The San Francisco call., 1908-03-28
PARTY VOTE FOR
ALDRICH MEASURE
Currency Bill Amended and
Passed in Senate by
Vote of AZ to 10

g WASHINGTON. March 27.=The AL
.drich bill was passed by the senate to-
day by a vote Of ~ TO 16, in the main
q party vote. Previous TO the taking
of the vote on the Aldrich bill a vote
was taken on the Bailey substitute au-
thorizing the government. instead of
the national banks. to issue the emer-
sgency circulation for which the bill
provides. The vote on the substitute
stood ~ to ls, and this vote was en-
tirely partisan, even Senator La Fol-
fette casting his vote with the repub-
-iicans. The bill has been before the
senate since January 2. The vote was
not reported until after p. m and the
galleries were practically empty.
An interesting feature of the passage
Of the bill was reiteration by
:. AIdriCh Of his promise to bring in bill
for an investigation Of the entire bank
ing system of the country with a view
10 instituting reforms
AS passed. the bill provides for not
more than $500. 100000 of emergency
currency TO be issued to national banks
. Upon the deposit by them of state,
county and municipal bonds to be ap-
proved by the secretary of the treas
ury. Banks are to pay for this emer-
'gency circulation one-haif Of one per
cent a month during the first four
months il is circulated and afterward
three-quarters Of one per cent a
month.
The bill provides that national banks
shall pay not less than one per cent
on government funds deposited with
them.
As amended today the bill carries an
important change in banking laws re-
lating TO bank reserves. This amend
ment provides that of the Is per cent
reserve required to be kept by banks
-. ell
be kept in the vaults Of the banks and
Of that amount one-third can be in the
form of securities of the kind required.
At the instance of La Toilette an
amendment was adopted prohibiting
any national bank from investing its
funds in stocks or other securities of
a corporation the officers or directors
of which are officers or directors of
the bank, and providing a penalty of
Imprisonment of from one to five years
Another amendment offered by
La Toilette prohibited loans by ma
tional banks 10 its officers or to any
corporation the majority stock of which
is owned by officers of the bank II
was rejected, as was also an amend
ment offered by Nelson Of Mime
sofa providing that no officer or en-
ploye Of a national bank shall be a
member of a stock exchange or en-
gagged in buying or selling stock or
bonds on q commission basis
An amendment BIZ La Toilette to
punish by from one TO five years inn
prisonment for Justification in bank
securities was adopted, but was pro-
tested against by Knox as already pro-
vided by existing law.
Following was the vote on passage
OF the bill:
Ayes-Aldrich. Ankeny. Beveridge Brandegee
Burkert, Burnham. Burrows. Crane, Cullom,
Curtis, Depew. Dick. Dillingham;, Dixon. Dolli-
yer, Dupont. Elkins, Flint. Frye. Gal1inger,
Gamble. Guggenheim. Hopkins Johnston %. y,
Keane, Knox. Lodge Long. Mccumber. Nelson.
owen (D.). Perkins. Piles Richardson. Smith
Teller lD-), Warner, Warren and Wetmore-
Noes-Bankhead. Borah (R). Bourne (R.),
Brown (R.) Culberson. Frazier, Gary. Gore,
Hepburn (R.). la Toilette (R.), MccreaFy, Nc
Emery. McLaurin. 0verman. Painter and Tay-
lor-total 16
Republican leaders in the house were
very reticent today about predicting
the course of the Aldrich bill in that
branch Of congress.
Speaker Cannon refrained from max
ing comment and some of the chiefs
Of the majority We're equally silent.
Inquiries on the democratic side
showed a general understanding that
the majority viii hold pretty fast to
its agreement TO support the currency
bill introduced by its leader, John
Sharp Williams