The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-01-30
ALDRlCH BILL IS In.
Currency Reform Measure Is Reporteo
to the Senate.

washington. Jan. 30.-The Aldr1ch
financial bill which has been in the
hands of the committee on finance since
its introduction in the senate on JaIlu-
airy 7. was reported today by senator
Aldrich. The various amendments
which have been published from tlnle
to time appear in the blu, altnoush ~
same as when introduced There mas
been an effort on the part OF the com
mittee to emphasize the emergency ma
ture of the act that is proposed anu "
this end various amendments are ~
serted in the bill. which are INTENDED
tn cause speedy issuance of additional
currency when a stringency occurs. Inc
following amendment is inserted IN tne
first section of the bill In lieu OF tne
provision which gave the comptroter ol
the currency power to fix the Tune anu
amount of issues, when application Is
made according to his judgment and at
his convenfence:
ssrThe COMPTROLLER of the currency
shall transmit Immediately the appLca-
ton, with his recommendation, 10 tne
secretary of the treasury, VINO shan II
in his Judgment, business conditions III
the locality demand additional c1rcuIa-
ton. approve the same, and shah ue-
ternine the time of issues and NIX the
amount within the limitations hereln-
after imposed, of the additional clrcu-
lating notes to be issued. In oroer ti,al
distribution of notes to be issued undeT
the provisions of this act shall be mace
ae enI1itab1a as practicable among the
various sections of the country, the
secretary of the treasury shai nol az
move applications from ASSOCIATIONS III
any state in excess OF aInoull - a;+inn-
state would be entitled of the aduttloI!-
al notes herein authorized on the paslS
- tba nroportion which the un1mpalreC,
canital and surplus of the national
banking associations In such state
bears to the total amount OF -unlfl pan :,
"a conitaI and surplus of the national
banking associations Of the OhIteu
states: Provided, however, that IN case
qualifications from associations IN any
state shall not be equal to the afnouIll
which the associations of SUCH state
would be entitled to under this method
If dfstribution the secretary of the
treasury may In his opinion to meet
an emergency. assign the amount not
thus applied for to any applying as
ISOLATION or associations in the states
in the same section or the country
Bond Limit Changed.
Tho clause of the original bill fixing
TX per cent of the market value or al
municipal and railway bonds as the
limit of the issue of notes against them
has been amended so that railroad
bonds alone are to be taken at 70 pei
cent of their market value Notes may
he issued against deposits OF munlclpa
and county bonds up to 80 per cent OF
their market value. The limit of cir
culating notes that may be issued un-
der the act has been raised from $780,
100000 to $500, 100000.
The section of the bill relating to thu
acceptance of interest bearing obliga
lions or any legally authorized bonds
of states. cities, town and counties al
deposits for the security for additiona
bank currency issued against them ha
been broadened considerably by amend
nent.
The words cor other legally consti
tuted municipality or district" which
have been added, are taken to meal
that bonds issued by school district