Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-04-15
House Proposes to Amend Aid
rich Bill Away From East's
Desires
SENATE MUST YIELD TO WIN
One Amendment Will LegaIize Clear
ing House Associations = New
Amendments Meet Objections of
Western Business Men-Aouse Re-
pubIicans to Hold Conference.

Washing ton April 15.-Represcnta-
house, is getting signatures to call
for a caucus or conference OF house
bill. IL looks now as if the requisite
number of signatures would be secured
and meeting held late this week.
Representatives of the west are in
clined to believe this meeting viii be
a conference, which will not bind
those attending it to abide by any de-
cision that may be reached. caucus
would thus bind them.
The house amendments proposed to
strike out two whole sections of the
senate bill. ana then To insert new
section, providing that clearing house
associations shall be legalized, and
granting such associations power to is
cue certificates in the nature of cur
rency, after d provision in the Fowler
bill.
The house amendments meet the ma
jor part of the northwest opposition. 1t
is said further that members of the
house from the middle west would not
consent TO so into either caucus OF con-
ference on the currency bill as 1t
passed the senate
This meeting of the house members
will be to consider the senate bill as
amended by the house committee, and
that will mean that the senate, when
the bill goes to conference, will be
compelled to yield, the bill represent
ing the house majority as a whole, and
not merely one of it's committees.
Business men say that the proposed
amendment to legaliZe clearing house
certificates will give all the relief need
ed.
j. N. jackson. representing the job
bers and manufacturers of ST. Paul.
stated the position of the business men
as follows:
"Those who have studied this ques-
ton agree that the best means of af-
fording relief in times of financial
stress is by the issue of asset cur
renew That is what a clearing house
certificate is. Assets of banks in the
northwest consist largely of CONNER
cial paper, so that clearing house GER
tificates would be based on such as
sets One of the men from the twin
cities. when he appeared before the
committee yesterday. stated that emer-
gency currency should be based on
commercial paper, the best kind OF
quick asset our banks can have,
and business men generally will APP
prove the Nreeland substitute for the
Aldrich proposition to base emergency
circulation on bonds"
S. A. Harris. president Of the Ma
tional Bank Of Commerce of Mime
apois. said that part of his objection
to the Aldrich bill would be removed
by the adoption of the clearing house
amendment. THAT amendment would
afford some measure Of relief in an
emergency" said Mr.. Harris. and is
good AS far as it goes AS to other
features of the bill. however, I am not
prepared to give an opinion.
yesterday afternoon ! talked With
one or two members of the house who
are we'll up i'm financial matters. and
was told several things that would in
dictate there are several objections even
W 'his i'diuie' WY 9t'i'' liiS'' y WIZ"
take more than a year to make the
plates for this new currency. which
would have to be distinctive and easily
identified.
Suggestion was also made that the
tax on this emergency circulation
would be so heavy that bankers would
be obliged to raise their interest rates.
The tax provided in the bill is per
cent a year. and bankers would have
to charge a little more than that to
come out even on their loans"
1t is assumed that the Nreeland bill
has been drafted after consultation
with Senate. .Aldrich. and that if it is
approved by the house conference or
caucus it will be accepted by the sem
ate.