Omaha daily bee., 1908-05-28
WESTERN MEN FOR The BILL
Nebraska. Iowa and South Dakota
Men Vote for Currency Measure.
AVAILABLE FOR WESTERN BANKS
senate Agrees to the House Amend
ments TO Bill Opening Cheyenne
River and standing Rock
Agency Lands.
(From a staff correspondent }

/
house by the passage Of an emergency
currency measure which is to remain in
force until June 80. 1914 OF until a scien-
| tific currency measure is adopted as re-
suit of the commissions recommendations
as provided for in the bill. Every mem
Der of the Nebraska delegation. with the
exception OF Mr.. Hitchcock, voted for the
measure, as did the republicans from
South Dakota and Iowa Speaking of the
measure, Judge Norris said:
In the first place, 1t must be borne In
mind that 1t is an emergency measure
only. The very fact that we have such
an emergency measure will perhaps make
its use unnecessary. 1t is like police
man standing on q corner-his presence
there keeps the burglar from entering the
store or committing any other crime. The
Aldrich bill was Objectionable because
most of the banks of the country, espe-
cially in the west, would not have been
able to take advantage Of Its provisions
because they could not afford TO carry
4 nor deal in the securities required. The
house bill is workable all over the coun-
try, and the bill as reported by the con-
ferees is almost entirely the house bill
The one provision OF the Aldrich bill in
cluded in the measure will not Interfere
in any way with the western and country
I DdnhS III ludklhb use VI NilS AoN ~ SNNN
emergency requires 1t. Another valuable
feature of the law is that hereafter all
\ banks will be required to pay interest to
the government on government deposits.
The rate of interest is to be fixed by the
| secretary of the treasury and cannot be
less than / per cent on average balances
and must be the same all over the coun-
try"
POIIard's Views,
Congressman Pollard speaking of the bill,
said:
Il wSs unalterably opposed to the
Aldrich bill for two reasons. First, be-
cause it was so drawn that the banks in
New York City or Chicago only could
take advantage OF its provisions from the
fact that municipal, county or state Sc
curities are held largely in these two cities,
which takes them out of the reach Of the
smaller banks throughout the country.
Second 1 was opposed to the railroad bond
feature because it Disseminated in favor
of one class Of industrial bonds. This dis
elimination could have no other effect
than increasing the values of those bonds.
The provisions of the Nreeland bill as
finally passed by the house are so drawn
that it isxSvithin the reach of all banks in
every section of the country. Any groups
of ten or more banks with a combined
capital and unimpaired surplus can form
a currency association. This association is
authorized to issue circulating bank notes
up TO 80 per cent Of the combined capital
and uninpaired surplus, based on com
mercial paper bearing two signers and
running for a period not exceeding four
months The bill is so drawn that no one
section of the country can issue currency
properly belonging to another section un-
N he safisfaCfiOD q the of
the treasury. This absolutely guarantees
to the west its share of the currency. In
my opinion, the fact that this bill makes
available in cases of emergency $500, 10000 OF
bank notes will prevent a recurrence Of
such a panic as appeared last October. 1t
will serve as safety valve in times of
stress and give the banks currency re-
serve to meet every emergency"
Interest Feature Good.
In explanation as to the reason he sup
ported the bill. Judge Boyd said: II sup
ported the bill because l believed We
needed the relief which 1t will undoubtedly
give in times OF stress. One good feature
of the bin is that hereafter banks must
pay interest on government deposits, the
rate to be fixed by the secretary OF the
treasury and it cannot be less than l per
cent. After considering the currency ques-
proposition offered. The democrats offered
nothing better and ran from their own
proposition"
Representative Hall of South Dakota
said speaking of his vote in favor Of the
measure:
II believe the house bill is the best that
has yet been presented to either body OF
congress and that 1t will fulfill the pur-
pose for which it was framed, and will
be a benefit not only to the interests Of
the east. but to the west and northwest as
we'll"
The program for the bill in the senate
tomorrow is simple Senator Aldrich will
make a brief statement and then will per-
NIT the democrats to talk upon 1t at their
will. 1t is thought no republican will dis
cuss the measure unless It be Senator La
Toilette. and he will be given all the time
he desires but the Wisconsin senator is a
sick man, and it is not believed that he
will occupy the time of the senate more
than three or four hours at best Sena-
tor Aldrich hopes to get the vote on the
: measure tomorrow or Friday at the lat
est, in which event congress will adjourn
Saturday night, otherwise it may run over
until Monday or Tuesday.
Land Opening Assured.
/
Senator Gamble, who is in South Dakota,
today requested Senator Clapp chairman
of the committee on Indian affairs to look
. after the bill opening the Standing Rock
, and Cheyenne river reservations TO settle
ment and II possible induce the senate 70
! concur in the house amendments, This the
/ senator said he would gladly do for his
friend and associate on the committee
Senator Gamble, who has been most active
in placing this measure on the statute
books. The senate at a late hour this
: evening agreed to the house amendm snts
The creation Of a new land district in
South Dakota. to be known as the Lemon
land district, and which was included in
, the omnibus public lands bill is retained
; in that measure. the conference report on
! the bill having been adopted by both houses
today.
) Money for Fort Omaha
Senator Burkett, who has had number
! less conferences with Qusrtermaster Gen
[ keral Aleshire as 10 what might be ex-