The Washington herald., 1908-05-07
MAJORITY DECIDES
ON CURRENCY PLAN
Vreeland Bill Amended Is
Likely to Pass House.
COMMISSIONS IDEA FAVORED
Republicans of House Debate Three
Hours at Second Money Confer
ence-PrineipIes of VreeIand Meas
ure acknowledgement to
Perfect Measure and Report.

II the vote OF a majority Of the Re
publican members OF the House of Repre-
sentatives st the currency conference last
night may be taken as a barometer. the
House wiII pass before adjournment a
bill similar in many respects TO the meas
ure introduced some time ago by Repre-
sentative Vreeland. Of New York
While the majority did not go upon
record last night as indorsing the Vree-
land bill. many OF IT'S principles were IN
dorsed directly and a committee OF five
members. consisting Of Representatives
Vreeland. Burton, of Ohio; Mckinney. Of
Illinois; Weeks, Of Massachusetts, and
Knowland. Of California. was appointed
to perfect this bill. This committee viii
report TO the majority at another con-
ference TO be held Monday night
VIII Be Endorsed.
Il IS expected that.at the Monday night
conference the perfected bill as amended
by this committee will be indorsed by the
conference and plans viii be laid 70 force
It through the House. As TO the Senate.
there is much conjecture, as that body
has already gone upon record as being
in favor OF the much altered Aldrich bill.
The conference Of last nisht lasted for
three hours. and, while at all times It
was brisk, the end was rather sensa-
tionaI Representative Hin. one Of the
insurgents" who has consistently op-
posed the Yreeland bill, and Speaker Can
non. who. on Tuesday night. strongly
urged its Endorsement. exchanged hot
words. but went no further.
The main provision, which was really
indorsed by the majority. is that author
izing an emergency currency circulation
based on commercial paper and issued
through the clearinghouse association.
The creation OF g commission which shall
perfect and revise the present banking
laws of the United States was the second
in Importance.
It developed early in the conference that
the friends of emergency currency legisla-
ton that embodied these two main prin-
eiples. would have but little in having
these principles sealed with the party's
approval, although most Of the members
were plainly averse to the proposition to
further undertake the alteration Of the
banking laws Immediately.
Hill Offers Payne Bill.
Representative Hill, of Connecticut, Of
fered tho Payne bill. which. in substance,
provides for additional circulation, which
is to be based upon government bonds
Adverse action upon this measure was
overwhelming. the vote being 100 to 80
Representative Keifer, of Ohio made A
motion that the portion Of the Bennett
resolution presented to the Tuesday night
conference, which recognized commercial
paper through clearing house associations.
as a legitimate basis for asset emergency
currency, be adopted. This motion car
ried, by a vote CT lis to q.
The proposition TO authorize the crea-
ton of a commission TO revise and perfect
the banking system of the nation, was
carried by the most decisive vote OF the
conference, $50 members favoring it, and
but three opposing IT,
At least twenty members spoke on the
subject Of currency during the evening.
OF these the great majority supported
the Vreeland bill, IL not in ell its details.
at least as to fits principles. Representa-
tives Hill. Prince, Of Illinois. and Mccall.
of Massachusetts,. opposed this bill Wig
orously.
Hill and Speaker Clash.
Mr.. Hill and Speaker Cannon clashed
when the latter said: You are out FOR
mischief"
Shaking his fist at the Speaker and
advancing toward him in a threatening
manner, Mr.. IIiIl evidently angry clear
through. shouted: "Ill let no man talk
that way to me-
The incident ended there. and it was
asserted after the conference that the
two dissenting members had been recon-
ciled.