Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-01-28
Currency Measure Receiving
Final Touches Before Going
to Congress
MANY CHANGES WE'RE MADE
One Amendment Does Away With De-
lay in Issuing New Bank CircuIa-
ton States Made Basis Of Divis-
ion - BaiIy Suggestion Gets consd-
cration-General News.

Washington, Jan 2S.--Thc revision
of the Aldrsh currency bill was com.
plcted yesterday by Senators A!drich
Allison and Hale. When the commit
tee on finance meets today, after tn,
recess taken a week ago to enable
Senator AloIrich to incorporate in TIL.
bill several amendments which hac
been suggested by both the republic
ans and democrats, the completed meas
tire will be presented and will form tn,
basis for tie final discussion before ii
is reported To the senate.
Most of the changes which will he
made in the Adrich bill as a result OF
the committee discussion have been
explained heretofore In the Washing
ton dispatches. A new amendment
contained in the draft of the revised
bill to be considered by the committee
was suggested by Senator Bailey, one
OF the democratic leaders 1t provides
for an equitable distribution Of the cir
culalion authorized by the bill, and
was the outcome of the apprehension
on the part OF the senators from the
states which have much sparsely set
tied territory that New York, Chicago
and other great cities would be able to
have a practical monopoly of the is
sue of emergency currency thru their
ability to control most or the bonds
which banks must obtain and deposit
in the treasury as collateral for the
issue Of the additional circulation.
Senator Bailey did not submit his
amendment in writing. so it was draft
ed by Senator Aldrich, and Incorporate
ed in the revised bill. Under this
amendment the country is not divid-
ed into subtreasury districts, as was
proposed by Senator Bailey, but each
division comprises a state OF the UNI
ion. whose national banks are to be
entitled to taking out emergency cir
culatlon in proportion to the total
capital and surplus of the national
banks in that state. The republican
members of the finance committee
have approved of this amendment, as
drawn by Senator Aldrich.
Several new amendments are de-
signed to provide for an issue of an
circulation with the least
possible DELAY In the Aldrch bill, as
presented originally to the committee
on finance. it was provided that the
subtreasuries should hold in reserve
the emergency circulation notes of
only such banks as requested that
they be printed and SO held subject to
call.
one of the revised amendments re-
quires the secretary of the treasury to
prepare and keep on hand in THE sub
printed notes of all the ma
tional banks in each subtreasury dis
trict. Under this provision a bank
which had not contemplated taking out
any emergency circulation and sudden
ly desired or felt compelled to do SO
will not be printed and transmitted to
it thru the nearest subtreasury.
The secretary of the treasury is di-
rectcd also by one of the new amend
ments to pass upon the stability of
several classes of unofficial securities
that ma. be used as collateral for cir
To avert any delay thru an
inquiry as to the stability of these Sc
,urities IN times of financial stress the
secretary will be required to have all
such securities classified Immediately
upon the passage of the act.
The important changes in the bill.
heretofore given in The Tribune. pro-
vide that the bonds Of counties and
cities without regard to the number
If inhabitants in these counties and
cities as originally provided, may be