The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-26
MANY CHANGES in
THE AlDR|CA BILL
Continued from First Page.)

(Continued from First PaSeC
OF to Banking and Currency. was de-
tcrmined upon.
or course, Democrats and Republi-
cans are going. to fight to have the
bill referred to the Committee on Bank
ing and Currency. Chairman Fowler
will lead the fight. and Will have at
least the support Of u majority of
Democrats OF the House. But the
Speaker claims that the Banking and
Currency Committee should not be en-
trusted with the duty OF framing leg
Elslation providing for a general cur
rency law; that It's duty. is to con-
slider amendments to the present bank
ing law and general legislation, pro-
ividing currency system should be
considered in the Ways and Means
Committee.
& However that may be, it is believed
the Currency Committee will not have
a Took In in the framing OF the cur
rsncy law which will be enacted. That
law will be the Aldrich bill, with the
provision allowing the banks to issue
circulation against railway bonds elm
mated.
Judging from the views eSpounded
by the Democrats in conference to-duy
a bill somewhat along the lines OF
Senator Bailey will be Forthcoming.
Senator Bailey's proposed substitute
for the A1drich measure provides for
the Issuance OF money by the govern-
ment instead of by the banks. One of
his plans in regard to this project is
to have the bill conform to the Aldricll
bill in every particular save for the
mode OF issuing the currency, which
Will be through deposits In national
banks and the collection of interest
Therefor The banks receiving currency
deposits Will be required to file securi-
ties with the government in exactly
the same manner as provided in tho
Aldrich bill. Mr.. Bailey has another
plan, which provides for the deposit of
funds in designated depositarles only.
A suggestion which seemed to gain
favor In tho conference was the ex-
tension of deposits to State banks.
AS the talk went along there grew q
tncit agreement among the majority OF
the Democrats in the conference to the
effect that purely q measure for an
Iemergencya currency would be proposed
and supported. The idea Of coming
forward at this time with bill In
ltended to introduce a radical reform
| In money matters was being gradually
Host sight OF, and senators McLaurlil
| and Owen were put in possession OF the
understanding that their measures, Sc
earnestly advocated during the morning
session of the conference, would have
to be abandoned for the present.
Senator McLaurin's bill authorizes
the issuance OF Treasury notes on the
deposit Of cotton warehouse receipts
and was outlined at length by that
ISenator, who urged it's adoption be-
cause OF tho standard character OF
cotton as commodity and because
Iiof the necessity for ready money ir
moving the cotton crop. He contendei
that the cotton producer should be
Ecntitled to the favor of the govern
|ment rather than spectators who hold
stocks and bonds.
Mr. Owens's bill authorizes the use
of government bonds as legal tender
limiting speculative loans by banks
and regulating deposits in banks, he
urged their acceptance as providing
a complete system for the protection
of the public and use of bankers
Another conference Of Democrats
4 will be called as soon as the Finance
Committee of Democrats, consisting
/. Of Senators Daniel, Teller, Money
Bailey and Taliaferro, draw up theil
i bin after persuing tho Treasury De;
A partmcnt figures.
& s. q y r.