The sun. [volume] (New York [N.Y.]) 1833-1916, 1908-04-21
VREVLAND BILL REJECTED
HOISE COMMITTEE TABLES IT
nv I VOTE or ~ TO D.

II nleh orders = Favorable Report on the
FON Ter Currency Commission Bil-b
Il Believed the House VIII Pass the
NreelanI BiI IN . Modified Form.
WASHINGTON, April ~ Running in de-
fance OF the wishes Of the Administration
and the House leaders, the Committee on
! anking and Currency to-day tabled the
Nreeland emergency currency bill by a
vote Of l2tO3 The committee then ordered
a favorable report on the Fowler bill pro-
yiding for the creation Of a commission Of
forty-three members 10 devise ways and
means Of giving TO the United States a
scientific financial and currency system,
In tabing the Aldrich and Vreelaud
currency bills aud reporting the currency
commission bill introduced by Mr.. Fowler
Of New Jersey the House committee has
given notice that It is unalterably opposed
10 emergency currency legislation. That
The Republican membership Of the House
will solve the question in lie own way by
passing the Vreeland hill in a modified
form is believed TO be certain A poll OF
the House started Saturday shows as far
as il has progressed that sentiment Is de-
cidedly favorable to the passage Of an
emergency currency measure. However,
the situation Ia chaotic and there will he no
real capitalization Of sentiment on the
subject until the House Republicans meet in
conference later in the month
The members Of the House Committee on
Banking and Currency who voted to table
the two emergency currency bills are in a
fighting mood They express the belief
that The House leaders will not dare attempt
action in the face Of the almost unanimous
decision Of the COMMITTEES. II il apparent
that the attitude assumed by The committee
and the determination Of the Republicans
to insist upon the enactment OF an emer-
genoy currency bill il likely to precipitate
an ugly light in the lower branch 0f Con
gress
MIR Yreeland appeared before the COM
mittee to-day to urge that his bill, which was
offered as a substitute for the Aldnch bill,
be reported iavorably He told the com
mittee hat il did not contain the provisions
Of the Aldrich bill relating To reserves and
loans. Congress would he guilty Of crimi-
nal negligence II il adjourned without
providing for emergency currency. While
Mr.. Nreeland did not expect a panic this
year. he said, il panic did come and Con-
gress had failed TO enact this remedial
legislation it would he held TO account
for the disaster that would surely follow,
"a the Secretary Of the Treasury owing to
diminished receipts. W would not be able to 60
to the rescue Of the banks as he did last fall.
Mr.. Vreeland proposed a number Of
amendments to his bill as it was originally
introduced, which he explains in the follow
ing statement:
Il gave notice 10 the committee that !
should like to have the following mend
ments made to my bill.
First, the aggregate capital and surplus
Of the national clearing house associations
created under the bill reduced from ten
millions to five million dollars.
Next. the rate Of taxation OF this emer-
genoy currency shall commence at 4 per
cent instead Of at 8. and shall increase !
per cent a month until il reaches a rate Of
10 per cent
This is considered entirely safe to keep
circulating notes from coming into existence
unless urgently needed, for the reason that
the Secretary Of the Treasury and the
Comptroller Of the Currency must certify
a. to their necessity.
Next, the total amount Of emergency
currency which may be issued under the bill
is increased from Ave hundred millions 20
seven hundred millions, Under the pro-
visions Of the bill each section Of the country
and each State il entitled Ia issue such a
portion Of emergency currency as the capt.
tai and surplus Of the national banks ~
such State bear to the total cap tai and
surplus OF all national banks, On account
Of this geographical limitation | have in
creased the amounts so that ample funds
may be procured at any centre needing 1t
Il have also given notice OF an amend
ment to the bill providing for the creation
Of a currency commission TO take up and
report upon the whole question OF currency
and banking laws
Between now and the time OF the Re
publican conference the leaders are hopeful
OF efecting an agreement that viii result
in the passage Of the Vreeland bill, which
il is understood has the approval OF the
Administ ration.