The Washington herald., 1908-03-12

Despite the statement widely made that
the Aleraeh currency bill would be voted
on this week, II was made evident yes
terday that not all the opponents Of the
bill in its present form have yet had
their say in the Senate and the vote on
the measure was definitely made impos-
sible before the middle or the end OF next
week.
The measure has had much Of that de-
ferring of hope which is said to renew
life. II is probable that the bill will
come 10 the end Of its course in the SEN
ate next week. one way or another
While doubtless a bill bearing Senator
Aldrich's name viii be passed by the Sen
ate, indications are many that II will be
radically different in several particulars
from the bill now under consideration.
Senator Aldrich yesterday announced in
the Senate that he did not expect the
Senete to agree to the provision in his
bin giving to the Secretary Of the Treas
ury and the Comptroller discretion in the
matter Of retiring the proposed emergen-
cy currency, and that the present law
limiting the amount Of currency which
may be retired in any one month TO So
Ot00O would probably stand.
Considered Reserves Law,
He also said that the Finance Commit
tee is now working on an amendment to
provide for better safeguarding the re-
serves OF the so-called country banks.
Mr.. Aldrich said that he was not opposed
20 provision for the payment OF interest
by the banks on deposits OF public money.
81 such a plan could be shown to be FEAST
bic.
Senator Lodge, of Massachusetts. will
speak on the bill to-day, and Senator
TIIlman yesterday gave notice that he
would address, the Senate on the bill on
Monday next. Mr. Tnlman also served
notice for Senator La Toilette that the
latter would address the Senate on Tues
day. and IL is the understanding that the
Senator from Wisconsin will occupy two
days In endeavOring 10 secure the aGop-
ton Of his amendment providing for the
valuation Of ali railroads, the bonds Of
which may be included IN the proposed
use Of such securities as the basis for
emergency currency.
Clarke Opposed 10 Both.
In a speech yesterday. Senator Clarke.
OF Arkansas, served notice on Senator
Aldrich and Senator Bailey that he was
opposed to both the Aldrich currency bill
and the substitute offered by Mr.. Bailey
He considered such legislation unneces-
sary.
Mr. Clarke held to the view that as
the bills were shaped, the banks In the
State Of Arkansas could not issue any of
the circulation 1Ir. Bailey explained
that he had been careful to draw his sub
stitute so that each State might not be
deprived OF its proportionate share OF the
circulation He had realized. ne said.
that the New York banks might step in.
ana, TO quote Mr. Tillman. "gobble u1f'
all Of the 500. 10000 circulation. For that
reason he had placed limitations IN his
Dill, reserving TO each State the right 10
its proportion
Panic "0nIy In New York"
Senator Clarke made the assertion that
the panic did not exist outside OF New
York. which moved Mr. Bailey to recall
that in Texas the banks had limited the
amount Of money deposltor could draw
out in any one day TO $40
Mr.. McLaurin. of Mississippi. s,,xTes4e,7
that In his State. and particularly in his
nome city. the banks honOred the checks
OF all depOSitOrs. without qualification
Yes, retorted Mr.. Bailey. "aud wiH
venture 10 say that the Senator could
easily have carried away all the money
IN the banks OF his home town in his
pocket"
Mr.. Bailey then promptly explained
that he meant no disrespect TO Missis
sippi- But the Senator's home town is
not fairly illustrative Of our strenuous
commercial life" said he.