Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-05-27
COUNT|NCON SUCCESS
Leaders Now Confident of
Passing a Currency Bill.
C0NFEREES IN AGREEMENT
Majority of Thirty Is Looked for in
the House.
UNCERTAINTY IN THE SENATE
It Is Thought That Debate Will Not
Be Unduly Prolonged-Provi-
sions Of New Measure.

The conference report on the currency
bill. which was agreed upon by the con-
ferees this morning. was reported to the
House at 2:35 pm. and its consideration
was Immediately begun.
Since an agreement of republicans on a
currency bill became assured yesterday
the ono thought of the leaders in the
House and Senate has been how to in
sure the speedy acceptance by the two
houses of the conference report A dill
gent canvass on the House side among
republicans led the managers TO the be-
lief today that the House would probably
accept anything that the conferees report.
The estimate of the republican whips this
morning was that there would be a clear
majority of thirty for the conference re-
port.
On the Senate side there was some un-
certainty this forenoon and some division
of opinion as to the length Of time the
debate might consume. 1t is always un-
certain calculating upon debate in the
Senate. where there are no rules of limita-
ton and where any senator with a griev-
ance can have unlimited time to express
II.
Only Small Question Unsettled.
The conferees on the bill extended their
labors into the night last night and re-
sumed them early this morning in Senator
Aldrich's apartment at the Arlington Ro-
TEL Those in attendance were only the
republican conferees of the House and
Senate. They appeared at the Capitol at
noon with practical agreement among
| themselves. barring only small question
| relating to the time in which the proposed
law shall be in force. Mr. Burton held
out stiffly for a fve-year limit. and WAS
supported by his fellow-conferees Of the
House; but the senator's were inclined
toward the view that no limit should De
| fixed, and so persistent were both sides
| that when they adjourned no agreement
had been reached. 1t was represented to
! the conference that the administration
| sided with the senators.
Secretary Taft at the Capitol.
Secretary Taft. after brief conference
with the President today went to the
Capitol and had a conference with Sena-
tor Aldrich and Representative Burton Of
Ohio. His object was to urge the passage
of currency legislation and to do all ne
could to bring about the passage of the
government employees liability bill. Sec
retary Taft. ii is said. requested Senator
Aldrich to hold back an agreement upon
the currency bill until the employees COM
pensation measure has had opportunity
to pass Congress. He told Senator Al
drich that he felt very deep interest IN
this bill and hoped it would get through
both houses. Senator Depew of New
York, who ia in charge OF the liability bill
in the Senate talked with the President
and Secretary Taft before Mr.. Taft Went
TO the Capitol. Secretary Taft urged
REPRESENTATIVE Burton TO do all he could
to put through currency bill
Agreement of Conferees.
The republican conferees decided on the
following provisions to be carried in fha
compromise bill. retaining the basic pria-
ciples of the Vreeland bill and addin;
| thereto from the Aldrich bill: The =
serve required to be retained in central
reserve and reserve cities Is 10 per cert
straight A redemption fund of 10 p4r
cent. instead of per cent required ~
the present law is stipulated. and all OF
it shall be held in Washington. This
emergency currency issuable shall not
exceed in the aggregate SJO,OoGoo. Such
currency shall be subject to retirement
tax of ) per cent for the first two months.
and an additional ! per cent per month
thereafter until 10 per cent is reached
State, county and municipal bonds shah
be acceptable as security for emergency
currency at 40 per cent of their market
value. Other bonds and commercial pa
per shall be similarly acceptable at AZ
per cent of their market value.
No bank shall be allowed to take out
emergency circulation in an amount eN-
cessive of 30 per cent of its capital and
surplus when the security offered is CON-
mercial paper. No emergency currency
may be taken out under any circunl-
stances unless the oblieant bank has al
already taken out, according TO the present
law. an amount of currency equaf TO III
per cent Of its capital stock and surplus.
The provision from the Aldrich bill Is
incorporated in the conference bill that
| banks which hold state. county or nlu-
nicipal bonds may. with the approval or
the Secretary Of the Treasury. take ont
additional currency directly upon them UP
to 90 per cent of their market value
that is they may do so on their IN
dividuals initiative and responsibility:
The use of commercial paper as basis
for taking out emergency currency may
be only by banks which affiliate them
selves in groups of not less than ten with
an aggregate capital and surplus of not
less than S5.G1Ghl Such groups snail
he known as national currency assecia-
tons instead of national clearing house
associations the clearing house asso-
Citations of the country having objected
| to the use of the latter name.
The clause creating currency COM
of the Senate and nine members or the
House is carried in the bill
The democratic conferees were invited
! to assemble at 1 O'Clock in Senator AID
| rich's room,
Limit Fixed at Six Years.
| The conference on the currency bill was
| ended at O'Clock and il was announced
| that the bill would be reported TO the
| House Immediately. The one point re-
naming in dispute. namely. that in re-
lation to the time limit on the bill. was
| fixed at six years. making the bill expire
on June 80 1914.
Notice to Republicans.
When the republican members OF the
| House reached their seats today, all 0
them found the following notice calling
on them to maintain a quorum:
In order TO complete the business o:
this session of Congress, it is absolutel,'
necessary that all members be present in
their seats at il o'clock. Wednesday.
May 81. and remain until the session is
completed. The absence of a quorum at
any time will delay final adjournment
iSigned) "A F. DAWSON.
Att -.