Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1908-03-28
From Washington
Correspondence Of the Alexandria Gazette
Wsahin0ton. %. O.. March 2S.

fCOYFespondenCe OF the Ale1hnofin OaNo'e0'i
Washington, D. O., March rs.
Although the House leaders have not
announced what programme they wiz
follow to put the Aldrich currency Dill
through, republican members OF the COM
miltee on banking and currency are IN
favor of shelving the Fowler bill IN faVor
of the Aldrich measure despite the iact
that they have reported the Fowler Dill
for massage. For this reason, the
Speaker at present favors the regular
procedure of referring the AldTich Oil 10
the committee on banking and currency.
He believes the committee will report IN
favor of substituting 1t for the foWier
measure.
Secretary Taft left Washington To-Day
for Philadelphia where be will attend the
banquet of The Yale alumni and will de-
liver an address. He will return to
Washington tonight and will remain
here until next week, when he will leave
for Columbus on Wednesday, to address
the board OF trade on April 2. He will
deliver addresses before the Hamilton
Club and the Commercial Club Of Chi
csgo, on April 8 and 4.
At Garfield Hospital 1t was stated to-
day that Representative Sherman, OF
New York, who has been Ill there for
several days, passed q comfortable night
and wss greatly improved. His ply
sicisns state that nc danger is to be aP-
pretended from now on.
AS finally passed by the Senate and
sent to the House for action, the AL
drIch emergency currency bill provides
that:
When business conditions demand
additional circulation, national banks
may, upon application, issue more
notes.
The Secretary Of the Treasury and
the Comptroller OF the Currency are TO
be the judges of the necessity for the adj
ditional circulation, and tue amount to
be issued by each bank.
1t is TO equitably distributed, 80 that
no one section of the country may &C.
cure preponderating amount.
The total is limited to $500, 600, 600.
To secure this emergency currency,
banks may deposit with the Treasury
Department bonds of any State, county
or municipality, which for ten yeas his
not defaulted Ia payment of either prin-
cipal or interest and whose funded in
debtedness does not exceed ten per cent.
of its taxable property. Also bonds OF
the Porto Rico and philippine govern
meuts and The city Of Manils.
Circulation may be Issued up TO 80
per cent. OF the market value OF such
bonds but not in excess of par value.
Emergency notes will be taken at The
rate of one-hslf Of one per cent. per
month for he first four months, and
three-fourths of one per cent. thereafter.
Banks must make monthly returns as
to amount of such circulation outstand-
ing, under severe penalties for false
statements.
Bands outside of reserve cities now re-
CURED to keep reserves equal to 10 per
| cent. of their deposits, must keep four
ifths of that amount 10 lawful money,
o, in acceptable securities, of the latter,
however, not to the extent gilmore than
oue.third.
Banks must pay not less than one per
cent. interest on deposits.
Banks are prohibited from investing
any of their funds or deposits 10 the
stocks or secl rites OF any corporation,
any one of whose officers is an officer OF
| the bank.
The State Department has instructed
United Stotes Minister Russell Of Caracas to
investigate the charge III tt the Venezuelan
authorities had tempered with the mail Of
the cruiser Tacoma.