The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-01-08
INCREASED CIRCULATION
OF MONEY PROVIDED FOR.
Limit of Issue of Bank Notes To Be
Placed at so5o,ooo, 900 Upon Gov.
ernment, State and Munlci.
pal Bonds Approved.

Washington, January ..-Senator
Aldrich today introduced in the Senate
the currency bill which. for some time.
has been under consideration by repub-
lican members of the Senate committee
ON finance. At his request the bill was
read in the Senate and careful atten-
tion was awarded the reading
Il have asked that the bill be read"
said Mr.. Aldrieh, after the reading had
been completed I'm order that the SEN
ate may at once be informed of it's
provisions. / have been authorized by
the committee on finance to say that
the committee will receive and give
careful consideration to bills sent to it,
having the same purposes in view that
are sought in the bill that has been
read, and I have to request senators
who have such bills to present them
at as early date as possible"
Mr.. culberson asked for information
about his resolution which had been
sent to the committee on finance,
directing that committee to inquire into
the causes of the recent financial strin-
gency.
Aldrich replied, "and has not had time
to take up that matter"
He added that the committee had not
received the information called for
from the treasury department by the
resolution which passed the Senate
previous to the Christmas recess.
Il should be glad to take up that
resolution If the Senate SO desires at
the next meeting of the committee
| said Mr. Aldrich, casting his glances
around the Senate chamber as IL look
ing to see If some senator should sug-
gest that the Senate so instruct its
| committee
when will the next meeting be
held?" asked Mr.. Culberson.
Next Tuesday" replied Mr.. Aldrich,
and he said that he would see that Mr..
Culberson's resolution is included
among those taken up by the commit
tee at that time.
Republicans Like Bill.
1t is understood all republican men,
bers of the committee are in favor of
the measure except Hansbrough, who
has himself introduced a bill provid-
| ing for a central bank at Chicago, and
| intends 1t is believed, to vigorously
| uphold that idea.
Republican leaders in the Senate, as
| a whole, are hopeful OF the early pass
age of the Aldrich bill. They declare
that while they are anxious that It
sh ould not be partisan measure, yet.
IL democratic opposition should be de-
yeloped to the republican plan for such
legislation the majority will proceed
to put the bill through the Senate as a
party measure
Republicans declare that they are
ready to accept any reasonable amend
ment from the democrats that may re-
suit in making the bill as nearly nom
partisan as possible.
The bill will not be considered by the
committee on finance until next Tues
day. Senator Aldrich purposely allow
ing a week to elapse between the IN
PRODUCTION of the bill and this con-
sideration.
The Financial Bill.
The financial bill, which has for some
time been in preparation by leanihs re-
publican members of the Senate conilnit-
tee on finance, was today printed anu
given to the public. The Dill proViues
for an additional issue of bank clrcuia-
ton which shall at no time exceed szoo'-
600 O0o upon bonds other than those is-
sued by the government, including state
and municipal bonds in approved cases.
The comptroller of the currency Is given
discretion in the issuance of the proposed
currency, and is authorized to decide as
to the time and the amount to be award
ed to any banking institution. 1t Is pro-
yided that Increased circulation shall in
no case exceed rs per cent of the value
of the bonds deposited.
Senator Aldrich introduced the bill in
the Senate soon after that body convened
today Following are the first three Sec
tions of the bill:
THAT any national banking association
which has circulating notes outstanding
secured by the deposit of United states
bonds to an amount of not less than %
percentum Of its capital stock, and which
has a surplus of not less than 20 per-
centum may make application 10 the
comptroller of the currency for authority
to issue additional circulating notes, TO
be secured by the deposit of bonds other
than bonds of the United States. The
comptroller of the currency, If in ms
| Judgment business conditions demand
such additional circulation and the con-
dition of the association making the ap-
| plication warrants the issue, shall fix the
amount within the limitations hereinafter
| imposed of such additional circulating
| notes to be issued. Whenever, a1ter re-
| ceying notice of such approval any
| such association shall deposit with the
| treasurer or any assistant treasurer OF
| the United States such of the bonds de-
| scribed in section 8 of this act. as shall
| he approved in character and amount oy
| the treasurer of the United States and
| the Secretary of the Treasury, 1t shall be
| entitled to receive upon the order of the
| comptroller of the circulating notes In
| bank registered and countersigned as
| provided by law, equal in amount to 20
| percentum of the market value, as fixed
| by the treasurer of the United states
| of the bonds so deposited, such additional
| circulating notes to be used, held ana
| treated in the same way circulating
| notes of national banking associations
| heretofore issued and secured by de-
| poslt OF United States bonds, and shall
| be subject to all the provisions OF law
| affecting such notes, providing that the