The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-06
MAKE VREELAND BILL
BASIS OF THE PLAN
Speaker Cannon Leads Fight for
Resolution Approving Under
lying Principles Of This
Measure and for Commis-
sion May Reach Vote
Tonight.
~ = AsH1NGToN. D. C.. May s.


NAV OF the House Of Represent
" tatives were In caucus for
three hours tonight in an
effort to agree upon plan OF cur
rency legislation, but adjourned at II
o'clock without achieving any def
mite result The meeting was early
resolved into conference, and pro-
cceded with the understanding that
the result. whatever 1t might be,
should not be binding upon members.
There was large attendance. but no
very marked enthusiasm except OF q
personal character when Speaker Can
non took the floor.
1t was evident from the beginning
that there were so many members who
would desire to be heard that 1t would
be impossible to reach a conclusion at
one sitting, and 1t was unanimously
agreed to adjourn at II o'clock to-
night until o'clock tomorrow night
BnkIs of Discussion.
The discussion was based on the fol-
lowing resolution, which was intro
duced by Representative Bennett. of
New York:
Resolved, That the conference
approves the underlying principles
of the Vreeland bill-namely, the
recognition of commercial paper
through clearing house associa-
tions-as a safe and logical asset
for emergency currency, and also
approves the proposition for a cur
rency com,nission: and be II further
Resolved. That a committee OF
FIVE be appointed to perfect the
bill. such committee to report the
perfected bill at an adjourned meet
ing. to be held in five days
A number of speeches,for and against
the resolution We're heard. notably one
by Speaker Cannon, warmly support
ing It When the caucus had been
called to order Mr.. Sherman. of New
York. was made chairman on motion of
Mr.. Watson. of Indiana.
Mr.. Burke. Of Pennsylvania, was
made secretary. After Mr.. Bennett
had introduced his resolution, Repre-
sontatives yreeland, Fowler: Hill. of
Connecticut; Burton, of Ohio; Waldo,
of New York: Weeks, Of Massach,.-
setts; Campbell, of Kansas. and
Speaker Cannon spoke in the order
named. alternately for and against
the Bennett resolution.
Favored by Cannon.
The Speaker gave the resolution his
unreserved support, saying that he
was warmly in favor of the principe
upon which the Vreeland bill was
based. The unpopularity of the AID
rich bill was due. he said. to the re-
serve amendment and the amendment
adopted by the Senate at the sugges-
ton of Senator La Toilette. Theae
provisions he regarded as deservediy
unpopular, and said that his colleagues,
Mr.. Prince. Mr.. Fowler and few eth
al 1horc fcof
Of that measure, ito hoodoo the coun-
try
The Vreeland bill was intended. he
said. to present an emergency cur
rency measure free from those en-
cumbrances. and he believed that if
such measure could be enacted into
law 1t would result most beneficially
He declared that the present banking
law which had proved SO effective. had
In It's formative stages been the sub
1ect of quite rs much opposition as
lis the vreeland bill now. and he as
serted that the Vreeland bill. IL it
should become a law, might in its way
be as beneficial as the present law.
The existing law, he said is intended
to meet normal conditions, while the
Vreeland bill would meet half normal
conditions. At the close of his remarks
the speaker was loudly applauded.
Only to Bridge Over.
The Vreeland forces, which are un-
derstood to constitute a very substan-
tial majority OF the Republicans in the
House, have centred their strength in
support Of the Bennett resolution on
the point that the Vreeland bill is not
put forward as a permanent currency
reform measure. but IS designed to
bridge over the troubled financial wa
ters until the proposed commission
shall frame more carefully consid-
cred bill remedial of defects of long
standing in the currency system.
This argument, voiced by the Speak
er tonight. will be again urged at the
adjourned caucus tomorrow night, pre-
limnary to an agreement on tenn.
porary bill which, perhaps with some
notifications will be acceptable to the
Republican leaders in the Senate. Or
the success of this plan seems to de.
pend the getting through Of any finan-
cial legislation at this session.
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