The morning journal-courier., 1908-04-09
Will Oppose the Measure in
Its Present Form and
Strengthen Congress-
man Hills Hands.
AMENDMENTS ARE BAD
Resolutions May be Forwarded
to Mr.. sperry or a Mem.
ber Sent to Washing
ton to Oppose Leg
islation.

The circular letter sent out to all the
members of the clearing house section
Of the American Bankers association
by August Blum of Chicago, president
of the clearing house section of the as
ISOLATION, urging opposition to the Aid
rich currency bill In it's present form,
appears TO have fallen on fertile field
so far as the New Haven Clearing
House association is concerned. This
morning the members of the associa-
tion, who are the presidents of the ma
tlonal banks of the city, will meet to
take action.
President Samuel Hemingway of the
Second National bank Is president Of
the local Clearing House association.
Just what the association will do at its
meeting this morning remains to be
seen. 1t Is certain that 1t will oppose
the Aldrch bill in its present form.
Whether 1t will oppose the bill In its
entirety, or with reference to amend
ments it Is impossible to state. 1t Is
certain, however, that tho proposed
law will meet with the determined OPP
DbSlllbl VI Nnt lOtdl phbhUiS III ITO
present shape. There are two ways In
which this opposition can be shown:
First by a set of resolutions forward
ed by the secretary Of the Clearing
House association, Charles e. Curtis
of the City bank, to Congressman Sper-
ry of this district and second by the
appointment of member Of the asso-
citation to represent the clearing as
sociation before the committee on cur
rency and banking at Washington In
opposition. This is thought to be the
likelier course.
The local bankers are said to be a
unit in their opposition to the bin. At
1 first inclined to take favorable view
of 1t, the amendments which have been
added since by the senate makes It's
acceptance impossible at least from the
point of view of bankers in this section
of the country. AS the proposed bill
Is yet to pass the house OF representa-
tves 1t is felt that the hands of Con-
gresham Hill of the Fourth Connects
cut district, who is opposed to the pass
age of the bill and who Is working hard
to defeat 1t, should be upheld. 1t Is
the conviction OF conservative bank
ers that this is no time to undertake
experiments in financial legislation.
One of the matters concerned In the
bill which is of great Importance, came
up in the hearing yesterday before the
house banking and currency commits
tee 1t appeared that both Republican
and Democratic members Of the CONF
mittee are troubled by the important
question whether the passage of the
measure would not increase the SELL
ing price of the municipal and state
bonds on which the bill proposes to
base an emergency circulation. Il.
Southland Parker, president Of the Ma
tional Metropolitan bank of Washing
ton, suggested that there was no ques-
tion that the passage of the bill would
give u fictitious value to this class Of
bonds, and Mr.. Fowler OF the COM
mittee agreed with MIN. In that case.
three classes of bonds government,
state, and municipal, would have prices
on them made by their use as basis
Of circulation. This Is matter In
which investors are everywhere inter-
csted.