The Washington herald., 1908-05-16


VTeeland bill and the Aldrich bill. they
preferred the latter.
All the ways were oiled for the slide
Of the currency measure into conference
from the Senate. The Finance Com
mittAe knew what it was going to do be-
fore the Vreeland bin got out OF the
House When the House messenger was
on his way with II 10 the Senate, Mr..
AldFich's committee was in session. and
the printed substitute was ready. When
the Vreeland bill was laid before the
Senate and referred in regular order 10
the Finance Committee, Mr.. Aldrich was
ready TO report for the Finance Com
mittee.
oiled Ways Work Well.
No consultation was necessary. and
with little talk and no opposition the
substitute was put to a vote that stripped
the vreeland bill OF it's potency.
Three clauses of the old Aldrich bill
were dropped from the substitute adopted
yesterday One was the production of
Senator La Toilette, which had been
inserted as an amendment in the SEN
ate 1t forbade a national bank from
lending funds TO corporations in which
officers Of the bank were shareholders.
Another was an amendment introduced
by Senator Lodge giving to Philippine
and Porto Rico bonds the same cOnsid-
Grafton as other bases of emergency cir
culation, and the third was an amend
ment of Senator Johnston, OF Alabama,
which required that banks outside OF the
central reserve cities should keep in
their vaults at all times two-thirds of
eeileir legal reserve -one-half of which
should be In cash and the other half
in approved securities.
These changes stripped the bill TO the
form in which it was dnally presented
by its author after he had decided to drop
railroad bonds from the list of approved
securities and limit approval 10 govern
ment, State, county. and municipal bonds.
Commission Is Provided.
A new feature Of the Aldrich bin Is the
provision for 4 currency commission. It
is to be called the National Monetary
Commission. " and to be composed Of nine
members Of the Senate and nine members
Of the House of Representatives. 1t is
10 be the duty Of the commission 10 IN
auire into and report 10 Congress what
changes are necessary or desirable in
the monetary system Of the United States
or in the laws relating to banking. and
for this purpose II is authorized to sit
during the sessions or recess of Congress,
at such times and places as they deem
desirable. TO call witnesses. and to ad-
minister Oaths. The committee is author
ized to extend the scope Of its investiga-
tions TO other countries if It chooses.
The prosy proceedings in the Senate
were in direct contrast 10 the stirring
scenes in the House when the bill came
back from the Senate
Mr. Burton. of Ohio moved that the
House assent 10 the Senate's request for
a conference. which caused Mr. VIII
Jams, of Mississippi, the Democratic
leader, to indulge in some remarks about
"a miserable makeshift called the Vree-
land bill," and 20 declare that Mr.. Bur
tons motion meant that the House in
tended to accept the Aldrich bin de
msnded by the predatory wealth of the
country"
Fowler Attacks Vreelaud.
Then Mr.. Fowler, of New Jersey. the
sidetraeked chairman Of the Committee
on Banking and Currency. made a bitter
attack on Representative Vreeland, whom
he virtually accused Of double-dealing
Mr. Vreeland. he said. had declared on
Thursday that no round robin" had been
used to secure support for the Vreeland
bill, and to refute this Mr.. Fowler read
a letter to a banker, signed Edward B.
Vreeland," asking the banker to write
to his correspondents 10 urge their Con-
gressmen TO vote for the bill
Mr. Vreeland had read a letter from a
Mr. McCord, president of the First Ma
tional Bank OF Atlanta, and had said
that the capital OF his bank was mil
lion dollars. Mr. Fowler declared that
there was no First National Bank In
Atlanta, and no bank with more than
$4,000 capital
And" he added, Il challenge the man
from New York, this new knight of
finance from the hopyards and hayfields
Of Cattaraugus County. TO print in the
Record tomorrow the forty or fifty let
ters he said he had received.
Burton Goes for Minority.
Mr.. Burton replied to Mr. Williams and
Mr. Fowler in a speech that moved the
Republicans 10 great enthusiasm. He
taunted the Democrats with refusing to
support William Jennings Brya1's cur
rency bill"
Mr.. Burton referred to Mr.. Yreeland,
who was absent, and charged that Mr..
Fowler had sent out more than 5000 let
ters under the letter-head Of the Com
mittee On Banking and Currency, 10
help along his own particular currency
scheme.
What you said the other day when
you stated was opposed to my bill was
false, and you must have known it, a"
shouted Mr.. Fowler.
Mr. Burton declared that Mr. Fowler
had said in the presence of the Banking
Committee that he was not now in favor
of his bill
In the course of a wordy set-to Mr..
Burton declared that Mr.. Fowler had
never made an effort to get his bill before
the House.
II win state that that is also untrue.
yelled Mr.. Fowler.
There are some members of the House.
who. if they should make the accusation
made by the gentleman from New Jersey.
would cause me extreme sensitiveness,
responded Mr.. Burton, but in this par
tieular case it does not In the least dis
turb me-"
There was applause at this. Then Mr..
Weeks, Of Massachusetts,, said that he
was present when Mr.. Fowler made the
statement which Mr.. Fowler had denied.
The motion to agree TO a conference was
adopted, 80 10 1e9.
CONSIDER NAVY YARD BILL.
Trackage Measure as Amended by