The Birmingham age-herald., 1908-03-12
FINANCIAL BILL
 HOTLY DENOUNCED Senator Clarke of Arkansas Hits Several Fierce Blows ALDRlCH ATTEMPTS REPLY Investigation of Causes of the Panic Is Demanded by Senator Clarke,
 Who Also Denounces New
 York Stock Exchange.
ALDRICH ATTEMPTS REPLY

Washington, March u.-Senator Clarke of Arkansas denounced the pending cur rency bill in a speech in the Senate to- day, declaring that no currency legisla- ton should be enacted until an investiga- ton is held to the causes of the panic.
 No such legislation is necessary now" said MT Clarke. Tt is not only not neces- sary. but it may become dangerous am not disposed to tolerate the idea of giving any support to the committee bill, nor the substitute proposed by the minor- ity members of the Senate
 If emergency currency is to be pro- vided, MT. Clarke said, the benefits should be extended all persons whose legitimate business demands cause them to need it.
 MT. Clarke denounced the operations of stock exchanges and said the American people would not be satisfied with the proposed currency Legislation without d complete knowledge of causes of the
 panic.
 "The time has arrived he said, when the affairs of the New .&orl1 stock ex- change and other stock exchanges must be looked into'
 MT. Clarke's reference to the stoppage of the payments by the New York banks called Mir. Aldrlch to his feet with the remark that he did not believe the peo- pie would permit that course again to be pursued
 'I trust the senator from Rhode Islaad historian" retorted Mir. Clarke but
 I do not trust him as prophet"
 Mir. Clarke expressed the opinion that the majority would not pass the bill al- lowing the emergency circulation to be re- tired without limitation.
 MT. Clarke said he would not only re- quire a restriction of reserves, but he would deny to national bank the right to pay interest on checking accounts. Senator Nelson suggested that the na- tional banks should pay interest on the S2J0, ,000,000 of government deposits. MT. Aldrich said that, five years ago he had introduced a bill providing for the payment of interest on such deposits at the rate of 11a per cent, but, he added,
 senators had opposed that bill on the ground that it changed the nature of
 the loan Former Senator Spooner and the late Senator Morgan, he said op- posed the bill. If that objection could be overcome he declared his willingness to again bring in such a measure He did
 
 a legal one, of the kind suggested, why interest should not be charged on these deposits. Mir. Culberson, he said. had introduced a. bill to require payment of interest on government deposits and it was now before the committee on finance. MT. Bailey spoke at some length sug gesting that the main purpose of his sub- siitute was to favor the principle of gov ernment money instead of bank money. He explained that he had provided fois a distribution of the emergency cur rency In accordance with population. al- though he realized that business neces- sity was a greater measure of the amount they should have. But it was not possible to make sure of the business needs of the several sections and it was sim pie matter to ascertain the population. An extended argument was made by MT Newlands of Nevada in favor of his view that the sending of check from one state to another makes the business of banking interstate commerce.