Waterbury evening Democrat., 1908-01-28
ALDR|CH BILL READY
Measure Will Be Presented to
Senate Committee Today.
DEMOCRATS MAY VOTE FOR IT
Amendments Accepted Which, II Is
Hoped, Will Disarm Party Resistance
to Perfected Currency BiII-Bankers'
Opposition "Sentmental."

Washington, Jan. 28-The Aldrich
financial bill has been perfected by
its authors, including Senators Allison
and Hale, in addition to the chairman
of the senate finance committee, whose
name the measure bears, and it will
be presented to the full committee to-
day. A committee print has been pre-
pared containing the amendments
which these senate Republican lead
ers are willing to accept and which
they believe will disarm practically
all of the objections raised by Re-
publican senator's and insure the ulti-
mate support Of majority of the
Democratic senators.
Some Of the most important of these
amendments were agreed upon by the
three senator's designated as the au-
thors Of the bill. They are intended
to improve the machinery for the
prompt issuance of emergency circula-
ton. One makes it mandatory upon
the secretary of the treasury to pre-
pare and keep on hand in the sub
treasures printed notes in the name Of
all of the national banks in each sub
treasury district, so that they can be
issued on the shortest possible notice.
AS originally provided, the secretary
was required to have such notes print
ed upon the request of the banks. An
other amendment makes it the duty
of the secretary to pass upon the vari-
Gus securities that may lawfully be
used under the bill for circulation.
The secretary is to have all such Sc
curities classified at once in order that
the investigation of the securities shall
not constitute a delay in issuing emer-
gency circulation after application has
been made therefor.
Another amendment agreed upon is
that which provides for the equitable
distribution of the circulation. The
fear that New York and other money
centers which are said to control In
large part the bonds eligible for de-
posit with the treasury for circulation
would be able to control practically all
Of the issue of national bank notes in
times Of financial distress has been
the foundation for much Of the oppo-
sitions to the measure which has come
from the west and south.
Senator Bailey was asked to submit
an amendment which would remedy
this fault, but he failed to do so. Sem
ator Aldrich drafted the distribution
amendment approved by the Republic
an members Of the committee. 1t pro-
vides that the national banks of the
different states shall be entitled to the
emergency circulation in proportion to
the total capital and surplus of the
national banking institutions in each
state.
Other important amendments include
the provision for increasing the amount
of circulation that may be taken out
from $250.0OO,000. as fixed by the bill
as originally drafted, to $500, 100000
and broadening the list Of securities so
that the bonds Of counties and cities,
regardless of population, may be used
for deposit If they meet all other re-
uuirements Of the bill.
Democratic members Of the senate
have not yet agreed upon n bill TO
offer as a substitute for the Aldrich
measure, and there appears to be little
chance that they will get together.
Senator Owen will he heard by the
finance committee today in advocacy
of his bill to insure deposits in nation
al banks.
Senator Aldrich conferred at length
with a number of Democratic senators
in regard to opposition TO his bill. He
made II clear to them that he did not
consider the passage Of his. measure
would perfect the financial system OF
this government and said 1t was not
intended to accomplish that purpose.
He declared that the bill is intended to
remedy conditions that rose during the
recent panic.
The opinion was expressed by Mr..
AIdrich that the opposition to the bill
which comes from bankers is based al
most solely upon the thought that II
will cost them something to take out
emergency circulation. He calls il sen
timental opposition"