The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-01-26
Senators Will Try to
DiSplace Aldrlch
Measure.
viii Talk Ten Days in
Support of Minor
ity Report.

the Aldrich currency bill.
This opposition win not be carried to
the point Of a Alibuster, for the reasenI
veloped in the conference, are convinced
there Is necessity for legislation which
viii give the country an emergency cir
culation. It will be carried to the point
CT trying to substitute other relief meas
ures for the Aldrich plan. Such sub
stitution will be attempted in the Senate
Finance COMMITTEE, and also on the floor.
1t is quite possible minority report
against the Aldrich plan may be brought
out of the Finance Committee.
Will Force Vote
A vote will be forced by the Democrats
in the Finance Committee and on the
floor on the question whether the Gov
eminent or the banks should issue cir
culating notes The Senate Democrats
will carry their opposition C. the Aldrich
bill TO the point of speaking against
IL, after Il comes from committee. a
| reasonable time. Ten days was the time
that seemed 30 meet favor in the con-
! ference. The Democratic Senators are
not going 70 hold out indefinitely against
any financial relief legislation at all.
| What they propose 20 do is 10 make IL
clear TO the country that they do not
| ike the AIdrich plan, that they favor
/ another way Of preventing the recur-
renee OF financial stringencies, and that
| they are utterly against the Idea Of the
| hanks issuing circulating notes instead
| Of the Government They expect tire
| Aldrich bill TO pass the Senate, and
/ they do not intend 70 carry their opposi-
| ton to the point Of letting it be said
/ they prevented something being done
/ that would AFFORD an elixir to the pres
ent rather depressed conditions in the
/ financial and business world.
Many Like Bailey Bill.
! Senator BaiIcy's ideas, as expressed
| in a bill he has outlined, but not pre-
| scented, met with the support Of a seem
ing majority of the conference. He
| wants an issue OF half a billion dollars
in Treasury notes, these 10 be distribu-
ted TO the different national banks
equitabIy. He would have the money
distributed TO the States in proportion
to population, and then distributed 70
the national banks in each State in pro
partion 10 capital and surplus. This
issue would be sufficiently taxed TO
force Il into retirement when there was
no crisis.
! Senator Bailey would require bank
receiving deposits of this emergency
circulation TO put up with the Govern
/ rent such bonds other than Govern
rneDt as the AIdrich bin makes &C
ceDtable for circulation with the eXceP-
zion Of railroad bonds. Railroad bonds
would not be accepted as security lot
deposits under Senator Bailey's plan
Senator Bailey expects TO perfect nus
lbiu and attempt 10 get 1t substituted TOT
the AFdrich bin IN committee and also
lon inc floor. So far as he is concerned,
Inc told the conference that the legisia-
tfon passed ought TO be for emergency
currency only, in his opinion, and ought
not tn he coupled with other propcsl-
tions relating TO change In the banAlng
Ilavys and the like. In this, Senators
Teller and Daniel agree with Senator
Rafev. They will endeavOT 10 frame Up
a substitute for the AIdricn bill en-
bodvina the Treasury note and distriou-
ton plan.
Rut this idea seemed not to meet WITH
the approval of a majority Of the Sen
lators as being entirely adequate A
large percentage Of them have the idea
the Democratic bill should 90 further
thar that. Thus the majority that spoke
seemed 10 favor some form of Govern
ment guarantee of deposits Some want
a direct Government guarantee. To this
Senator Bailey is utterly opposed.
Substitute for Aldrich Bill.
Senator Bailey is anxious that the
2 substitute for the Aldrich bill, when
E will be presented In the Finance Com
r mittee, shall not extend further than
- 10 provide an emergency currency ano
{ distribution of it. But on the hooI
democrats will urge Government guar
IauIee of deposits, tax on deposits Of
public moneys, provision of law requlr'
ing banks 20 hold more Of their re
serves in their own vaults, and prop
ably various other ideas.
j II is not to be expected that Senator
lJen Davis is going TO efface himself II
this situation. He wants an emergency
| circulation issued that shall be basec
on corn. wheat, and other products o.
the farm and the plantation. This ide5
will appeal tc his Arkansas consutu
ents.
Yesterdays conference was not a for
NAL proceeding, and amounted to dis
cussion of the whole range of currency
question before Congress. Nearly al
the Democratic Senators were present
but it was noticeable that Senator Ba
con Of Georgia, who has a currenc'
bill of his own. was not present, Sen
ator McIaurin urged his bill and Sena
tor Owen spoke for the several bills h
has introduced
Democratic Attitude Defined.
The general purpose of the confer
ence was 10 agree as to what attitude
the minority members of the Senat
Finance Committee should adopt towar'
the Aldrich bill. Senator Bailey wa
DESTROYS. of course Of having his plal
taken up by the conference and was T.
Q considerable extent successful.
It was widely reported yesterday tina
the conference was held at the insta1C
OF William J. Bryan, who is pressing
his idea of Government deposits Thi
vas strongly denied by Senators a
the conference. 1t was also said Demo
cratic Presidential politics was not dis
, | Cussed. - .---...--.--