The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-01-31
ALDRICH REPORTS
FINANCIAL BILL
important Amendments Made
Since He introduced It
Into the Senate.
BOND SECTION BROAOENED.
LIMIT OF CIRCULATING NOTES
RAISED FROM S25oo0o,ooo TO
O,ooo,oo0-INTERE BEARING
OBLIGATIONS eROADENED.

Washington, Jan. &1-The AldIich
financial bill. which uas been in ne
hands OF the committee on finance
since its introduction in the senate on
January :. was reported by Senator
Aldrich. The various amendments
which have been published from time
to time appear in the bill, although in
general character the bill remains the
same as when introduced. There has
been an effort on the part of the com
nittcc TO emphasize the eme rCency
nature of the act that is proposed and
to this end various amendments are
inserted in the bill which are intend,
Jed TO cause speedy issuance OF addi-
tiOnal currency when Il stringenCy Oc-
ours
The following amendment is insert
ed in the first section of the bill in
lieu Of the provision which gave the
controller of currency power to fix
the time and amount of issues, when
application is made, according to his
Judgment and at his convenience:
The controller of the currency
shall transmit Immediately the aDpli-
cation. with his recommendation, tO
the secretary OF the treasury, who
shall. if. in his Judgment, business
conditions in the locality demand ad
ditional circulation, approve the same
and shall determine the time of issue
and fix the amount, within the limita
| ton hereinafter imposed, Of the add
tiOnal circulating notes to be issued
In the Secretary's Discretion.
"In order that the distribution OF
notes to be issued under the provis
ions of this act shall be made as equit
able as practicable between the var
ious sections Of the country. the sec
rotary of the treasury shall not ap
prove applications from associations
in any state in excess of the amount
to which such state would be entitled
OF the additional notes herein author
lied on the basis of the proportion
which the unimpaired capital and sur
plus of the national banking assOcia
tons in such state bears to the total
amount OF unimpaired capital and sur.
plus of the national banking associa,
lions of the United States. Provided
however. that in case the applications
from associations in any state shall
not be equal to the amount which the
associations of such state would be en-
titled to, under this method of distri
| button, the secretary of the treasury
may in his discretion. to meet an EN-
| Urgency, assign the amount not thus
| applied for to any applying aSsOcia
| ton or associations in the state il
the same section of the country"
Railroad Bond rs Per Cent.
The clause of the original bill, fix
ing 70 per cent of the market value
of all municipal and railway bonds as
| the limit of the issue of notes against
them has been amended SO that rail
road bonds alone are TO be taken al
IS per cent of their market value
Notes may be issued against deposits
of municipal and county bonds I'D tC
! 80 per cent of their market value.
The limit of circulating notes that
may be issued under the act has been
raised from s250,000, 600 to $500, 600.
| 600
The section of the bill relating &c
the acceptance of Understanding OBJ
legations or any legally authorized
bonds or states. cities, towns and
counties as deposits for the security
Of additional bank currency issued
against them has been broadened con
slderabiy by amendment The words
or other legally constituted munich
pallty or district which have been
added, are taken to mean that bonds
issued by school districts and town
ships will be acceptable, provided
they conform to requirements speci
fled. The population Of these munich
palities is fixed by the reported bill at
10000, instead of 10000 as originally
proposed.