The sun., 1908-05-08
CURRENCY. BILL BY MONDAY
COMMITTEE TO REVISE .TREE-
LAND MEASURE At WORK.

Probability That at Monday Nights Con.
ference II VIII Bring In . Unanimous
RepOrt-Eaoh Republican Member NJ
the House Asked 10 Submit Ills Views.
WASHINGTON, May THE machinery
was put in motion in the House to-day
whereby it ia expected that an emergency
currency bill will be passed in time TO adj
nit Of its consideration by the Senate
before adjournment The committee ap-
pointed last night to revise, modify or
amend the vreeland bin within certain
prescribed limits got together early to-day,
and the indications are that at Monday
nights conference it will bring in a unani-
nous report. No Republican member Of
the House interested in the subject will
he ignored by the committee, To-day by
order Of Chairman Vreeland a letter was
addressed to each Republican asking him
to submit his views to the committee on the
matter and to give replies to questions as
follows:
/, Would you favor placing limit on the
authorized issue Of notes In the bill at an
amount less than $3.50 600 ,OOO2
2, Would you favor the requirement that
the members of clearing house associations
should be limited to contiguous territory?
3. Would you permit more than one as
sociation in any one city?
4. Would you favor making the banks OF
all associations jointly and severally liable
for all notes issued by said associations?
Appended to these questions is this sug-
gestion: THE members Of the committee
would value any other suggestion which
you have to offer in regard to currency
legislation.
Basing their opinion upon the voting
strength developed at last nights con-
ference. the Republican leaders express
confidence in their ability TO put through
the House bill in which the principle Of
commercial paper as a safe and logical
asset for emergency circulation shall be
recognized. The insurgents declare that il
an emergency measure is passed at all 1t
will be by narrow margin. Both sides to
the controversy we're in conference to-day.
Opponents Of the Nreeland bill, or the
which il recognizes, are en-
phatic in their insistence that any measure
that may be passed shall contain provision
requiring the maintenance Of a reserve
against emergency notes. Representative
Vreeland declares that no such reserve is
necessary. He is seeking more light on
this point, however, and to-day wired a
number Of leading bankers in New York
and elsewhere throughout the country
their views on the subject
Objection ia also made to that provision
in the bin relating TO clearing house as-
sooations. The fear Is expressed that as
the measure was offered the banks in the |
financial centres would dominate the clear |
ing house associations and get more than |
their share Of emergency notes, Mr.. Nree- |
land has sought to meet this objection with |
an amendment providing that clearing !
house associations shall be formed Of banks |
in contiguous territory. This would pre-
vent bank in New York from joining an 1
association composed Of banks in Texas
OF Chicago, as the case might be.
That the situation is full OF difficulties is !
shown in a criticism made largely by West |
ern members who profess to be afraid that !
the Aldrich bill is suggestive OF business !
ruin and political disaster and who say
that there is no substantial difference be- |
tween the AldTich bill and the Vreeland bill. !
Free rein will be given the members to
sduabble over the details OF the measure TO
be presented for the consideration OF the
Republican conference on Monday. In the
meantime the leaders will impress upon
timid brothers the necessity for action on
temporary financial legislation, in the
interests OF the business Of the country |
and the interests OF Republican
success at the coming elections in addition.