New-York tribune., 1908-03-03
ALDRICH GRANTS DELAY
TIME OF FOTE IN DOUBT.
Railroad Bond Feature of Currency
Bill Mar BE Stricken Out.
rt,rorn ne rrisrne Bareau. J

,z-ss,iuetcr. March Senator Aldricf who
,e heen endeavorinc for g week to have date
O. the vote on his financial bill set. had almost
--,cceeded in having next Saturday agreed To
hon senator La Toilette to him to-day
,-s begged for more time, Mr. La Toilette said
.bs, for three weeks ne had been preparing
.-ascz which II would require two days TO de-
-+.c. that he had TIE grip and unable to
s-ask this week and could not say when he
IL he able 10 speak next week. Therefore he
,,7 he senator from Rhode Island to refrain
-, asking that day be set for vote until
-.x- week and Mr. Aldrich granted the request
There are stiIl number Of speeches to be
-.,za N stlDuort Of the bill. II is expected that
c.~s,c-z Allison Hale and Knox will support
,-.e,,re IN set speeches. II is likely.
- that some speeches viii be made pointing
-. .be i77rracticability Of the amendment Of
80 ny senator Nelson providing that the
s---,ert shall guarantee the payment OF all
s.,sf,e II national banks. Under the terms of
- Nelson amendment the government would
H. . TAX Of sSoeo0o a year. and with this it
.. -,7,,se5 10 guarantee deposits amounting to
-5-,,a-e11- 8. zoo zee .000. Such q guarantee
80 ~. v-o-rhless unless 1t should also be pro-
- chat the government sell bonds TO reim-
=. ze,,s+ro~s n banks which had failed Il
: -s+--aired also ry the opponents of the
-.7-,er- that il would more than any other
--,-..os,- which could be devised. promote spec
- - s. would relieve bankers from all fear
-. 30 most 4aGrant wildcat banking methods
f5 cause run their banks
-.a-s j. = growing opposition 10 the retention
=, -sii-osd bonds as a basis for the emergency
Currency provided for by the bill 1t is regarded
o- ca-rain that this feature would be stricken
or IL rf- House If retained by the Senate. and
,bs senator from Rhode Island does not re
rTa1 ne n a n
,s+7ae that IL materially strengthens the meas
--a -re-a i considerable likelihood that il viii
n o1y- on a vote OF the Senate. From present
a7-esrances q vote on the Aldrich bill Will not
be reached ii the Senate before Thursday,
March IS.
BOND FEATURE DISCUSSED.
senator smith ~ Michigan. made the longest
sree.s of the day IL the Senate. attacking the
Inclusion Of railroad bonds in the Aldrich Dill
III Smith asserted that al time when Con-
c-tss was eagerly eEacting legislation TO cufo
~ power Of the railroads the Finance COM
rri--ee proposed legislation which would greatly
enhance the value Of The bonds Of certain Ia
,,r-5 roads He also maintained that sooner
4- later The government would be obliged 10
f,rsclose some - is first mortgage bonds. and
,+;= zzoud lss the first step toward federal own
o-shfp and operation of railroads on both
e-o---6z he s-aherlenIly opposes this feature OF
the IlIL
Senator Atd-icil replied M. Smith rather
e-a-plr saving the committee had no purpose
NJ enhancing tn value Of railway securities
tu- desiring 10 broaden the basis for the pro-
rosed emergency currency beyond that afforded
=. state and 7aJr1icipal bonds. ii had naturally
----re5 next u railroad bonds. for the reason
,ha- through the exercise Of federal control OF
rates and operation. such securities seemed pre-
s--ire-l-lv suited 10 the purpose MI Aldrich
r56;rflled the idea that ownership Of railroad
r71ld be forced on the government through the
fore losl1re Of first mortgage bonds, calling at
tentior n the fact that not only would the gov
e---renr hold E first lien on the entire assets
of ? hank nut his measure provided specifically
that # obliged to recover on the bonds the gov
s-nr7e-r might sell them al auction. Mr Aldrich
vas also unable 70 see any tenable ground in
NJ Smiths argument against utilizing only the
bonds o. The soundest railroads.
Senator Beveridge appealed for light and re-
cefve6 Il in the form OF reiterated explanation
Senator Bailey called attention 70 the fact that
t1e Secretary Of the Treasury was now accept
NJ railroad bonds as security for federal de-
posts and in1iusated that this was Illegal Mr
A1crch dissenred from the intimatfon but re-
marked that the Secretary was so receiving
railroad bonds and without the legal authority
n sell them 10 the highest bidder in the event
G failure - The bank. which his bill provided