The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-31
Fight on Aldriich Bill
Times Dispatch Bureau,
WASHINGTON. D. C.. March

Washington, -. c.. Marcn 81.
The fate of the Aldrich currency bill
is by no means settled. The House
Committee on Banking and Currency
will meet Wednesday for the purpose
of deciding what shall be done win
Friday. I will be decided at that
time whether there will be hearings
granted on the bill. 1t is thought eN-
is brought to bear on the Republican
members of the committee. that it viii
undertake to allow opponents and adj
vocates of the bill to be heard
of the committee is overwhelmingly
opposed to the measure and that II
hearings are allowed they will be pri-
marily for the purpose of allowing OF
position to find voice.
1t is understood that the added sec
tion of the Aldrich bill. section IL, is
bitterly opposed by national bankers;
This section provides that no national
bank shall make loans to companies
and corporations, stockh olders in which
are directors of the bank.
1t was La Follette's Work.
Senator La Toilette proposed this
with the help of Democratic votes.
The banks are beginning to he heard
from. and 1t is regarded as more than
[ likely that the House committee VIII
allow them to be heard in opposition.
A Western member OF Congress, whose
home city has seven banks, said 90
day that he believed, the enactment of
the Aldrich bill, with the features men
toned would cause the resignation of
the majority of the directors of nearly
oil the banking institutions in his
town. This state of affairs exists to
greater or less degree throughout
The country.
Senator La Toilette charges that in
many cases banks are organized for
avowed object, of doating companies
unable to attract popular investment
Persons interested in promoting
company will form a banking associa-
! ton, and see to 1t that .hey contrGl
the directorate. When the bank begins
| to do a good business. The men inter
csted in the outside corporation, icing
in control Of the bank. loan themselves
: could not be reached in any other way.
1t is apparent that such practice may
| lead to great evils and abuses. Much
Of the recent financial trouble. in which
banking institutions in New York es-
! pecially Were involved, was directly
traceable to directors loaning money to
| their own corporations, according to
Mr.. La Toilette.
Will Have to Caucus.
It is predicted that the House COM
mittee win report the Aldrlch bill, but
there is still good reason to believe
| that it will be necessary to hold
caucus of Republicans in order to force
1T through the House. This view is
taken by several of the leaders of the
majority.
1t is also,epredicted that the House
committee will report in favor of the
amendment of the bill. SO as to pro-
vide that commercial paper shall be
made the basis Of circulation. along
with national State county and muni-
cipal bonds, 1t Is understood that the
provision of the Fowler bill. establish
Ing inspection zones. would be added
to the Aldrch bill III case this COM
mercinl paper provision is adopted, as
1t would be necessary to have l@cll
supervision and regulation II securi-
ties OF this class were made the basis
of circulation.
Slen,p and the Craftsmanship.
Representative Bascom slemp said
to-day that II chosen to the State
Craftsmanship of the Republican party
at the approaching LynchburG conySn-
ton he would probably accept
But | do not intend to remain In
definitely in the craftsmanship. even II
the party desires it, he said. 1T is
not entirely. congenial Will. the duties