The San Juan islander. [volume] (Friday Harbor, Wash.) 1898-1914, 1908-02-08
CURRENCY BILL UP
ALDRIcH MEASURE TO BE CON.
slDERED BY SENATE FEB
RUARY 10.
Important Amendment Is Inserted in
First Section Of the BiII-Provision
for Issue Of. Notes in Times Of Strin-
sency-FavorabIe Report on Ship
Subsidy.


ator Aldrich reported his banking bill
from the committee on finance, which
he announced he would call up for
consideration on Monday, February 10.
The following amendment is insert
ed in the first section of the bill:
"The comptroller of the currency
shall transmit Immediately the appli-
cation, with his recommendations, to
the secretary of the treasury, who
shall, if in his judgment business con-
ditions in the locality demand addi-
tional circulation, approve the same,
and shall determine the time of issue
and fix the amount within the limita-
tons hereinafter imposed of the addi-
tional circulation notes to be issued.
In order that the distribution of notes
to be issued under the provisions of
this act shall be made as equitable as
practicable between the various Sec
tons of the country, the secretary of
the treasury shall not approve appli-
cations from associations in any state
in excess of the amount to which such
state would be entitled of the addi-
tiOnal notes herein authorized on the
basis of the proportion which the un-
impaired capital and surplus of the
national banking association in such
state bears to the total amount of un-
impaired capital and surplus of the ma
tional banking associations of the
United States.
Left to Secretary.
Provided, however, that in case the
applications from associations in any
state shall not be equal to the amount
which the associations of such state
would be entitled to under this method
of distribution, the secretary of the
treasury may in his discretion, to meet
an emergency, assign the amount not
thus applied for to any applying asso-
citation or associations in the states in
the same section of the country"
The clause of the original bill fixing
Is per cent of the market value of all
municipal and railway bonds as the
limit of the issue of notes against
them has been amended so that rail-
road bonds alone are to be taken at rs
per cent of their market value. Notes
may be issued against deposits of mu-
nicipal ana county bonds up to 80 per
cent of their market value.
The limit of circulating notes that
may be issued under the act has been
raised from $3.50, 100000 to $500,00O,-
600.
There is an amendment making it
the duty of the secretary of the treas
|ury to obtain information with refer
ence to the value and character of the
municipal and railroad securities au-
thorized to be accepted under the pro-
visions of the act.
Memorandum Not Required.
The provision in the old bill requir-
ing a memorandum on the back of each
bond showing that the legal title of
the same has passed to the treasurer
of the United States in trust has been
stricken out and it has been made the
duty of the secretary of the treasury to
prescribe regulations for conveying
title.
The provisions of the original bill re-
lating to the preparation of circulat-
ing notes in blank to an amount equal
to so per cent of the capital stock of a
bank requesting an issuance has been
changed so that it is mandatory on the
comptroller to proceed as soon as prac-
ticable to prepare notes of all national
banks so that they may be ready for
issue Immediately upon the receipt of
applications and after securities have
been approved.
Senator Warren introduced joint
resolution calling for an amendment to
the constitution which shall provide
that the vote of no person in the Unit
ed States shall be withheld or abridged
on account of sex. Senator Gore in
troduced bill prohibiting the grant
ing of restraining orders by federal
courts in cases between employer and
employe unless it is necessary to pre-
vent irreparable injury to the property
rights Of the party making the appli-
cation. The bill also provides that no
agreement between employees can be
held by court as conspiracy unless
property rights are endangered.
.~@ o,s@e4as.Aa4n