The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-02-12
To
CURRENCY BILL
Most of Those Made by the FL
nance Committee Found
Favor in Senate.
RAIL WAY BONDS EXCEPTED
HEPBURN SPRINGS PARLIA-
MENTARY QUESTION.

Washington, Feb. 1.-SenatOr Al
drich called up his currency bill today
and formal amendments made by the
finance committee, which were adopted
by the senate.
Senator Burnett of Nebraska in
quired concerning the provisions for
the distribution of funds by the sec
rotary of the treasury, and Mr.. Al
drich replied that if the currency pro-
vided should not be needed in one state
it could be apportiOned to another state
I'm the same section of the country
Inquiry was made by Senator Dolli-
yer whether the provision in respect
| to railroad bonds as security for cur
rency circulation could include bonds
of roads other than those operated by
steam.
Mr.. .Aldrich replied that if the roads
are interstate roads they should make
reports to the interstate commerce
commission.
Mr.. Bailey said there was, in his
opinion, no doubt that the bill does eX-
clude interurban electric roads.
La FoIIette's Amendments.
Mr.. La Toilette had read amend
ments he intends to offer. They pro-
vide that no bond of a railroad should
unless the face value and cost of re-
producing the railroad shall have been
ascertained by the interstate commerce
commission. and currency issued on
such bonds shall not be more than Is
per cent of physical value of the road
on which the bonds are based.
! Notice was given by Mr.. McLaurin
of Mississippi of an amendment ne Will
offer limiting the amount of currency
to be issued on any bonds to the par
value of the bonds.
Senator Daniel offered an amend
ment providing that bonds of railroads
that have paid regularly and contin-
uously for five years next preceding the
deposit of its bonds the interest due on
all it's bonds" scan be used for curren-
| cy issues. That amendment, he said,
would allow the use of bonds of roads
! that have not paid dividends on stock.
This would permit the use of the bonds
/ of a number of southern railroads
which are now excluded.
| Upon the suggestion of Mr.. Aldrich.
Mr.. Daniels amendment was referred
! to the finance committee. A change
was suggested by Mr.. McCumber Of
North Dakota requiring the secretary
of the treasury to determine the "ac-
tual value" of the bonds offered for
currency circulation instead of the
market value"
Philippine Bonds Also.
| Senator Lodge gave notice of an
amendment including among the bonds
available for currency issues the bonds
of the Philippine islands government,
the city of Manila and the railroads
of the Philippine islands, the interest
of which has been guaranteed by the
/ PbiIinpiDe government.
/ An extended discussion was precipi-
tated by Senator Hepburn of Idaho on
| a parliamentary question concerning
the propriety of the adoption of the
committee amendments as part of
| the bill Senator Aldrich, however, in
sisted that such action would in no way
/ hansper the senate in amending the
bill, and the Democrats expressed their
approval with that method of proceed
ure.
All committee amendments were in
| cOrporated in the bill except those de-
claring the valuation to be fixed by
the secretary of the treasury of bonds
to be accepted as a basis for currency
! circulation and the provisions in rela-
ton to railroad bonds.
The senate, at 5:04 p. m, adjourned,