The Cairo bulletin., 1908-03-28
SENATE PASSES
AlDR|CH BILL
FINAL, VOTE IN THE MAIN, A
PARTY VOTE, WAS az
TO 1G.
EMERGENCY CURRENCY
lss,ed to Banks TO Amount OF $780,.
OOO 900 Provided For to Be Sc
cured by Municipal County
and State Bonds.

Washington, March 27-The Aid
rich currency bill passed tho senate
AZ to lG, in the main, party vote.
Previous to taking the vote on the
bill a vote was taken on the Bailey
substitute authorizing the government
instead cf the national banks to issue
emergency circulation for which thC
bill provides. The vote on the substi
tute AZ to l3, was entirely partisan
even LaFollette vote with the RepubIi
cans. The bill has been before the
senate since January g. and tho vote
was not reached until after 6 p. m.
An Interesting feature was the reit
Grafton by Aldrich Of his promise to
bring in a bill for the investigation
OF the entire banking system of coun
try with Il view to instituting a re
form.
As passed the bill provides for not
more than $500. 100000 emergency cur
rency to be issued to the national
banks upon deposit by them of state
county and municipal bonds to be
approved by the secretary of the treas
ury, the currency to be issued with a
view to securing an equitable distri
button of currency over the United
States, and in accordance with the
unimpaired capital and surplus OF the
banks in each state.
The banks are to pay for this
emergency circulation half of one per
cent month during the first four
months it is circulated and afterwards
three-quarters of one per cent a
mont.
Tho bill provides that national
banks shall pay net less than one
per cent on the government funds de
posted with them
The senate devoted its entire ses
sion today to consideration Of the
bill, and after further amending and
passing it adjourned until Monday.
AS amended today the bill carries
an important change in tho banking
IdW6 ItidiliS W Dilih ltSN' N'9'
This amendment provides that OF
The Is per cent reserve required to be
kept by banks not in reserve cities,
40 OF this is to be kept in the vaults
OF the banks and of that amount one
third can be in the form of securities
OF the kind required
BY another amendment agreed to
today the period during which one-halt
of one per cent interest is to be
charged was reduced from 6 to 4
months after which three-iourths of |
per cent which to be charged until re
deemed At the instance OF LaFOllettt
an amendment was adopted prohibit
ing national banks from investing
funds in stocks or other securities OF
corporations, the officers or directors
OF which are officers or directors ol
the bank, and providing penalty OF
Imprisonment of one to five years In
accepting this amendment Aldrich
stated that he har not time to con
sieh' = amendment fully but was In
this week Vlsai.~u-,oefsal purpose. He
nois association in tlsctad in confer
Judge Lyman G.
~, was ransactirA ,orart tho nro
vision for the E--1-nment guarantee
OF desposits in national banks was a
subject of extended debate and was
defeated III to 49, most of the Demo
cratic vote being against the proposed
amendment Another amendment OF
fered by I.aFolette prohibited loans
by national banks to its officers OF
In anv corporation, the majority stock
of which is owned by offers of the
bank. 1t was rejected as also was the
amendment by Nelson, of Minnesota
providing that no officer or employee
of n national bank shall be a member
of a stock exchange or engaged in
buying or selling stocks or bonds on
commission basis. The amendment by
I.aFollette to punish by Imprisonment
any Justification in bank securities
was adopted but was preached
against by Knox as already provided
for by the existing lew. Teller offered
on request of Haley, OF Texas, who
was absent, a substitute currency bill
of the senator from Texas which he
stated was in main similar to the Aid
rich bill with the difference that Il
provided for government instead o
bank paper and asked for roll call
The vote was 13 to ~ against the bill
Following was the vote on the pas
sage of the bill: Yeas-Aldrich, An
keney, Beveridge, Brandgee. Burkett
Burnham Burrows, Craine Cullom
Curtis, Depew. Dick, Dillingham;, Dix
on, Dolliver. Dupont, Elkins. Flint
Frye, Gallingher. Gamble, Guggen
helm. Hopkins. Johnston Demo
craft. Keane, Knox. Lodge Long
McCumber, Nelson, Owen (Democrat)
Perkins. Piles. Richardson. Smith o
Michigan, Smoot Stephenson. Suther