Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-05-27
AN UNDERSTAND DING.
Outlook Now Seems Brighter for Cur
rcncy Legislation.


bills held three meetings today, which
did not adjourn until $50 O'Clock and
at the third reached a tentative agree
| ment on which will be based the com-
| promise agreement which the Republic
can members of the conference hope TO
| reach at an adjourned meeting torlor-
row forenoon. At the conclusion OF the
final meeting this evening the proba-
| bility of the reporting of a compromise
| hill to the two houses of Congress was
| much stronger than at any previous
| time this session: indeed, it was con-
sidered a certainty. The following are
the main points Of the understanding
| that has been reached:
The reserve provisions in the Vree-
| land bill, calling for a retention of %
| per cent. in central reserve cities and
| Il per cent. in other reserve cities is
reduced to e straight 10 per cent. re-
| serve without reference to classical
| ton of cities.
| A higher rating is given to state and
municipal bonds than to other securi-
| ties upon which an emergency curren-
cy may be taken out by banks. That
| is to say. state, county and municipal
| bonds will be valued at not to exceed
80 per cent. of their market value. and
all other bonds at not to exceed 20 per
cent. of their market value, both with
out regard as to whether hey are of
fered as security for additional circu-
lation under the national Clearing
| House plan or under the individual
| bank bond security plan
| The amount of circulation issuable
| q al
| tied to 40 per cent. of the capital of the
| applicant bank instead Of 100 per cent
as provided in the Vreeland bill.
The redemption fund of per cent
under the present law is increased to
10 per cent. for all emergency currency
taken ont. The total amount of emer-
gcncy currency issuable is confined
within Il maximum Of $500, 10000 as
| provided by the Aldrich bill.
| The time limit of three years is placed
upon the life of the bill.
| In this preliminary and purely tentative
| Welding Of the Aldrich and Nreeland bills
| into modified measure comprising the
principal features OF each and making
| it possible to obtain an emergency cur
| reny under two distinct ana radically
different forms Of application and secur-
| ity, several of the r'nor details of finan-
clal machinery are not yet fully settled.
| They will be taken up for consideration
and disposition when it has become a
settled fact that a bill is to he reported
| by the conferecs
Meantime the working draft of the
compromise bill. as outlined in the fore
going paragraphs, will be printed tonight
at the government printing office, so that
| the Republican conferees may have the
| text before them when they meet at $50
o'clock tomorrow morning to decide upon
the attitude they will take and main
tain in tho fun conference to be held inn
mediately afterward and in which the
| Democratic members of the conference
Will for the first time participate
| If bill is reported out of the confer
encn tomorrow it will he passed by the.
House tomorrow. Notices were sent out
tonight by order of Speaker Cannon, for
every Republican member to be in his
seat mt II o'clock, when it is expected the
compromise bill will be reported
| Intimate friends of Speaker Cannon as
serted today that in the event that a bill
along the lines of the proposed compro-
mise Is brought In. it could be passed by
| the House otter an hours debate This,
| remark is Interpreted to mean that the
Republican majority of the House is pre-
| pared to accept whatever the conferees
| may recommend. but it is not believed
| that the Democrats of the House will he
| denied the privilege OF some expression
| Of their views. The rule of the House
| is such. however that the measure can
Re brought to vote without delay.
The conditions are SO different in the
Senate that another situation may be en-
courtered there. Still, today's develop
ments have been such as to Justify the
| statement that the bill will not be held
up in the Senate for so long time as
seemed probable when the compromise
| first began to receive attention. Strenu-
Gus representation as to the possible eff
| feet of business of failure of Con-
| sress to enact financial legislation before
| adjournment has had the effect of caus-
ing several Democratic senators to agree
not to discuss the bill at length in case
it is reported
1t seems probable now that from a week
| to two weeks would be required for the
bill to go to a vote in the Senate There
We're only II Democratic senators in the
city today. and it was stated that while
the absentees had been requested by tel
esraph to return, it was doubtful wheth-
or they would oney the summons, as
most CT them had gone away intending
tc remain. A number of Republican sem
ators are also out of the city and it is
apparent that there will be great difficult
ty in obtaining quorum in the Senate
if the final disposition of the bill be long
postponed.
Many senators are anxious to get away
to deliver Memorial day addresses in
their districts. Some of the Republican
members must be at home soon to fight
for denomination and reelection. and on
this score they fear the danger of break
ing important engagements to speak. Not
few on both sides of the House have
surrendered their lodgings and have