Coeur d'Alene evening press. (Coeur d'Alene, Idaho) 1907-1929, 1908-03-28

Eldrich currency bill was passed by
he senate today by vote of AZ to
6, in the main a party vote. Pre-
ious to the taking of the vote ON the
Aldrich bill vote was taken on the
bailey substitute authorizing the
government, instead of the national
Ianks, to issue the emergency cur
ency circulation for which the bill
provides. The vote on the substi-
ute stood AZ to 10. and this vote was
ntirely partizan, even Senator La
toilette casting his vote with the re-
publicans. The bill has been before
he senate since January 2. The
rote was not reported until after 6
}. m. and the galleries were practi-
ally empty,
An interesting feature of the pass
ng Of the bill was reiteration by
senator Aldrich of his promise to
bring in a bill for an investigation
II the entire banking system of the
Eountry, with a view to instituting
eforms.
AS passed the bill provides for not
more than 100000, 900 of emer-
Eency currency to be issued to ma
ional banks upon the deposit by
hem of state, county and municipal
ponds, to be approved by the secre-
AIRY of the treasury. The currency
to be issued with q view of secur-
ng an equitable distribution of the
currency over the United States and
n accordance with the unimpaired
capital and surplus of banks in each
Btate. Banks are to pay for this
emergency circulation " of 1 per
cent a month during the first four
months it is circulated and after
ward Y of 1 per cent a month.
The bill provides that national
banks shall pay not less than l per
eent on government funds deposited
with them.
Affects Bank Reserves.
AS amended today the bill carries
an important change in banking laws
relating to bank reserves. This
amendment provides that of the Is
per cent reserve required to be kept
by banks not in reserve cities four
ifths of this is to be kept in the
vaults of the banks, and of that
AMOUNT only one-third can be in the
orm of securities of the kind re-
luired.
BY another amendment agreed to
,oday the period during which u OF
per cent interest is to be charged
was reduced from six to four months
litter which y of per cent is to be
charged until redeemed.
At the instance of Senator La Fol
cite an amendment was adopted pro-
hibiting any national bank from In
testing its funds in stocks or otheI
ecurities, or a corporation the Off
ers or directors Of which are officers
pr directors of the bank, and provid
ng a penalty OF imprisonment o.
rom one to i've years. In accepting
his amendment, Senator Aldricl
tated that he had not time to con
ider the amendment fully, but wal
a sympathy with its general purpose
he said it could be perfected in con
erence. The proposition to insert
rovision for a government guaran
e of deposits in national banks wa
be subject of an extended debate an'
as defeated by a vote of IL to as
host Of the democratic vote beinl
gainst the proposition.
An amendment by Senator La Fol
ette to punish by from one to nv
ears imprisonment any falsifeatioI
bank securities was adopted, blu
as protested against by Senate
lnox as already provided for by ex
ting Law.
Teller Offers the Bailey Bill.
Senator Teller offered, on reques
{ Senator Bailey of Texas, who wa
bsent. the substitute currency bill
{ the senator from Texas, which. b
tated. was in the main similar .
he Aldrich bill, with the diRerenc
hat 1t provided for government in
tead Of hank paper. and asked for
roll call. The vote was ~ to i
against the BIN.
Before the vote was taken On tn
Aldrich Bill Senator Teller explaine