The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-01-31
ALDRICH BILL
IN THE SENATE
Report Authorized by Commit
tee, Democrats Present Vot-
ing for Bailey Substitute.
MINOR CHANGES ARE MADE
MEASURE WILL BE CALLED UP
FEB. 10.

Washington, Jan. Ex-senator AL
drich, chairman of the senate commit
tee on finance. today favorabIy reported
his bill providing for an emergency in
crease I'm the national bank circula-
ton The report was authorized at a
meeting of the committee held today
al which all the Republican members
present voted for a resolution author
lzing the reporting of the BILL and all
the Democrats voted for the Bailey
substitute Senator Hansbrough. who
favors central bank scheme, was not
present. and his vote was unrecOrded.
The only Democrats in attendance were
Senators Teller, Bailey and Daniel. SEN
ator Taliaferro, who is absent in Flor
ida, was recorded as for the Bailey sub
stftute. Senator Money was also alb
sent, and his vote was Unrecorded.
Will Be Taken Up Feb. 10.
Mr.. Aldrich said he would call the
bill up for consideration on Monday,
Feb. TO-
Mr.. Aldrich said he made the an
nouncement as to the time so that the
senator's might have ample opportunity
to prepare for the discussion of the bill.
He said that the committee had under
consideration some amendments to the
bill relating to railroad bonds and prob
ably would suggest them at a later
day. He explained that the bill was
the bill of the majority of the commit
tee and that members of the minority
might have a substitute to offer later.
He also added that the correspond
ence with the interstate commerce COM
mission on the subject of railroad Sc
curities would be presented as a docu-
ment.
Mr. Bailey said that if the finance
committee proposed to submit a written
report on the banking bill, he wished to
preserve the right on behalf of the mi
nority of the committee to do the same
hereafter.
Aldrich Will Explain.
Mr. Aldrich replied that it had not
been customary to submit written re-
ports in such cases, but he expected TO
explain the measure on behalf, of the
committee. In that case, Mr.. Bailey
said it would not be necessary to re-
serve the right of any report.
The various amendments which have
been published from time to time APP
pear in the bill, although in general
character the bill remains the same as
when introduced. There has been an ef-
fort on the part of some of the commit
tee to emphasize the emergency nature
of the act that is proposed and TO this
end various amendments are inserted
in the bill which arer intended to cause
speedy issuance of additional currency
when a stringency occurs. The follow
ing amendment is inserted in the first
section of the bill in lieu of the pro-
vision which gave the comptroller
of the currency power to fix the
time and amount of issues. when appli-
cation is made, according to his iudg-
ment and at his convenience.
Secretary to Approve.
THE comptroller of the currency
snail transmit Immediately the appli-
cation, with his recommendation, to the
secretary of the treasury, who shall, If
in his judgment business conditions in
the locality demand additional circula-
ton, approve the same and shall de-
termine the time of issue and fix the
amount within the limitations herein
after imposed of the additional circu-
lating notes TO be issued. In order that
the distribution of notes TO be issued
under the provisions of this act shall be
made as equitable as practicable be-
tween the various sections of the coun-
try, the secretary of the treasury shall
not approve applications from associa-
tions in any state in excess of the
amount to which such state would be
entitled of the additional notes herein
authorized on the oasis OF the proper
tion which the unimpaired capital and
surplus OF the national banking assoc
Citations in such state bears to the to-
, tai amount of unimpaired capital and
surplus of the national banking asso-
Citations Of the United States.
Provided, however, that in case the
applications from associations in any
state shall not be equal TO the amount
which the associations of such state
would be entitled under this method OF
distribution, the secretary of the treas
ury may in his discretion, to meet, an
emergency, assign the amount not thus
applied for to any applying associa-
ton or associations in the states in the
same section of the country
The clause of the original bill fixing
IS per cent of the market value of all