The sun., 1908-05-26
MAY PASS A CURRENCY BILL
LEADERS LAY GROUNDWORK FOR
A COMPROMISE.
The New BiIi VIII ne Combination OF tho
yrceiand and Aidrich BiIls--Ht viii
Recognize Commercial Paper ~ Wen
as Bonds ~ Security for the Currency.


as Bonds ~ Security for the Currency.
WASHINGTON. May 2s.-Emergenoy cur
rency legislation, abandoned week ago
AZ impossible of enactment at this session
in the face Of what appeared to be irrecon-
cilable differences between the two houses
Of Congress, now looms up as strong
probability. Last night semi-official
announcement was made to the effect
that II an emergency currency law was
10 be placed on the statute books either
the Senate or the House must yield its
POSITION. It was thought impossible for
the conferees representing the two houses
to meet on middle ground. Tonight.
as a result OF conferences held to-day, the
Congress leaders are at work on q measure
adjournment, unless Senators Culberson
ef Texas and Teller of Colorado, Demo-
Gratis, carry out threat made to-day that
they will talk the currency bill TO death.
Promptly. at 4.sO o'clock this afternoon
Senator's Aldrich and Hale, Speaker Cannon
and Representative Vreeland walked into
the office Of the Speaker in the House wing
of the Capitol. They had already talked
the subject over Their looks gave no
hore to those who are urging the necessity
Of the enactment Of an emergency currency
act When the quartet emerged from
TIE Speakers office at 502 it was evident
that something had happened. Uncle Joe
wore smile that stretched nearly from
ear TO ear. Senator Aldrich and Repre-
sentative vreeland looked pleased, and
Senator Hale's rigid austerity OF counte-
nance had relaxed.
II was learned that Messrs. Hale and
Aldrich and Messrs. Cannon and Vreeland
had laid the groundwork for compromise
that it is believed will prove acceptable
10 the Republicans in the House and Senate.
While none of the conferees would admit
that emergency currency is now GER
tanty. it was admitted that the outlook
is decidedly promising.
The currency measure which it is now
expected will come out Of conference will
be Q combination OF the Aldrich and Vree-
land bif1s. It will recognize commercial
paper as we'll as bonds as security for
emergency currency. A time limitation OF
two or three years will be placed upon the
life Of the law. and the amount Of currency
to be issued under its provisions will be
fixed at $500. .oOo. 900. instead Of $75O 0oO. 900.
as provided in the Vreeland bill.
As explained by one Of the leaders. the
compromise will be made up Of the vreeland
tl practically intact. with sections added
"a CONCESSIONS to the Senate, The Vreeland
bill as it passed the House authorizes the
issuance Of emergency currency through
clearing house associations. The COM
promise bill will provide that individual
banks not connected with such associa-
tions. may issue currency on State. county
or municipal bonds approved by the Secre-
tary Of the Treasury.
The compromise win be more specific
than the vreeland bill In its provisions as
to the kind Of securities that shall be ac-
cepted az basis for emergency currency.
Commercial paper will be recognized as
security for such purpose, but 1t will prob
ably be provided that It shall be short
time paper. more specific provision as
to the Endorsement Of such security will
be Incorporated in the bill.
1t is insisted also by House leaders that
the now bill must spportion the amount OF
currency that shall be issued through the
clearing house associations and the amount
that shall be issued through individual
banks. A division Of the $500 900 900 In
currency authorized by the bill will doubt
lees be agreed upon.
An agreement In further assured by con-
ferenoes held tonight. A difficulty ahead
10 in bringing recalcitrant Republican
members into line. While Senators Culber-
son and Teller may feel now like talking the
bill to death. 1t is believed that II the Re-
publicans Of the two bodies can be induced
to give their approval to the compromise
it can, with some delay perhaps, be enacted
into law before adjournment.
Taken ell in all good deal Of progress
was made to-day and many who yesterday
we're without hope now view the situation
with more composure.
No plans looking to Adjournment viii
be made pending the present negotiations.
The House leaders are willing to postpone
the date Of adjournment indefinitely II
they see in such an arrangement a chance
Of enacting a currency law. During the
past few days members have been deluged
with kilograms urging them to action and
insisting that 1t would be unwise to leave
the Treasury in state OF unpreparedness
forpossible contingencies any time between
no" anu Hc1I tdli' rOT tiiio hcdSoh iiiohn-
bers who were doggedly determined that
no bill should be passed except the one
that was adopted by the House are now
willing to listen to suggestions Of COM
promise
Orders were sent to absent Republicans
to-day TO hurry back TO Washington with
out delay. This was done not only on ac-
count Of the probability Of another vote in
the House on emergency currency but
because the Republicans fear that IL there
are many more desertions the party's
control Of the House might be temporarily
jeopardized. Should the Republicans be
defeated on any given measure owing to the
absence Of members. 1t was said the effect
would be bad and might react In political
way Accordingly absentees were informed
that IL they did not return instanter the
sergeant at arms would be directed to bring
them back
Many members are being held here only
by the uncertainty as to the fate Of the
omnibus public buildings bill. Repre-
sentative Bartholdt of Missouri, who is In
charge Of the public buildings bill. an
nOlnCed to-day that he would not call II mr.,