The Montgomery advertiser., 1908-05-16
-7- ALDRICH BILL
 SUBSTITUTED Senate Acts on Currency
 Legislation. SEVERAL CHANGES ARE MADE
 es Democratic Members Vote to Sup port Aldrich Measure. The Effect of the senate's Action is To Throw Both the House and Senate
 Bills Into Com
 ference.
SEVERAL CHANGES ARE MADE

4E Vasnin6tOns MAy l5-Ine Aidrtcm currency bill was subtituted for the vreeland bill in the Senate today. The effect is to throw both the Senate and
 House bills into conference.
 The managers on the part of the Sem
 ate who were immediately appointed,
 are Messrs. Aldrich, Allison, Hale Dan-
 iel and Teller. A meeting of the Sem ate Committee on Finance was held in
 the forenoon and a decision to amend
 the House bill by substituting the
 measure passed by the Senate several E weeks ago. was reached. Chairman
 Aldrich was authorized to make, the re-
 port, which he did as soon as the bill
 passed by the House on yesterday had
 been "messaged over." sa sttA
 There were some changes made in the
 Senate bill by the committee how
 ever. These amendments were con-
 fined to the elimination of matter in-
 corporated in the original Aldrich bill
 after 1t was reported from the commit
 tee. The provisions taken out were
 as follows:
 The use of the bonds of the insular government of Porto Rico; bonds of the
 government of the Philippine Islands
 and bonds of the City of Manila, as se-
 curities for the issusnce of .emergencv circulation.
 The requirement. that national bank ing associations located outside Of cen- tra1 reserve cities. shall hold in their own vaults. four-fifths of the reserves required by law, either in lawful money or securities named in the bill, but that two-thirds of the amount shall be in cash.
 The prohibition against a national | bank loaning money to or investing in l the stock of corporation, the officers | or directors of which are officers or> directors of the bank making the loan | or investment. The committee also added sections | providing for commission of nine | Senators and nine members of the | House to be appointed by the presfd-. t ing officers, to be called the National l Monetary Commission, whose duty it 1 shall be to inquire into and report 1 to Congress what changes are necea- l sary or desirable in the monetary sys- | tenn of the United States or in the laws relating to banking"
 1 All of the Democratic members of
 the committee voted to support the Ald- l rich bill in preference to the Vree-
 land measure. but on the floor of the 1 Senate, all but four members of the | minority voted against the passage of | the bill as amended. The Democrats l who voted for the bill were Messrs. | Daniel, Johnston, Owen and Teller. An equal number of Republicans voted l against the passage. being Messrs. Bo- rah, Bourne. Brown and Hayhurn.s Tho
 final vote was AT ayes. 90 nays. 1 Mir Aldrich called up the House bill l for passage at 2:40 D. m. and offered 1 the amendments agreed on by the com 1 mittee. They were adopted without l debate or division, after which the bill
 was put on It's passage. l. When the bill goes to conference,
 the House members undoubtedly VIII I contend strongly for the retention of
 the provision of the vreeland measure
 creating clearing house districts and through them issuing national bank l notes on guaranteed commercial paper .l BuI Goes to Conference.
 Washington. May 15.-The Vreeland currency bill. as amended by the sen
 ate went to the House at 5:1o oclock Il and immediately was called up oy NAT
 Burton of Ohio. who moved to suspehd the rules, disagree to the amendments and ask conference.
 minority leader, the bill, as amended
 by the Senate, was infinitely worse +han inc Vreeland bin. He urged ms eollea sues to vote against the motion to disagree to the Senate amendm ent. , saving that if the motion were lost. tne ; bill would have to go to Ine Danas,ss ,n,.Sas
 Committed. The Democrats applauaed , MT. Fowler (N. J.) when he read let ter contradicting a statement by MT
 Woodland yesterday that the First Na- tional Bank of Atlanta, bank witn million dollars capital, supported the , Vreeland bill The letter was from a , Mfr Mccord of Atlanta. who denied } that there was any First National Bank ? in that city. nor was there any bank } in the State with a greater capital than . $500 900.
 MT. Burton griIled the Democrats for } the action yesterday in "side-step- ping a vote on the Williams bill. By . their fIibustering tactics MT. Burton said. the Democrats had Host the gift , which otherwise would belong to them : to construct something. They knew 2 how to oppose, but they do not know : how to create" -,--.B A sharp colloquy between MT. Bur f ton and Mir Fowler. in which the latter - chara acterized as false a statement that
 he had opposed his own bill.
 l The vote on MT. Burton's motion re- . suited: Ayes. 15o: noes. 103: present, = 6. and the bill was sent to conference. = The Speaker announced the names Of @ Messrs vreeland (N. YO, Burton y (ohio), Weeks (Mass), Republicans e and Glass Cva.), and Pujo Oa ) as the y managers on the part of the House f To Talk to Men.