The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1908-05-12
.GI0N',IClREs !, S WILL
QUIT U MAY MA Y q
CONFERENCE cFSLEADERs LAsT.
\. NIGHT AGREED ON DATE x
n FOR CLOSING.

WASHINGTON. May i 12.--At3 con.
ference last night between the Lead
Icrs of the House and Senate. 1t prac.
IItically was agreed that Congress shall
adjourn Saturday. May 2ss. The con.
ference was participate ted In by Repre-
5scntativcs Watson. of Indiana. the Re-
publican whip. and Sherman, OF New
York. and Senators .Aldrich and; Hale.
The understanding was reached
that unless something unforeseen
should occur. the House for the re.
lnaintler OF the time. will devote itself
to the two remaining appropriation
bills. the general deficiency and the
military academy bills and a decision
of the financial question. thereby eli.
ablins the Senate. to catch un with the
House on the several supply meas.
ures now. in conference
The conference at s O'Clock last
night. Representative Sherman, of
New Yorl, presiding. Representative
Freeland. as chairman of the confer
ence currency committee. presented
i. the bill which the committee lad per.
fccted late In the afternoon.
The chief points were set forth In
(, the following synopsis and statement
by vrceland, before the conference
/, met: q 81 s.
Following the Instructions OF the
conference the committee used the
+, previously introduced vreeland bill
as a working basis for the new act:
A section OF the bill provides that
banks not less than ten in number,
with an aggregate capital and surplus
OF at least $4,000. 900. may form vol.
untary associations to be known as =
clearing house association; that II
the needs OF the country for currencv
are SO pressing that In the opinion OF
the secretary OF the treasury gener.
al issue of bank note circulation Is
necessary. the banks belonging to a
clearing house association may oiepos.
1t securities. Including commercial2p pa.
per. in quality and amount acceptable
to tho association. ~ ! ~ ~ :.
t1Tlie association may thereupon q.
peal to the secretary OF the treasury
and he may Issue an amount, or addi-
tionnl currency not to exceed as per
cent. of the securities SO deposited.
The changes made In that section in
the construction of the conference
bill are that the clearing house nsso.
Citations must be ofrmed In contiguous
territory that not more than one
shall exist in any one city and that no
bank can belong to associations.
"The conference committee further
provided that the capital nnd surplus
OF each bank belonging to an associa.
tion shall be Jointly and severally Ill
able to the government for any def
c'Pnes in the amount necessary to pay
l;hc circulating notes after the sales
| OF securities SO deposited in case the
notes are not redeemed.
"a further change is that q nation
nj bank need have but 40 per cent. OF
its capital In bond-sccured circulation.
instead of so per cent. as a condition
precedent to taking out additional cir
cuiation through an association. An
additional provision was added that
banks must keep reserve In gold or
lawful money against such additional
circulating notes. as Is now provided
by law against deposits.
THE committee reduced from. $780,
100000 to s5oo,ooO.Ooo the limit Of al.
litional circulation which may be ia.
ken out for emergency uses"
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