New-York tribune., 1908-02-11
ALDRICH ON HIS BILL
EXPLAINS IT'S TERMS.
Makes -Argament for Passage of
Currency Measure.
IFrom The Tribune Bu-eau.l

ttrom The Tribune Bureau
Washington Feb. 1o.-Senator Aldrich chair
man OF the Committee Finance. addressed
tie Senate to-day in support of the financial bill
which bears his name. He was listened to at
tentively by practically a full Senate and by
crowded galleries. which contained a number of
notable people, including J. Pierpont Morgan
tire Belgian minister. attaches OF the German
and British embassies and number OF other
diplomats
Without the slightest attempt at elocution. Mr..
Aldrich delivered his explanation Of the bill and
reinforced his arguments with history and logi
cal deduction to extent which not only
demonstrated his thorough command of his sub
5ect but made a strong impression on his hear
ers On closing he was surrounded by his COL
leagues. who extended their congratulations. At
no time was he interrupted and under
took 10 enter into a debate on the currency
question.
After reviewing the history Of the recent panic
snd TIE expedents resor1ed in st Mr.. Aldrich
said;
or the expedients adopted. the use OF clearing
house certificates was unouestionably the most
effective need hardly say that the clearing
voluntary associations OF banks formed for mutual
the usefulness Of these has bee
shown from q PUBLIC point Of view
reIief in time Of financial disturbances commenced
4 @ o. as & Las e .nss been sns n5o IN ie @ to
These ceTtificates. IT should be remembered, are
banks in the localities IN which they are issued.
They issued upon deposit Of bonds and Other
facfory in character TO The loaning conTaittee OF
the II q Cent Of the Value Of fhe a1
deposited is CHARGED by the clearing house
E By ssls MEANS at i: tss soRs
available for other puEposes Their empeyens srens
disaster but It has sometimes resulted as In 1907
in such oerasser,eI Fga 03 the standpont Of the
p,,bic interest the disadvantages were not greater
'9r The Conservative bank ofcers of New York for
fear Of the effect their issue would have upon tns
cre' e e 81 until # became APPARENT that there was
oeT aS c ssaea S 70 Gearing houses and By
hanks and private individuals in the form OF CIR II
meet local necessities for payTos 70. moving 40 ,,
CROPS etc 1 the tSess sen, note. Should have been
per cent on the amount issneo n. q. th. country
s Ts5e fro 0sass te partial breakdown Of ered.
system through bank suspensions and wnisn sTa ths ts
bstifutesegal and ,llesasasd to sys s.3Ion shan,a
Lad IS rssfs TO to provide such esssve
remedy shall prevent tho recurrence VI uAes0
conditions in the future
LESSONS OF EXPERIENCE
II the experience OF last year should De
a efsods Of relief that wers employed IN 1907 will
not 4s ss # Is not at sea1s III tey that Tsas XII
he in condition to make Increased deposits OF pupao
ss consdeIable dshSt and s,o5a as a'5sI snS Ss
wise policy govenm,esnt Sna to saS should, be
largely diminished. ,. ,,-,,,-+,o, n,
fs, 5hs fsct scnda shas IS move By
Ranks amount which oannot oe sTs vii be a
dirinution rather than in increase Of national nank
notes based upon ot ouite impossible 10 further
increase the volume Of such notes In cass VI OH
ThiTd, It is quite possible that we may not be
able to command large R M Of produces
T-b reduced importations which took place In the
ss foqT @oRts q, srs os ls an g IN
and his fact was OF sTs Dossss IN the months q
%oSeus5er and DecembeT These favorable cono1,
Gs cnlf Tsg 1e' to inucs the foreign banks to
gold shipments hip a nsre2 in our Be sde In ts
10 relieve an acute condition Of panic ..o+,,.-
eeTrehcy With the patriotism and ca
vacty Of those who in this crIsls reIoeiSo @ sancia
Fff the be suspension Of payments. with It's
rs 1eso9roes viii not be tolerated again.
have vastly improved over what they were SIX
weeks and think We N may feel 2u1'I 6jch fol-
owed the pac Of iso3 may be avoided II Is aso
: VerT short tine there will be great excess Of
currency and probably surplus OF loailaDie cap-
While the general conditions have Improved @ and
1I5e+ N Industrial and financial circles 1t is quite
probable that there viii be cofls'derap.e 49, 81,
r. the army Of the unemployed, and IL is quite I'M
,.ossfhIe for any man to predict with any degree
% car7de-ce what the industrial and financial con-
dirIou OF the country viii be next autumn IN any
event. II the business interests OF the country fe
ieft defeuceless through the fnacton OF Congress
me most serious consequences may folloW. CnLei
these circumstances I believe II to be the impeFa-
tive duty of Congress in its wisdom 10 proEIue
means escape from another caIaillltoIs
crisis The expedents which the responsible ON
Gers Of the government and of the great hfarcldl
institutions were Obliged 10 adopt in the pane q
40 roiut the way effective curative ieelsIaLoii
There seems be only one way IN WINCH thIs