New-York tribune., 1908-04-15
BILL DEBATE
Er-C r-Controller Da7ces Supports the
Measurc-Others attack It,

Washington April 1.-The AIdrich bin was both
denounced and supported to-day's hearing he
fore the House Committee Ranking and Cur
rency The morning session taken by
Charles G. Dawes ex-Controlier of the Currency.
who declared that elastic emergency currency
provided for in the bill. is necessary Tits be-
tween Mr. Dawes and Chairman Fowler and other
members of the committee were frequent. The
president of the American National Bankers Asso
citation and bankers from New York and New Eng
land were heard for and against the bill at the
afternoon session The committee adjourned until
1890 o'clock tomorrow
Mr.. Dawes who is now president Of the Central
Trust Company of Chicago, said he did not approve
the section prohibiting loans TO institutions the off.
GERS or directors of which officers or directors
or the bank making the loan. II am,' he added
FOR the general principles of this bill. II remedial
legislation is not had at this time this country will
10 through another panic unprotected. and will
be face to face with what have been through in
the past"
1t was idle. he said. to talk about permanent re-
organization of the banking system when the pro-
posed emergency currency could not be provided
for.
Mr.. Dawes closely questioned by Chairman
ro"ler as 70 the means that the government would
nave 10 redeem the $4,000 900 of emergency cur
rency in lawful money after the emergency was
over Mr.. Dawes insisted that while It was theo-
retlcally possible that the entire amount Of emer-
sency currency would be presented TO the Treasury
no such demand would IN fact ever be made He
toId the committee that he agreed with them that
there should be general revision of the currency
laws, but that he did not believe such revision DOS
slble of accomplishment at this time.
Edmund D. Fisher. Of Brooklyn, chairman OF the
legislative committee OF the New York State Bank
ers Association followed Mr.. Dawes. In brief
statement he expressed currency reform views di-
rectiy opposed to those Of the former Controller
OF the currency, and in summing up he submitted
the Following currency plan:
retain bond secured notes. but tax them to such
hat <x-fNYI
Authorize credit asset currency notes rnd.r
IIe guarantee fund and quick redemption plan pro-
Fueu Dy the Fowler bill; these notes TO bear lesser
tax than bond secured notes. so that the new issus
VIII De automatically substituted for the old
The government to exchange per cent bonds for
ne" per cent bonds that there may be no
breach Of faith on the part Of the government
toward national banks other holders of 2 per
cent bonds.
The government each year to retire a perceataR.
OF United States notes (greenbacks), making paw
ments from surplus revenues until all are finally
retired.
1he government TO deposit current receipts in
national banks but to retain appropriate reserves
In gold for outstanding notes.
Government deposits 10 be secur.d nv I-n,.sa
States bonds
The government always TO maintain a gold fund
Tor emergency purposes.
At the afternoon session the COMMITTEES was ad.
dressed by William z. Atwood, president of the
Connecticut Bankers Association; H w Stevens
president OF the Hartford Comm National Bank;
A j. sloper, a banker of New Britain, Conn
James D. Powers. OF Louisville president of
the American National Bankers Association; J.
Howard Copperwaithe OF New York and William
h. Wilder. manufacturer, OF Gardner, Mass.
Mr. Powers was outspoken against the Aldrich
BILL which he denounced "a financial abortion "
Continuing. he said
III you want another panic pass this bill: IL you
want to force national banks 10 surrender their
charters and become state banks, pass this bill
Pass and you will United States bonds thrown
upon the market in such quantities that they will
not command 80 cents on the dollar"