The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-26
Will Retain Underlying
Principles; Important
Concessions Made
NATION B ACk OF
NOTES TO BEISSU JED
One Important Provision Makes
Treasury Responsible for Notes
Issued Under New Law.
Minority to Present
Substitute
Measure.

si"'<AofAAN1 lOtN. u. ACp anuary d.
When the Senate Committee on Finance
meets next Monday Chairman Aldrict
will be prepared to exhibit. the perfect.
ed text OF his currency bill. During
the recess of the committee Senator
Aldrich has been engaged with sena-
tors Hale and Allison and other promi-
,nent Republican members Of the com.
mittee In putting the finishing touches
upon the measure. Tho new bill will In
no wise be a departure from the prln-
ciples underlying the original meas
ure, but II will embody many changes.
Among the more Important OF the
chan ges Will be one accepting ;ena-
tor Bailey's proposition for the dis
trlbutfon or the proposed surplus banle,
issue among the various States In pro-
portion to their banking capacity, CAPT.
tai and surplus. This feature has beer
strenuously contendedsfor by the Texas
Senator, and the Republicans have de-
cided to concede it not only because
they consider 1t equitable, but because
they think it will assist materia lly In
srinEing Democratic support to the
meas ure when itfreachesS the senate.i
Senator Bailey has been enga Eed In
preparing substitute BILL, and It 1ist
not yet determlned whether he will
desist. slEE
Double Extrn Circulation.
other changes which 1t is hoped will
nave modifying effect upon oppo-
nents In the Senate Is ono Increasing
the amount OF extra circulation al-
lowed BY the bill from $25O,oO0,0oO
iprovided by the first draft OF the BILL:
to $5000oO.O00. and ano ther making
radical changes In the provision In
regard to municipal bonds. which the
sbtll provides shall be accepted as se-
curtty for the surplus issue.
As as the Dill stands. 1t requires that
cities whose bonds may be 4acceptcds
shali be fifteen years old. have .rot
FEWER than 10000 in population. and
snail not for ten years have tefau1ted
onYany bonded lndebtednes ess. !s'Ssss's s,s's
t,nn IN the new print all these restric.i
and the au thorltles viii thus 81. be ner. ,s,.
nlitted TO pass upon all municipal
bonds upon their merits atstheg Tine
raes prese = ated; : d. The committee also viii
Issues vii be permitted to the extci,t fa s +
ot 90 per cent of the market value
oln the bonds depo sited, Instead Of NT5s
Per. Per cent rs the first bill called for.
nus nnis .auer change was suggest led by
law. = = - : ! oalh li9s
Design of the Amen d mcnts.
All these amendments are intended
to meet the demands OF those who
would provide. first, for a greater SeX-
panstont OF the circulating medium. and. 4
secondly, for more lberaI and euuit-
able treatm ent OF tho smaller and
newer centres OF population.
\, On ne important effect OF the bill. as
II viii be presente ed, viii be that iofl
making the United States fTreasuryssS
directly responsible for the pnyment
OF III. bank notes issued after the law
goes Into effect, There is popular.
lsimpress ssion that under the terms OF
tho bill here will be two kinds g1f.
bank notes. one class such an Is now
used and issued and the other stha
extra circulation to be issued under
the new law. Mr.. Aldrich character
| LEES. this as an entire misapprch ensIon
OF the intent OF the meas re-
Want COrtelyOua Statements s.si
Whether til 9 committee will report
the bill ter Its next meeting will
depend largely upon the extent that
the committee may be disposed to go
In still fur ther granting courtesy TO
| Secretary Cortelyou In the matterRnf
his slong-promised tatement In regard
| to the course Of the Treasury during.
the recent financial stringency. There
isno longer a pretensei that the c1larac-
ter OF the bill itself will beschange1
In any wise by this report. but Il is
felte that the figures Mr.. Cortelyou VIII
suppl y viii be OF vital importa nee In
sonsiderlng the, PHI. in the Senate; Il
ment will be delayed beyond the mid
~ a fy,ny = ,aolr -l