New-York tribune., 1908-04-21
TREELAND BILL TABLED
+ COMlIISSION F4TORED.
House Banking and Currency Com
miftcc Again Takes 4ction.
rF-om The Tribune Bureau. ]


-,-zs-r and Currency late this afternoon voted
- rzv rha Vreeland bill on the table and au-
.---4z-s Chairman Fowler to make favorable
.-r7rr or his bill providing for the establish
-~arr n a currency commission 10 sit the
,,-,rr sun @r The vote on the Vreeland bill
-s u ra 8 Representatives Prince AIcNorran.
7vas--s Waldo. Hayes. Pujo Glass. Gillespie
James crawford, McHenry and Fowler voting
~ --a eFru'arive. and Representatives Burton.
weeks and Mckinney in the negative As in
-t-e ease of the Aldrich bill. the committee de-
.-5ed r. give no reasons 10 The House for its
~.-t7n. simply reporting that the measure had
hen tabled. Representatives Weeks. Pujo and
-a-,ee voted against reporting the commission
hill -he committee standing 10 70 5. with two
Democrats rot voting. Mr. Fowler said after
.-s meeting that he expected no difficulty in
5-sinirc the passage Of the latter measure
--fle other members Of the committee appeared
equally -rfdcnt-
Despite this apparently discou-aging situation
+- tie House. The Republican leaders are still
confident that there will h some financial Iegis-
lz-5-r Al --i= session Of Congress and the con
v.--i-- IS expressed that the measure which
VIII finally BE- adopted viii follow closely the
form II The T-=eland bill. probably with the
addition q 2 provision creating joint commits
son - take up the broad subject IN the recess
such commission u consist Of five members OF
each house.
TIE action of the Committee on Banking and
C---encv i no- regarded by the leaders as hav-
.1E The slightest significance or as being capable
q exe--5ng any real influence on the views OF
ne members They assert their conviction that
II d. tine the House viii hold conference
en5 decide OF the Nreland bill. or some rnodi-
fczticn - il. and that Il VIII be adopted by a
sr-lcr party vote In fact. the Speaker is so
csr committed 10 this plan that its failure
TIE Senate Conferrees are prepared TO accept
-he T-=s-a0d bill with. perhaps. some nlOdif-
cations L II asserted in the upper house
rts- re Trelan5 bill IS substantially the Aldrich
bll 7rh the addition Of what viii be practically
clearing house bonds which may be made the
basls Eor emergency currency Il was originally
The purpose q NJ AIdrich - utilize the uachin-
e-~ ct TIE clearing houses II provide part Of
Ire basis for emergency currency. but II re
--a5-=d fo- Nj Nreeland. with the aid Of the
Chicago bankers. 70 put the proposition into
c0-r-ere form.
MR TREELAAND HEARD.
" v-e4Iand appeared before the Banking
z-5 Currency Committee and made a long argu-
-e-- II favor q his bill, saying he thought 1t
would be criminal negligence for Congress TO
adjourn without passing some measure Of pro-
tec-lou II the event Of another panic next fall
He did not. however. think that e panic was
imminent He said his bill was an emergency
measure only. and ne favored the appointment
q currency commission
NJ TreeIand said that & number of amend
rnents had suggested themselves TO him and re
would make them If opportunity offered. The
initial TAX Of per cent. increasing TO G per
cert o. emergency currency. according TO the
1i-re L IS in circulation. he purposes TO change
H would make the tax for the first month At
-ae rate II Per cent year and would increase
4 a The rate OF per cent month until il had
reached ; Per cent.
another amendment he purposes TO make
would change the amount Of capital and surplus
- Clearing House Association must have from
$4,000 600 70 x5.O00.0 600 He would also increase
th= amount which may be issued as emergency
circulation from t5o0,00o.oOO 70 s75o.ooo0oo.
Uroer the Clearing House provision Of the
bl- should i become Law. Ny Nreeland said x
vas hzs expectation that within three days al
-he outside S50Oo00,000 could be poured out II
money already printed and be available for use.
'W-e- TIE hnickerbocker Trust Company
tzLe5 = the people o. New York had known
Sss161ooc0 vas Immediately available and
could d had ny judgment Is The panic never
would have spread outside the city OF New
York" he added.
II v-e.,aad said he did not believe that any
Po.-.caI party dare make 4 revolution IN the
Cu--ercv system and 80 into the Presidential
elsc-io- -ext November He said that the OIL
reported by the minority members Of the COM
--sr-ee contained e number OF wonderful pro
visions and said = the Democrats had Deen
charged with the duty Of legislation and e1-
re--e5 u rrr 2 financial bill OF the statute
books they never would have reported the bill
DISCUSSING the attitude OF the members OF
Ire American Bankers Association. who sp-
pes-@5 before The committee last week II oP-
position u TIE AIdrtch bill in particular and
bond secured currency IN general, he said sorne
e these men. after they appeared oefore lAe
co----.--ae tod him that while they were op-
Vose6 c- principle 70 z bond secured currency
E15 favored asset currency, they would De gao
= have his bill PASSED as an emergency meas
u = certain amendments were made 10 II
This statement vas questioned by M Class
ard ether members Of the committee, who said
zhar members Of the American Bankers Associ-
a--cr were uraIterabIy opposed 10 BOND Sc
cured currency. and had SO expressed thel11-
serves before the committee
N- T-eeland said he thought he might say
that President Roosevelt favored the enactment
of his oil. together with provision for a com
mission. 7 co not mean 10 say, ne ooa'lllueu-
'rnsr t1e President stands for every me ana
syllable in Il. but mean 10 say he STANDS fof
TIE general effect we think would come from
tte enactment Of this substitute bill
Representative Hin Of Connecticut replied 10
Er. TreeLand severely criticising his measure.
Ttich. he said. vas the Aldrich bill pure ana
simple with Two sections omitted.
TIE committee then went inro executive ses-
son 70 consider the measure. The discussion
VS. more protracted than over the AIdr1ch DILL
which was tabled last week by unanimous vote
NAY INVESTIGATE BANKS.