The Owosso times. (Owosso, Mich.) 1897-1926, 1908-02-21

Will the preSlueut IN MS ngnt on law
breaking capital, he differed with him
as to the proposed remedies and depre
Gated his frequent criticisms of corpo
rations as one Of the disturbing fac
tors. He did not believe that anything
short of Imprisonment for the malefac,
tors would ever be effective.
La Toilette proposed as rider his
bill for the physical valuation of rail-
roads, which had been pigeonholed IN
the committee on interstate commerce.
La Toilette urged that no railroad
bonds should be accepted for security
on currency unless the value and cost
of reproducing the road should have
been ascertained by the interstate ccm-
merce commission.
Williams Currency Bll.
What will be known as the minority
currency bill was introduced in the
house by John Sharp Williams, the
Democratic leader. This measure was
bhe result of a conference with the mi
nority members of the committee on
banking and currency. The bill pro-
vidcs that the total liabilities of any
national bank shall not exceed 80 per
cent of the capital stock, irrespective
of discounts; that no national bank
shall lend in the aggregate more than
seven times the amount of its paid up
capital plus its unimpaired surplus.
Violation Of these provisions is made
punishable by fine or Imprisonment. 1t
would allow any national bank to keep
80 per cent Of it's reserve in United
States bonds or in the bonds of states
or certain municipalities, and the elias
tic currency feature is contained in a
section which provides that these mu-
nicipal bonds may be deposited in the
nearest subtreasury in exchange for
United States emergency treasury
notes. A/striking feature of the bill is
the authorization of a tax of one-six-
teenth Of per cent on deposits to create
a fund of $15, 0OO,OO to insure the funds
Of depositors in case of the failure of a
bank. The final section of the bill pro-
vides penalty of fine or Imprisonment
for any bank officer who shall make a
loan for the purpose of stock gambling.
Notes.
The house committee on war claims
has reported unanimously a bill to re-
imburse owners of confscated proper
ty in the south during the war, involv-
ing possible outlay Of $1O,OO0,O00
In opposing the senate amendment to
the deficiency bill granting $1,S75 to
Senator Bankhead for service on the
inland waterways commission Tawney,
in the house, made the point that the
president had exceeded his authority
In creating that commission.
One lone Democrat in the house sum-
moned courage to attack the Bryan
leadership. This was Leake of New
Jersey, who charged Bryan with TAX
ing the 'big stick" from the president
and with ''crucifying the policies of
Democracy on the cross of socialism,"
The Republicans applauded this very
enthusiastically. but Kisses came from
the Democratic side.
Chairman Jenkins of the house ju-
dietary committee lectured the Rev. S.
e. Nicholson. who appeared for the
American Antisaloon league to urge
prohibition measures. Jenkins told him
that congressman did not want to re-
port bills for the sake of Christianity
Or anything else that they knew would
be turned down by the courts. When
the antiprohibtionists were heard by
this committee Feb. II Theodore Su-
tro, president of the New York branch
Of the German-American alliance, said
that if the law could say what q man
should or should not drink it could also
say thou shalt not take a mouthful of
mince pie or tumbler of water" 1t
was his belief that as many murders
had been committed by dyspeptics, re-
rs by men inflamed to violence by
strong drink.
A resolution was offered in the house
5y Pou Dem, n. c. calling for the APP
pointment of committee of five to as
certain what corporations contributed
to the presidential campaign funds in
1896, 1900 and 1904.
The two resident commissioners of
The Philippine assembly, Pablo Ocampo
and Benito Legarda, have been intro
luced to the leaders of the house and
senate by Secretary Taft and have
been assigned to seats in the house.
They will have the right of debate, but
may not vote or introduce bills.
Stephens Of Texas succeeded in get
ting before the house an arraignment
Of Attorney General Bonaparte for the
action Of the department of justice in
indictments against five In
dian Territory men accused Of defraud-
ing the Chickasaw Nation out of $751;
900 by means of false expense vouch-
ers.