Daily press. [volume] (Newport News, Va.) 1896-current, 1908-05-16
FOR 4 MONETARY COMMISSION
Senators Firm In Their Determination
to Have Financial Question De.
eided by combinatien Committee
Amended Aidrieh Bill Sent Back to
House and Immediately Taken Up.
(By Associated Press)

(By Associated pscSSJ
WASHINGTON. u. c.. May 10
The AIdrich currency bill was sub
s,ituted 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 Senate who were immediate
ly appointed are Messrs. Aldrich.
Allison. Hale, Daniel and Teller.
A meeting of the Senate commit
tee on finance was held In the fore
noon and a decision to amend the
House bill by substituting the meas
ure passed by the Senate several
weeks ago was reported. Chairman
Aldrich was authorized TO make the
report which he did as soon as the
bill passed by the House on yester-
day had been mcssaged over. 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 AIdricn
bill after 1t was reported from the
committed. The provisions taken
out were as follows: The use OF
bonds Of the insular government OF
Porto Rico, bonds Of the government.
Of the Philippine Islands and bonds
of the city Of Manila as securities
for the issuance of emergency cir
culation. The requirement that ma
tional banking associations located
outside o! central reserves cities
shall hold in their own vaults four
fifths OF the reserves required by
law. either in lawful money or Sc
crrities named in the bill. but that
two thirds OF the amount shall be in
cash. The prohibition against a ma
tional bank loaning money to. or
investing in the stock Of corpora
ton the officers or directors of which
officers or directors Of the bank MAX
ing the loan or investment.
For q Monetary Commission.
The committee also added sections
providing for q commission Of nine
senators and nine members OF the
House to be appointed by the presid-
ing officer to be called the national
monetary commission, whose duty
1t shall be to Enquire into and re-
port to Congress what changes are
necessary or desirable in the mo-
netary system Of the United States
or in the laws relating to banking.
All OF the Democratic members OF
the committee voted to support the
AIdrich bill In preference to the
vreeland measure. but ON the floor
Of the Senate all but four members
OF the minority voted against the
passage % the bill as amended. The
Democrats who voted for the bin
were Messrs. Daniel. tombstone, Owen
and Teller. An equal number Of Re-
pu;:I!cans voted against the passage.
being Mcssrs. Borah. Bourne. Brown
ard Hepburn.
Senate Swallows Aidrieh Entirely.
Mr.. Aldfich called Up the House
bill for passage at 2:&9 y. m. ana
OF red the amendments agreed Cron
In the committee. They were adopt
cd withou, debate or division. after
which the bill was put on its pas
sage.
When the bin goes 10 conference
the Houxe MEMBERS VIII contend
! strongly for the retention of the pro-
vi.iom rf the vrecIaud measure crc-
aiinS clearing house districts ana
through them issue national hams
notes on guaranteed commercial pa
pr.
f., The vrce!ard currency bill ~
! amended by the Senate went to thr
House ri ~ c'cicck and WIS called
by Mr.. Barton. Ohio. who moved 70
J suspend the rules TO the amendments
/ AMI asked q conference. On the
opinjou 81 Mr. Williams. the minority
! ,csdcr. the biiI as amended by the
4 senate vsr iuani:ciy worse than ;hc
yrcclani hill He urged his COL
tcseacs to vote aesins: The mo;Icn
~ disagree tothc Senate amendments
! saving that ~ The motion we're lost,
tho hill xouid have TO go 10 The
| banking committee.
/, ysessns escsded esise evidence
The Democrats applssdca Mr. Fo~-
her. Nc~ Jsrsey. shsa BE resd . ,e'