The morning journal-courier., 1908-04-14
NEW CURRENCY BILL
Compromise to Placate the En-
emies of the Senate
Measure.
AMENDS THE ALDRlCH BILL
Republican Caucus VIII Decide Fate
of the cglslation--Nrccland
Submits New Bill.

Washington, April 13.--That the
Aldrich currency bill as passed by
the senate Will not be concur ID in
by the house is the conviction Of
many republican members of the low
or chamber. Indeed, that any cur
rency bill will be passed mt this ses-
sion Is not positively assured, out II
plans which were matured to-day by
the republican leaders in the house
are approved by republican caucus
to be held next week, the Aldrich bill
in an amended form will become n
law.
The republican leaders have ascer-
tanned In Il purely informal way that
with certain amendments the Aldrich
bill can command enough support In
the house to assure Its passage, and
Senator Aldrlch it Is said has inform
ed them that the amendments they
have in mind will be satisfactory to
the majority in the senate.
When It became known to-day that
conference of the republican mem
bers of the house was to be called
that the caucus would decide 20 dis
charge the committee on banking and
currency from further consideration
Of the Aldrich bill, on which hearings
are now being given. Such, how
ever, is not the intention at present
/ House leaders feel that to discharge
I the committee would be taking a very
serious step, particularly in view oil
I the opposition to the Aldrich bill eX-
pressed by commercial bodies through
out the country, especially in the west
and south; but II Is possible that sucl
n step will be taken. 1t is not, how
ever, the object of the caucus,
To the caucus will be submitted 9
new currency bill, drafted by The re
publican leaders in the house and In
troduced to-day by Representative
Vroeland OF New York, was embodied
so much of the Aldrich bill MS the.
feel confident of and the amendment
agreed on. AS II Is now generally rec
ognized that sentiment in the aousi
in favor of such radical reform II
the national money system as
change from a bond-sccured,. TO al
asset currency, Is not strong enough
to uphold the Fowler bill. the question
in the caucus will he simply whethe
there shall be an amended Aldrich bill
or no financial bill at all. IL by tn
time the caucus meets the senate ha
not enacted the promise of senate
Aldrich to pass a CURRENCY commits
sion bill, such measure VIII b.
agreed upon by the caucus and passet
by the house. 1t Is believed that !
will go through the senate.
In support OF the no-leglslation ide
IT Is suggested that such cours
would leave the republican part
without encumbrance at the Chieag
convention and enable tho free shap
ing there of financial plank
In the bill introduced by Mr., Vrec
land the Aldrich bill, so far as 1t per
talns to the issuing OF currency o
municipal bonds is left unchanged
The section Of the Aldrich bill whic
changes the present law of reserves
stricken out entirely.
This Is the section which has me
with the most objection from tn
banks both in tho country and the re
serve cities. The last lause of tn
Aldrich bill, commonly called the La
= Toilette amendment, Is stricken on
In the Vreeland bill a section
added to the Aldrich bill to meet tn
objection of western and souther
banks that they own no bonds sue
as required for security under II
Aldrlch bill, that they do not feel alb
= to divert their money to the purcha'
of such bonds and that all of the
I funds arc required by the needs
their business. The new sectic
creates an agency for handling ord
= nary assets Of banks, including con
, mercial paper