Daily press. [volume] (Newport News, Va.) 1896-current, 1908-03-28
ALOR|CH FINANCIAL
BILL PASSES SENATE
After Seven Important Amendments
Had Been Tackled on Il
Goes Through.
VOTE ON BILL ALMOST PARTISAN
Few Democrats Voted For it and Sew
eral Republicans Against it--Text
of Amendments = Membe 5 of the
House Not Inclined to Talk About
the Bill.
(py Associated Pressl

WASHINGTON, ID. c., March 81 =
The Aldrich currency bill was passed
by the Senate today by vote of ~
to lG. in the main party vote. Pro-
vious TO the taking OF the vote on the
Aldiich hill vote was taken on the
Bailey substitute authorizing the gov
eminent instead of national banks, TO
issue the emergency circulation for
which the bill provides. The vote on
the substitute stood 40 10 lG. and this
vote was entirely partisan. even SEN
ator LaFollette casting his vote With
the Republicans. The bill has been
before the Senate since January ..
The vote was not reached until ar-
ter p. IN. An interesting feature of
shaipassage of the bill WIS a reitera-
ton of Mr.. Aldrich of his promise to
bring in bin for an investigation of
eie ientire banking system of the
country with a view 10 instituting
reforms.
As passed, the bill provides for not
more than S500000,000 OF emergency
currency to be issued to national banks
upon deposit by them OF state, county
! and municipal bonds 10 he approved
by the secretary OF the treasury
The currency is to be issued with
view to securing an equitable dis
tribution OF the currency over the
United States, and in accordance with
the nnimpaired capital and surplus of
banks in each state
Banks are to pay for these emerg-
ency currency circulations one-half
OF one per cent month during the
first four months 1t is circulated and
afterwards three quarters of one per
cent. month. The bill provides that
national banks shall pay not less than
one per cent. on government funds
deposited iwth them.
Big Change in Banking Laws.
AS amended today the bin carries
an important change in banking laws
relating to banks reserves. This am.
endment provides that of the 10 per
cent. reserve required TO be kent by
banks not in reserve cities, four fifths
Is to be kept in the vaults of the banks
and of that amount one third can be
Ill the form or securities of the kind
required.
ny another amendment agreed upon
today the period during which one
iaii OF one per cent. interest is TO be
chai ged was reduced from six to four
months after which three quarters OF
one per cent. is to be charged until
redeemed
AT the instance of Mr.. LaFolette an
amendment was adopted prohibiting
any national bank from investing its
FUNDS in stocks or other securities OF
Il corporation the officers or directors
OF which are officers or directors of
the bank, and providing a penalty of
Imprisonment OF fiom one to five
yeans.
The proposition to insJrt provision
Tor government guarantee of depos-
itors in national banks was defeated
by vote of IL to &c.
An amendment by MIR. LaFollette to
punish By from one to five years i'm.
prisonment any Justification in bank
securities was adopted
Senator Teller offered on request CT
Senator Bailey, of Texas, who was
absent, the sub-currehcy bill of the
''~'.,~Si A'Oii SAdot WHICH lie stated.
was in the main similar to the AL
drich bill, with the difference that it
provides Tor government instead Of
bank paper, and asked for roll call.
The vote was 16 to 43 against the bill.
Before the vote was taken OH the
Aldrich bill. Senators TELLER land
Johnson Democrats) explained their
reasons for voting for the measure.
and Senator Overman, his reasons for
opposing it.
Why Mr.. overman Was Against II.
Mir. Overman said in part: THE
Aldricb bill does not get at the root
OF the trouble, but only administers to
the diseased surface. He said it
rs patch, a thin patch upon the
crazy quilt of our monetary system.
A salt solution for use only when
death is Imminent or an emergency
comes.
:; What avail would this bill have,