Coeur d'Alene evening press. (Coeur d'Alene, Idaho) 1907-1929, 1908-03-26

good deal of progress was made by
the senate in dispensing OF proposed
amendments to the Aldrich currency
bill. II was evident throughout the
session that the bill will be perfected
In the form approved by the finance
committee. as no proposition that
failed to receive the sanction OF the
committee received any substantial
support.
The amendments reported by the
committee we're all adopted without
deposition. and then one senator after
another offered amendments which,
except in the cases of one proposed
by Senator Dupont and one by sena-
tor Lodge. were voted down.
Senator Duponts amendment pro-
vided that during the first six months
the emergency currency Is out inter
est shall be paid at the rate Of "
of per cent per month, and after six
months at the rate Of y of l per
cent per month. Senator Aldrich
said this amendment would be ac-
cepted by the committee, and 1t was
agreed to. The amendment by SEN
ator Lodge admitted bonds OF the in
sular government OF Porto Rico as
a basis for the emergency currency.
Several amendments were proposed
and laid aside upon the statement by
Senator Aldrich that the committee
would take them up and report to
the senate.
Senator Aldrich promised that the
committee would take up all amend
ments relating to bank reserves and
report
An amendment by Senator Hey
burn requiring national banks to keep
on hand not less than Is per cent
OF their deposits as a reserve was
defeated. So to 2.
Senator Nelson offered an amend
ment. which was voted down. allow
ing banks to make loans on farm
mortgages.
monetary N0NAAMh@&AuM AaAAs
Senator Aldrich made another
statement relative to the appointment
OF a monetary commission. He spoke
in response to a question from Sena-
tor Owen, saying:
ut Is apparent to me that recent
events have shown an absolute me-
, cessity for taking up this question
in legislative way. and the prepare
ton for that viii be entered upon in
the immediate future" All the
amendments were discussed at
length. but In the main the debate
was along lines which have been
traversed during the general discus
sion of the bill.
There were. however, some exeep-
tions. and one Of these occurred in
connection with Senator McLaurin'a
amendment. The discussion served
to bring out a statement by Senator
Aidrlch regarding the security of.
fered under the terms OF the bill
e Senator Aldrich said he would never
| consent to taking away safeguards
OF national bank notes which had ex.
! listed by act of congress for 10 years
: government preference having en-
I listed for more than a century.
= Replying to a question by Senator
$ McLaurin, Senator Aldrich said thai
1 while II was true that the govern
: ment's guarantee would be great. yet
: various cumulative guarantees hat
e been thrown about the currency II
: order that absolute confidence In Il
I might prevail. and he would vote Il
: remove any one OF them.
He remembered when the securities
= OF the United States were not az par
In any event. he said, the double liza
biIIty OF stockholders OF the bank
was a guarantee that the deposition
would never lose anything on aecoun
= OF the governments prior claim.
Philippine Bonds.
- While the question OF accepting
d Philippine bonds as security was IN
q der consideration Senator Telle
I spoke in opposition to the PROPOSE
II ton. basing his objection on tn
Is ground that there would be no mean
o Of determining their value. and spok
Is OF the relations Of the Philippine Il
II lands TO the United States. saying:
ie Il do not want to do anything tha
d win tie that country to this. ] wan
70 see the islands cut loose from thi
country. II We have 9 var with Ja