The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-02-14
'READY FOR VOTE
TWO WEEKS HENCE
Thought That Action on Cur
rency Bill May Then
Be Taken.
DISCUSSION AS TO RESERVE
Variety Of Opinions Touching
This Feature of Banking Law.
Culberson Amendments.

WASHINGTON, February 13.-The
Senate to-day discussed the law gov
4 erning the reserves of national banks,
| that subject being brought UP by Sem
ator Rayner, who reverted to contro-
versy over statements he made In the
Senate yesterday, when the Aldrich
currency bill was under consideration.
| According to program now being
arranged by the Senate Republican
leaders a vote will be had on the bill
| In about two weeks. The Indications
are that there will not be large num-
Der OF Republican Senator'S to speak
on the measure. and that the speeches
by Democrats will be addressed chiefly
to objections raised by individuals to
certain features OF the bill.
Senator Clay. OF Georgia, expects TO
talk tomorrow. Senator Clarke, OF
Arkansas. will speak early next week
and Senator'S Culberson. Teller. Daniel.
Tillman and Bailey Will address the
present indications Senator Hepburn
plans to make extended remarks
against the passage of the bill.
As to Reserves.
Mr.. Rayner. referring to statements
made yesterday, said the bank reserve
could be used to pay the obligations
of bank, but could not be used to
make loans to a banks customers.
Senator Clapp declared that the use
OF the reserve for pny purpose is in
violation Of the law. Sfhe Comptroller
OF the Currency" hey added. may at
times be blind to such violations OF
law. I am old-fashioned enough to
believe the law ought to be obeyed,
and the government should not wink at
violation of the law"
Being appealed to, Mr. Aldrich stated
that without doubt the reserve could
be used for any liabilities of the bank
in an emergency.
The use Of the word emergency"
was the basis OF a long argument by
Senator Bailey. who insisted that the
reserve could be used to pay depositors
at any Zine, whether or not there was
any special emergency" No bank, he !
said. would suspend cash payments
as long rs 1t had money in its vaults |
1t would be the duty OF the bank, |
however, to call in money to bring the
reserve up to the legal requirement
within thirty days or be subjected toll
being placed OH the hands OF re-
ceiver.
Mr.. Rayner declared that the banks
OF New York were below their reserve
during two months last fall, according
TO newspaper reports, to which state
ment Senator Hopkins demurred, in
sisting that the records would not
show that they We're below their re-
serve over n month.
The statement being made by AYr.l
Bailey that banks usually keep close
TO the legal reserve, Senator Flint, Of |
California. said tho practice OF banks
is TO keep ordinarily at least IS por
cent, of their deposits in reserve, and
such Is the rule of clearing houses.
Senator's Culberson. Taliaferro and
Hepburn also discussed the matter OF
reserves OF national banks.
Culberson Amend mcnts.
Senator Culberson gave notice OF
two amendments to the bill providing
that after November !, 1908. every
national bank shall keep on hand the
amount OF its reserve now provided I
by law, and also directing the secre-
tary OF the Treasury to collect interest
on government funds deposited in ma