The Washington herald., 1908-05-26
PLAN CURRENCY BILL
Congress Leaders Expect to
Reach Compromise.
WILL MEET MANY OBSTACLES
Danger Threatens I'm Both House and
Senate, but Managers Hope for the
Best-Two Houses Patch I'D Peace
After a Day of NEUTRALITY-SUSPICIOUS.
Threaten New FiIibuster.

Congress had a quarrelsome day yes
terday, but late last evening the olive
branch was displayed
After one or two Senators had spoker
their minds regarding the attitude OF The
House toward the Senate. and a speech
had been made in the House arralgninl
the Senate for adding immense sums tC
appropriation bills, despite the desire OF
the House leaders to keep down the ses
sion's expenditures, an armistice was
patched up.
Toward sundown Senators Aldrich and
Hale put on their straw hats and walked
over TO the House. Speaker Cannon hac
sent for them. These three and Repre-.
sentative Vreeland parleyed for a briei
space. and later in the evening they gol
together and started to work on a meas.
ure which it is hoped VIII harmonic the
views of the two Houses and result in
an emergency currency bill being passed
by the present session of Congress. They
may succeed in evolving a bill that can
be passed by both Houses, but there are
still many skeptics.
| many Obstacles In Sight.
Roughly outlined, the compromise plan
is 70 preserve the principle of bond-se-
cured currency which the Aldrich bill
recognized, but there is a possibility that
| certain high classes Of commercial paper
may also be recognized as a basis for
emergency money with a time limit. The
effect Of the bill viii also probably be
limited, and a provision for a currency
| commission 10 evolve a better plan in
| cluded.
/ If the couferees can agree-and il is
believed that this Will be brought about
at further conference to-day-othe, OBJ
stacles loom ahead. The President has
been pressing with tremendous energy
for some kind Of currency legislation.
That and the mail subsidy proposition
have been two things that he particularly
desired Of Congress. The President S
men," as the element which IS backing
his programme is called. who started the
insurrection against the Speaker. are &C
credited with having killed the mail sub
sidy proposition. Now IL is suspected
that the Speaker Is not averse 20 giving
them a Ike opportunity with Z currency
bill. II the compromise embodies any
! essential features OF the Aldrich bill. II
is altogether likely that the ultra-Roose-
veltians from the West will join the
House Democrats in voting 1t down.
Threaten Delay in Senate.
But the Senate Democrats also have
10 be reckoned with. They are threat
ening 20 debate anything that smacks OF
asset currency TIL the asphalt on Penn
sylvania avenue softens under a tenn
perature Of 100 degrees in the shade.
However II any kind OF a currency COM
promise can be put through the two
Houses. adjournment will come In a few
hours thereafter. As a matter OF f1ct.
Congress could have adjourned for good
last night, but for the obstinacy Of
Speaker Cannon about passing minor
measures and making the Democrats the
victims OF their own roll calls incident
20 their hlibuster.
AS explained by one Of the leaders, the
compromise will be made up Of the Vree-
land bill practically intact. with sections
added as concessions 10 the Senate. The
Vreeland bill as 1t passed the House au-
thorizes the issuance OF emergency cur
rency through clearinghouse associa-
tions. The compromise bill will provide
that individual banks. not connected with
such associations. may issue currency
upon State, county. or municipal bonds
approved by the Secretary OF the Treas
ury
The compromise will be more specific
than the Vreeland bill in its provisions
as 10 the kind OF securities that shall be
accepted as basis for emergency cur
rency. Commercial paper will be recog-
nized as security for such purposes, but
Il will probably be provided that COM
mercisi paper so used shall be short
time" paper. A more specific provision
as 20 the Endorsement Of such security
will be incorporated in the DILL
want Details Specific.
1t is insisted also by House leaders
that the new bill must apportion the
amount of currency that shall be issued
through the clearinghouse associations,
and the amount that shall be issued
through individual banks.
The difficulty. so far as the House is
concerned. VIII be involved in bringing
certain Republicans into line. Senators
Culberson and Teller threaten 10 talk the
currency bill TO death If it is brought up
for passage in the Senate.
No plans looking to adjournment will
be made pending the present negotiations
over emergency currency. The House
leaders are willing TO postpone the date
OF adjournment indefinitely IL they see
in such an arrangement a chance Of en-
acting a currency law. During the past
few days members have been deluged
with kilograms urging them TO action
ana insisting that IL would be unwise
70 leave the Treasury in a state of un-
preparedness for possible contingencies
some time between now and next fall
For this reason members who were for
merly doggedly determined that no bill
should be passed except the one that was
adopted by the House are more willing
to listen to the talk of compromise be-
tween the House and the Senate.
Fear Democrats May Control.
Orders were sent to absent Republicans
yesterday to hurry back TO Washington
without delay. This was done not only
on account of the probability of another
vote in the House on emergency cur
rency. but because the Republicans fear
that if there are many more desertions
the party control Of the House might be
temporarily jeopardized. Should the Re-
publicans be defeated on any given meas
ure owing 70 the absence of members.
IL was stated the effect would be bad.
and might react in a political way. Ac-
cordiDgly. absentees were informed that
If they did not return instanter the Ser
geant-at-arms would be dirested to bring
them back.
Many members are being held here only
by the uncertainty as 10 the fate of the
omnibus public buildings bill Representa-
tive Bartholdt. of Missouri. who is in
charge of the public buildings BILL an
nounced yesterday that he would not
call it up In the House until final de-
cision had been reached on emergency
currency legislation.
DispcIIer of FOgs.