The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-10
Senator Raynor Thinks it
Will be Amended and
Enacted Into Law.
DEMOCRATS MAY
NOT PRESENT ONE
Minority Members Not Yet De
cided as to Their Course.
Chances that Volume OF
Emergency Currency
Will Be Largely
Increased.

Increased.
Times.Dlspatch Bureau.
Munsey Building,
Washington. D. c., Jan. 8.
Senator Rayner. OF Maryland. said to-
night that there was not the slightest
chance for the passage of the currency
bill, introduced in the House yester-
day. after having been reported favor
ably by subcommittee OF the Commit.
tee on Banking and Currency. He
thinks the bill undertakes to make too
radical changes In the present banking
system. Mr.. Rayner believes the AID.
rich bill will be amended In some tm-
portant particulars and passed. FIe
thinks 1t probable that the provision
allowing banks to issue notes against
railway bonds will be stricken out and
that the amount Q femergency cur
rency provided for under the bill will
be increased. The bill provides for
$250,0oo.ooo.
Senator Daniel, senior member Of the
Finance Committed; Senator Culberson,.
democratic leader. and Senator'S Bailey
and Rayner have held several confer
ences recently for the purpose of con-
lsidering the currency question and
course to be pursued by the minority.
Senator Warner, OF Missouri. said to-
day that the President favored a CEN
tral bank of issue, like the Bank OF
France, as a solution OF the currency
question, but that he would not press
the proposition because he believed
Congress would not enact a law pro-
viding for such bank.
VIII Hardly Report Bill.
The chances are that the Democrats
of the House Committee on Banking
and Currency will not report cur
rency bill. The matter is not settled.
A portion OF the committee favors
bringing before the House measure
representing Democratic views. and II
portion advocates simple opposition to
the bill reported by the majority OF
the committee yesterday, endeavoring
to amend 1t on the floor OF the House.
Representative Glass, member OF
tho committee. said to-day he favored
the Democrats reporting a bill. He did
not think simple opposition with Moth
ing claimed to be better to offer in its
stead. would be effective In securing
currency legislation of the character
the Democrats OF the country are be-
lieved to demand.
Some Good Things.
There are several things In the
Fowler bill. which the committee re-
ported yesterday, which like" said
Mr.. Glass to-day. 81 think the majority
Of the Democrats on the committee. II
not all Of them. approve That feature
of the bill which provides for the
control of banks by local officers. de-
putty comptrollers OF the currency. in
fact There are other features Of the
bill which are not good
The Democrats Of the committee are
not united on any bill. Neither are the
Republicans. The Fowler bill is not
advocated by some Of the Republicans
Of the commit ttee. It Is fair to assume
that CORES ponding proportion Of the
Republicans who are not on the COM
mittee arc opposed to It It will hardly
be possible to get the bill through with
out the adoption Of special rule cut
ting of debate. 1t is somewhat, doubt
full whether the three Republicans OF
the Committee on Rules, including
Speaker Cannon. and Representatives
DalZell and Sherman, will vote for
a rule to force the bill through. The
such rule would enable the two
Democrats to defeat it,
II think the Aldrich currency bill
is outrageous" said Mr.. Glass. "Tlle
proposition contained In the bill to.
allow banks to issue circulation based
on railway securities would have thu
effect OF stimulating and intensifying
Wall Street speculation to an enor-
nous extent"
AS to Asset Currency.
Dir. Glass does not agree entirely
with Mr.. Bryan In the latter's opposi-
ton to asset currency. The Democratic
platform of 1892 demanded repeal
OF the law which taxed the circ,,!a-
ton of State banks. The object OF the
repeal Of such law must be to allow the
rctes OF State banks to circulate. State
tank circulation is q pure asset cur
rency. It Is based on the assets OF the
State bank. Mr.. Glass believes that II
lat were Democratic In. 1892 to declare
In favor Of allowing State banks to
circulate their notes. 1t need not be
un- Democratic in 1908 to advocate an
asset currency, though he has not un-
dertaken to advocate this form OF cir
cu!atlng medium.
It Is very probable, as stated In this
correspondence In the early days of
last month, that the bill which orIgin-
ated in the Senate Finance Committee.
and was introduced In the Senate by
Senator Aldr!ch yesterday, will be en-
ACTED Into law. Thatsit will be amend
ec SO as to provide for more than $685.
100000 Of emergency currency. based
on State, county, municipal and rail-
way bonds, Is very probable II
doubted whether the provision that
barks may issue notes against rail-
way bonds will be allowed to stand.
There is considerable Republican OBJ
lection to 1t In both branches.
Too Onc-Sided.
The fact that Senator Aldrich, author
OF the Senate currency measure, Is. or
has been, so closely identified with
Wall Street and that Chairman Fowler.
OF the Banking and Currency Commit
tee OF the House and author OF the
House currency bill, Is the president
ofsa national bank, hurts both measures
even with Republicans, This does not
Unnecessarily imply personal distrust OF
Ithe honesty at either Mr.. Fowler or
Mr., Aldrioh, But there is a feeling that
linen so deeply Interested on one side
lcoatlausA on Third rags.l