Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1908-02-12
ALDR|CH CALLS
UPCURRENCY
MEASURE
MANY AMENDMENTS
OFFERED BY SENATORS
Changes Suggested Mostly
Concern Character Of Bonds
to be Accepted as Security
For Government Note Issues,

IBy Morning Journal Special Leased Wire ]
Washington, Feb. 1t.-Senator AID
rich called up his currency bill today,
and formal amendments made by the
finance committee, which were
adopted by the senate.
Senator Burnett of Nebraska in
quired concerning the provisions for
the distribution of funds by the secrc-
tary OF the treasury and Mr. Aldrich
replied that if the currency provided
should not be needed in one state, it
could be apportioned to another state
in the same section of the country,
Inquiry was made by Senator Dol
liver whether the provision in respect
to railroad bonds as security for cur
rency circulation would include bonds
Of roads other than those operated by
steam.
Mr.. Aldrich replied that they would
if the roads were interstate roads and
made reports to the interstate com
mcrce commission. MI Bailey said
there was. in his opinion, no doubt
that this bill does exclude interurban
electric roads.
Mr.. La Toilette had read amend
ments he intends to offer. They pro-
vide that no bond of a railroad should
be accepted for security for currei
unless the fo"o value aud cost of re-
producing the raWoau snail have been
asCertained by the interstate COM
merce commission and currency is
sued on such bonds shall not be more
than IS per cent of the physical value
of the road on which the bonds are
based.
Notice was given Mr.. McLaurin Of !
Mississippi Of an amendment he will |
offer limiting the amount of currency |
to be issued on any bonds to the par
value OF the bonds.
Senator Daniel offered an amend
ment providing that bonds of rail !
roads that have paid regularly and !
continuously for five years next pre-
ceding the deposit Of its bonds, the |
interest due on all its bonds" can be |
used for currency ISSUED. That amend |
mcnt he said, would allow the use /
Of bonds of roads that have not paid T,
dividends on stock. This would per-
nit the use OF the bonds Of number |
Of southern roads which are now cx- ]
cluded.
Upon tho suggestion Of Mr.. Aldrich |
Mr. Daniels amendment was referred |
to the finance committee, where It'll
was considered,
change was suggested by Mr |
McCumbcr Of North Dakota reauir-
ing the secretary Of the treasury to |
determine the actual value of the |
bonds offered for currency circulation |
instead Of tbpfi. tl,aTkpt N4iup
Senator Lodge gave notice of an
amendments Including among the |
bonds available for currency issues /
the bonds Of the Philippine govern ,
ment the city Of Manila and the wi}- !
roads of the Philippines the pri eli |
pal and interest Of which has len |
guaranteed by the Philippine govern |
mcnt
An extended discussion was pre- ip- !
itatcd by Senator Hepburn Of parlia- !
mcntary questions concerning the |
propricty Of the adoption Of the com
mittee amendments as part Of the |
bill. Senator Aldrich. however. in
sisted that such action would in no
way hamper any senator in amending .
the bin and the democrats expressed !
their satisfaction with that method Of
procedure.
All the committee amendments were ,
then Incorporated in the bill except |
those declaring the valuation to be |
fixed by the secretary Of the treasury |
Of bonds to be accepted AS basis for
currency circulation ana the provisions !
in relation to railroads, The senate |
at j:40 D. m. adjourned