The Birmingham age-herald., 1908-01-10
FOWIef'S Currency Bill Said to
 Be Too Radical
DEMOCRATS ARE FAVORABLE
Senator Rayner Discusses Financial Measures and Says Democrats Are Ready To Vote For Emer-
 aency Financial Bill.

Washington, January 9.-(Special)- Members of both branches of Congress have now had an opportunity of close ly serutinizing the Aldrich and Fowler currency measures and the conclusion is general that the latter measure will have very hard sledding through Con- gress. The general opinion is that the Fowler bill has no chance at all, that 1t is too radical and sweeping, re- gardless of the source of it's being and that while there will be some strong objections to the Aldrich meas ure the latter bill will be the basis of legislation.
 Senators Rayner Culberson. Bailey and Daniel, the latter two of whom are members of the Senate finance commit tee, have had several informal con ferenees upon the Aldrich currency bill and the situation now seems to be that these gentlemen and oth CTS on the democratic side will not accept the Aldrieh bill in it's entirety. It can be stated on authority that there will be no factious opposition upon the model of the Aldrich bill, the details of which will be worked out on the floor of the Senate and in conference.
 Faults of Aldrch Bill.
 But there is nevertheless q feeling upon the democratic side of the cham Der that the bill offered by Senator Aldrich leans a little too strongly in favor of the large commercial cen ters. especially of New York and the interests there centralized. Senator Rayner of Maryland has gotten to- gether all of the various currency and financial bills that have been so far introduced, numbering almost 50, and has gone to work to analyze them so as to eliminate their objectionable fea- lures and segregate those that are un- objectionable and tend to bring about practical relief
 Senator Rayner today was asked whether he thought the Aldrich bin would meet with determined opposi- tion from the democratic side.
 "So far as am able to judge" said Senator Rayner, q believe the demo- ocrats are strongly in favor of passing an emergency currency bill, and I do not think that there will be a party or eaptious opposition to a measure that contains some of the essential fea- lures that Senator Aldrich has intro duced.
 For Emergency Only.
 Tt must be understood" continued Senator Rayner, that what we are after is simply an emergency cur rency bill and not a measure perma- nently changing the banking system of the country.
 The House of Representative bill intro- duced yesterday by Chairman Fowler of the banking and currency committee con templates radical and permanent changes in the law. l am confident that such bill will not pass at this session, and we ought to be satisfied if we can get through what is known here simply as an emer- gency bill, and that is to provide upon a sound basis against an artificial con- traction of the currency
 "The bill of Senator Aldrich," continued Senator Rayner. has some good features in it. and some that are not good. The right to loan upon absolutely safe state and municipal bonds is unobjectionable. The right to loan upon railroad securi- ties is of extremely doubtful propriety and would discriminate against the coun- try banks who have none of these securi- ties and that need the money to move the crops There is another feature in the Aldrich bill that l think will require some change and that is the amount of tax upon the circulation.
 Two Theories.
 There are two theories prevalent in the Senate" explained the senator, "upon this branch of the subject. What we want Is not only to guard against contraction, but to guard against imitation, and we must have some factor in the bill that will aal ba he out. There are two ways to accomplish this, one by tax and the other by the strengthening of the reserves and the re- demption fund. l prefer the latter pro cess, and if it can be accomplished, and that is what is known here as the Moro wtz plan. In other words, l am going 70 help all l can in the passage of an emergency currency bill, and l would largely increase the amount of S5O,O0O,- GOO named in the Aldrich bill. Then | am in favor of a tax, If necessary, and of compelling the banks outside of the central reserve banks to keep larger amount of their reserves on hand and not deposit them with the central re- serve banks. Of course, l may be mis- taken, but judging from what I hear I think you will find the democratic side willing to come to the relief of the coun- try so as to prevent repetition of the trouble we have just encountered and to strengthen the status as it exists today under slowly improving conditions"
 w. s.