The Montgomery advertiser., 1908-04-14
FOR CURRENCY BILL
BANKERS APPEAR BEFORE THE .S HOUSE COMMITTEE.
Speeches Are Made For And Agsinst
 The Measure By Prominent Men and Many Amendments Are Urged.

Washington, April l5-The enact ment ct this session of Congress of an emergency bill was urged before the House Committee on Banking and Cur rency today by Charles C. Glover. pres ident Of the Riggs National Bank of this city. but he argued that the leg islation should be confined purely to the question of meeting emergencies. <
 He thought the Aldrich bill should be amended to include railroad bonds among the securities that could be accepted as basis for circulation. Mir. Glover expressed the opinion that the financial condition was not improving.
 Another amendment suggested by MT. Glover was the increasing of the amount of the emergency to be issued under the Aldrich bill to one billion dollars.
 Chairman Fowler asked Mir. Glover where he would get the gold to meet this currency issue. Mir. Glover rec garded this as a catch question and with show of annoyance declined to answer. He was upheld by several members of the committee.
 After the slight friction had passed. MT. Glover entered upon a general cur rency discussion. He credited Secre- tary Cortelyou with having saved the country untold disaster by his admin istration of the United States Treasury during the crisis.
 g. A. Harris, president of the Ma tional Bank of Commerce of Minneap- oils, a member of a delegation repre- stnting some of the business interests of Minneapolis and St. Paul. opposed the Aldrich bill In it's present form. It would greaty curtail the ability of the banks. he said. to accommodate the borrowing public---the business m4n.
 D. S. Culver, cashier of the German-I American National Bank of St. Paul: J. N Jackson. representing the St. Paul Jobbers and Manufacturers Asso- ciation: F. B Wells, representing the Minneapolis Chamber of Commerce George H. Partridge, representing the jobbers and manufacturers of Mime apolis' George c. Powers, president of the Second National Bank of St. Paul and F. M. Prince. president of the First National Bank Of Minneapolis, all opposed the Aldrich bill. They said they saw no necessity for an emer- geTcy currency bill at the present time and favored a we'll considered perma- nent bill.
 Charles S. Hamlin. representing the Boston, Mass. Chamber of Commerce and formerly assistant secretary of the treasury. said the Boston chamber was unalterably opposed to the pas- sage of the Aldrich bin as its mem- bers feel there is no emergtncy justi- flying legislation of this character. Ninety. eight per cent of our people," he said. believe in the principles of the Fowler bills"
 John S. Sears. vice president of the National Shawmut Bank of Boston, also strongly opposed the AIdrich bill. particularly the La Toilette amend ment regarding loans to corporations
 Alexander Gilbert, president of the New York Clearing House said he was opposed to the Aidrich bill and so far as he was able to learn the bankers of New York as rule are opposed to it's passage. Certainly, he declared. the representatives of the commercial banks are. They are opposed to 1t, he said, because they do not believe 1t can possibly become operative as the cost Of taking out currency under the Aldrich bill would never. except in the very direct emergency offer an induce ment for a commercial bank to make application for circulation on the basis of that act. He also opposed the bill because it produces a very unwise principle in the banking business Of the country-to so legislate as to encourage commercial banks to invest part of their assets in bonds"
 Tt Is, he said. 'amost impossible for banks to invest In bonds and keep their reserve In liquid shape
 ~AhOtHNH ODJCCtlOH the Dlll IS that it makes to perpetuate a system which the conservative banking Judgment of the country has not only criticized adversely for the past ten years but has been trying to get rid of. And 1t seems to perpetuate it," he contin- ued. "by introducing a security in- ferior to that used for currency pur- poses"
 Are the banks known as the Nor gan group and the Standard oil group in favor of the Aidrich bill?" asked
 T cannot say,Y responded MT. Gu- bert. The larger banks do not rep resent the commercial interests Of the country. Some of these large banks may be in favor of the AIdrich bill but do not think 1t would be to tn cir interests to have 1t passed"
 Joseph Moore. Jr., representing the clearing house associations of inc banks of Philadelphia presented reso- lutions unanimously adopted by that association protesting against the passage of the Aldrich bill and urRin1 that the entire matter of our bankinT and currency laws should be referred by Congress to commission composed of representative business men and fnanciers. A
 The hearings will be resumed to- morrow.