New-York tribune., 1908-05-27
AGREE ON MONEY BILL
TO MAKE REPORT TO-DAY.
Main Features of House and Senate
Measures SurJiJe.
TF-on1 The Tribune Bur.au- !

Washington May 26.-An agreement on tne
financial bill was reached by the SENATE anu
House conferrees late this afternoon anu
Speaker Cannon and Senator Aidrich have sent
out hurry calls to absent members OF the Two
houses to return as fast as trains will carry
them. The agreement reached to-day covers ali
the essential point and the printing OF the
compromise proposition has been ordered. but
there will be another meeting Of the Republican
conferrees at o'clock tomorrow morning 10
close the deliberations and 10 settle one OF two
nor essentials Immediately afterward there will
be formal meeting of all the conferrees 70 sign
the report.
The present plan is that Representative Vree-
land shall call up the conference report in the
House before noon tomorrow. and Speaker Can
non asserts his ability to obtain the acceptance
of any agreement which the confsrrees bring In
Members are extremely anxious TO get away the
public buildings bill ia still pending. and 1t Is BE-
Heved that prompt action by the House viii
make possible final adjournment on Saturday.
The precise details Of the compromise effected
between the House and Senate measures are not
disclosd, but these are understood to be the ss-
sentials:
limited to S5OOOOOOOO: that Individual banks
can obtain such currency by depositing as secur-
ity therefor state. county municipal bonds,
they form themselves into clearing
house associations. deposit with such an as
sociatfon their commercial paper and othR
securities-'othsr securities'' being understood
to include approved railroad bonds, etc--upon
which the association shall issue Certificate
which shall be accepted by the Secretary OF the
Treasury as security for emergency currency.
that there shall be deposited in the Treasury OF
the United States on all emergency currency a
reserve Of 10 per cent. distinguished from the
per cent reserve required on the existing bond
secured currency: that. subject to the discre-
ton OF the Secretary OF the Treasury. any bank
may take out emergency currency which has al
ready outstanding currency equal to 40 per cent
Of its capital stock: and. finally, that whe1
emergency currency IS issued 1t shall be dis
tributed geographically under a provision that
the amount issued to the banks OF single state
shall not exceed such proportion to the unirn-
paired capital and surplus OF the banks Of that
state as the total issue OF such emergency cur
rency bears TO the total unimpaired capital and
surplus OF all the national banks In the country
The Republican conferrees held three sessions
to-day. and when adjournment was finally taken
for the night the only important point remain
ing to be settled was the time limitation to
be incorporated in the law Representative
Burton has been holding out for a tnree-y-as
limitation. while the Senate conferrees want a
longer limit, but IL Is expected that II the
House conferrees still regard that limitation as
essential when they meet Tomorrow morning
the Senate will yield
In the light of Speaker Cannons assurances
it is expected that the conference report will
under special rule. be adopted by the House
after its reading Tomorrow. and that 1t will
Immediately thereafter be taken up in the SEN
ate Senator Aldrich does not believe that the
Democrats will conduct any fIbuster ON the
form of bill agreed to. although they will prob
ably vote against IT. Senator Teller indicated
tfis4evening that he would merely state his
objections to the measure and seek TO make
clear that the responsibility for the measure
rested solely the majority. after which he
would consent to vote Senator Culberson
expressed a like intention
1t is upon the belief that the Democrats viii
not seek to proIong the debate unnecessarily
that the Republican leaders base their belief
that adjournment be had on Saturday.