed at all il will he
by a narrow margin.
opponents Of the Vreeland bill. or the
which 1t recognizes. are very EN-.
phauc In their insistence that any meas.
ure that may be passed shall contain
provision requiring the maintenance Of a
reserve against emergency notes Repre-
sentative Nreeland declares that no such
reserve Is necessary. He is seeking more
light on this point. however. and yester-
day wired a number Of leading bankers
OF New York and elsewhere throurbout
the country soliciting their views on the
subject
Correction is also made to that provision
IA the oiil relating to clearing house as~
soelatlons- The fear is expressed that as
,he measure was offered by banks in the
financial ceniers, they would dominate the
,leaFlnS-h0uSe associations and get more
tnan their share Of emergency notes
Mr. Nreeiand meets this objection with
an amendment providing that clearing
mouse associations shall be formed of
banks IN contiguous territory. This wouId
prevent bank in New York from Joining
an association composed Of banks In
ieXas or chicago. as the case might be.
Full OF Difficulties.
That the situation is full Of difficulties
S shown in a criticism made largely bv
Western members. who profess 10 be
afraid that the Aldrich bill is suggested
.or business ruin and political disaster
md who say they see no substantial diff /
.erence between the Aldrich bill and the
'reeIand bill. They base their opinion |
lpon the provision In the vreeland bill /
'egarding ANY securities, including com
nercial paper. held by a national bank |
ng association"
This, it is contended. is broader than 4
he provision Of the Aldrich bin, and /
would admit Of the use Of railroad, State.
county, and municipal bonds, as well as /
government bonds. as security for emer- |
yency circulation
The leaders will impress upon timid
'rethren before Monday night the neces-
ity for action or temporary financial /
egislatiOn in the interests Of the business
integrity Of the country primarily. as /
veil as in the interests of Republican /
uccess at the coming elections.