Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-01-30
TIE DEMOCRATS FOR BAlLEY'S
Chairman Announced Bill Would
Be Called Up for Consider
alton Monday, Feb. 10.
<.,,oraI Character Same as When In
,roduccd-Is Designed to Furnish
An Elastic Currency.

washington, Jan. Ex-senator AL
,,,ch chairman of the senate commit
,.o IN finance, today favorably report
al his bill providing for an emergency
,,erease In the national bank circula-
tjon. The report was authorized at
,eetipg of the committee held today
AZ which all the Republican members
presented voted for resolution au-
thorizlng the reporting of the bill and
ali the Democrats voted for the Bailey
suhstitute Senator marlborough, who
fayors central bank scheme was not
,rasent and his vote was unrecorded.
The only Democrats in attendance
we're Senator'S Teller, Bailey and DAN
lel Senator Taliaferro, who is absent
in Florida. was recorded as for the
Bally substitute Senator Money was
also absent and his vote was unre-
corded.
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
10 prepare for the discussion of the
blll He s9id that the committee had
considered some amendments to the
bill relating, to railroad bonds and
probably would suggest them at lat
er day. He explained that the bill was
the bill of the majority of the commit
tee and that members of the minority
might have substitute to offer later
He also added that the correspond
ence with the interstate commerce
commission on the subject of railroad
securities would be presented as doc
ument.
Mr.. Bailey said that If tho finance
committee proposed to submit writ
ten report OF the banking bill he
wished to preserve the right on behalf
" the minority of the committee to do
the same hereafter.
MIR Aldrich replied that 1t had not
been customary to submit written re-
ports 10 such cases but he expected to
explain the mea sure on behalf of the
committee. In that case Mr.. Bailey
said It would not be necessary TO re-
serve the right Of any report
BILL REPORTED.
The Aldrlch financial bill, which has
been in the hands of the committee on
finance since its Introduction In the sem
ate on Jan. Z, was reported today by
Senator Aldrich The various amend
ments which have been published from
time to time appear in the bill, al
though IN general character the bill
remains the same as when introduced
There has been an effort on the part of
the committee TO emphasize the emer-
gency nature of the act that Is proposed
and to this end various amendments
are inserted In the bill which are In
tended to cause speedy issuance of adj
dtional currency when stringency oc-
ours, The following amendment is In
1 NaT.,a - tlaE.t Ia
lieu of the provision which gave the
comptroller OF the currency power to
fix the time and amount of issues, when
application is made, according to his
Judgment and at his convenience.
IMPORTANT AMENDMENT.
THE comptroller of the currency shall
transmit Immediately the application,
with his recommendation. to the secre-
tary of the treasury. who shall. If in his
Judgment business conditions in the
locality demand additional circulation,
approve the same and shall determine
the time of issue and fix the amount
within the limitations hereinafter inn
posed of the additional circula-
In order that the distribution
OF notes TO be issued under the pro-
Visions OF this act shall he made as
equitable as practicable between the
various sections of the country, the
secretary OF the treasury shall not
approve applications from associations
In any state in excess of the amount
to Which such state would be entitled
Of the additional notes herein author
he'd on the basis of the proportion
which the unimpaired capital and sur
plus OF the national banking assocla-
lions in such state bears to the total
amount of 'unimpaired capital and sur
plus Of the national banking assocla-
turs Of the United States:
Provided, however. that In case the
applications from associations in any
state shah not be equal to the amount
which the associations of such state
would be entitled TO under this method
Of distributlon the secretary Of the
treasury may in his discretion, to meet
an emergency, assign the amount not
thus applied for to any applying as
ISOLATION or associations in the states
IN Tie snme section of the country"
VALUE OF BONDS.
The clause OF the original bill fix
lrs rs per cent of the market value
81 n municipal and railway bonds as
NE Limit of the issue of notes against
them has been amended so that rnllroaC
bonds alone are TO be taken at 75 pei
cent Of their market value. Notes may
Dc issuel against DE- lsits of munclpa
ana county bonds up 10 80 per cent OF
lheIr market value.
THE limit OF circulating notes tina
may be issued under the act has heeI
rnieed from ESQ 900, 600 10 10000, 900
The section OF the bin relating to tn'
acceptance of interest bearing obllgd
lions or any legally authorized bond
OF states cities, towns and cOunue
AZ deposits for the security OF add
lohd bank currency issued agans
tnem has been broadened consldera
hly hy amendment
The words "or other legally consu
utea municipality on district whlo
nave been added, are taken Ia mea'
maj bonds issued by school district
hnd townships viii be acceptable pro
Ylaing they conform 10 requirement
specified, The population OF thes
municipalities is fixed by the reporte
hlll az 10000 instead OF 10000 as ORIG
lhally proposed.
SECRETARY's DUTY.
There is an amendment making
Inc duty OF the secretary Of the treas
ufy % obtain information with refof