Watauga Democrat. [volume] (Boone, Watauga County, N.C.) 1888-current, 1908-03-05
WASHINGTON LETTER.
From Our Regular Correspondent.

y
the House COMMITTEES on bank
ing and currency have agreed to
support no financial bill except
that offered by representative
John Sharp Williams the Demo-
cratic leader in the House. This
will serve to complicate still fur
ther the financial situation in the
House, although the Republican
leaders still profess their ability
to crowd through the Aldrich
bill when it comes over from the
Senate. There are some indica-
tons, however, that the Aldrich
bill will be a much better meas
ure when it comes from the Sen
ate than it was when it come
from MIR. Aidrich's committee.
Senator Johnson, of Alabama,
made speech this week in which
ne advocated the adoption of an
amendment requiring the coun-
try banks to keep two thirds OF
their legal reserves in their own
vaults, one half in gold or legal
money, the other half to be the
same, or. else in the securities
stipulated in section 2 of the AL
drich bill as the basis of eInergen
cy currency. Mr.. Aldrich, who is
anxious to secure all the Demo-.
cratic support possible for his
bill, has signified his willingness
to accept Senator Johnson's a.
mendment and thus a new Sena-
ator seems likely to break all pre-
vious records by getting an a.
nendment he offers to an impor-
tant Legislative measure adopted
during his first year in the Sen
ate
Another amendment to the Al
drich bill will receive the support
Of numerous Democratic Sena-
tors who are as favorable to it
as some OF the Republicans a r e
opposed. 1t will provide that on
~ the bonds of such railroads as
have had their physical value
ascertained and certified by tba
Interstate Commerce Commits
sion shall be accepted by the Sec
retary of the Treasury as the ba-
sis for emergency currency. This
is a good business proposition,
for if the Treasury Department
is to accept first mortgage bonds
as security for national bank cir
culation, it ought certainly, first
to ascertain the value ofthe prop
erty on which the mortgages are
based. Altogether, the Aldrich
bill may not be such a bad meas
ure after all, after. the Senate
and House have both gotten
through with it, although it is
equally possible that its outhor
will then have difficulty in recog-
nizing it.
Rep. Lilley. OF Connecticut, has
preferred charges in the House a.
gainst the Naval Affairs commit
tee, and has introduced a resolu-
tion providing that a committee
be appointed to investigate the
influence brought to bear on this
committee in favor OF submarine
boats. When the committee re-
ported its bill to the House this
L
week it provided for the building
of eight submarines and two bat
tleships, The President and Sec
retary OF the Navy had urged
that provisions be made for four
hattleships and foursubmarines.
Moreover, the committee SO wor.
ded the provision that only one
company could compete for the
contracts. The only proper way
to provide for such vessels is tn
leave sufficient discretion to the
Secretary OF the Navy, so that he
can expend the money for t h o
best boats offered in an open
competition. Mr.. Lilley's resolu-
tion was referred to the commit
tee on Rules, oI which Speaker
Cannon is chairman, and t b t
committee now announces that
Lit sees no occasion thatit sees no
ioccasion to conduct an investiga