The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-27
~AsH1NGToN, D. c., May as.---
NV The Senate and House con-
NV ferees on the currency bills
!" held three meetings to-day.
and at the third reached Q

n
and at the third reached q
tentative agreement, on which will be
based the compromise agreement
which the Republican members OF tho
conference hope to reach at an ad-
journed meeting tomorrow. At the
conclusion of the final meeting to-
day the probability of the reporting OF
compromise bill to the two houses OF
Congress was much stronger than at
any previous time this session. Indeed.
it was considered certainty.
The following are the main points
of the understanding that have been
reached:
The reserve provision in the
vreeland bill. calling for re-
tention of % per cent. in central
reserve cities and Is per cent. in
other reserve cities, Is reduced to
straight 10 per cent. reserve
without reference to classification
OF cities.
A higher rating is given to State
and municipal bonds than to other
securities upon which an emer-
gency currency may be taken out
by banks. That Is to say, State,
county and municipal bonds will
be valued at not to exceed 30 per
cent. on their market value. and
all other bonds at not to exceed
20 per cent. of their market value,
both without regard as to whether
they are offered as security for
additional circulation under the
national clearinghouse plan. or
under the Individual bank. bond
security plan.
The amount of circulation issu-
able upon commercial paper basis
{- 1i,,,ttn tnl To A n =
capital of the applicant bank. in
stead of 100 per cent, as provided
in the Vreeland bill.
The redemption-fund require
ment OF per cent. under the pres
ent law Is Increased to 10 per cent i
for all emergency currency taken
out.
The total amount of emergency
currency issuable is confined with
in a maximum OF s500.0O0,OOO, as
provided by the Aldrich bill.
a time limit of three Years placed
upon the life Of the bill.
Details Not Yet Settled.
In this preliminary and purely tenta-
tive welding Of the; Aldrich and Vree-
land bills into modified measure. COM
prlsing the principal features of each
and making it possible to obtain an
emergency currency under two dis
tinct and radically different forms
OF application and security, several
of the minor details Of financial ma
chinery are not yet fully settled.
II bill Is reported out OF the con.
ference Tomorrow it will be heard by
tbs House to-morrow. Notices vera
sent out Tonight by order of Speaker
cannon. for every Republican member
to be Hi his seat at / 1 O'clock, when
1t is expected the compromise bill Will
be reported
lntimates of Speaker Cannon assert
ed to-day that in the event that a Bill
along the lines of the proposed COM
promise Is brought In, 1t could be
passed by the House after an hours
debate. This remark Is interpreted TO
mean that the Republican majority OF
the House Is prepared to accept what
ever the conferees may recommend,
but 1t is not believed that the Demo-
Gratis of the House will be denied the
privilege of some expression of their
views.
Senate to Act Promptly.
To-day's developments have been
such as to justify the statement that
the bill will not be held up. in the
Senate. Strenuous representation as
to the possible effect on business OF
failure by Congress to enact fnansia.
before adjournment has had
the effect of causing several Demo
cratic Senator's TO agree not to discuss
the bill at length In case II is re.
ported
The Democratic Senators who oppose
the compromise realize that they would
be seriously handicapped IN any efs
Nr a ~ n NypnNy IL
for any great length OF time the vote
ON the bill bg the absence OF large
of their members. There
We're only fourteen Democratic Senaf,
stated. that hat While the absentess5 Sent had had
been requested by telegraph to RETURN
It was doubtful whether they would
obey the summons.
a number OF Republican senators5