The Oskaloosa herald. (Oskaloosa, Mahaska County, Iowa) 1885-1919, 1908-05-28
COMPROMISE ON
CURRENCY BILL
coNFEREEs REACH TENTATIVE
4; AGREEMENT ON MEASURE.
CHIEF POINTS ACCEPTED
Payne and Williams Have Their Usual
Clash, After Which the
House Does Much
Business.

Washington, May 27.-The senate
and house conferees on the currency
bills held three meetings Tuesday and
at the third, which did not adjourn un-
til $3.50 o'clock, reached a tentative
agreement on which will be based the
compromise agreement which the Re.
publican members of the conference
hope to reach at an adjourned meeting
Wednesday.
At the conclusion of the final meet
ing Tuesday afternoon the probability
of the reporting of compromise bill
to the two houses of congress was
much stronger than at any previous
time this session, Indeed, it was con-
ss.idered certainty.
MaIS Points of Compromise.
The following arc are IL tttse main points of
the understanding that "Inaa l,o oesh
reached: The reserve provisions IN 2e,
Vrseland bill, calling for retention of
20 per cent. in central reserve cities
and 15 per cent. in other reserve
cities, is reduced to a straight ten per
cent. reserve without reference to
classification Of cities.
A higher rating is given to state and
municipal bonds than to other securi.
ties upon which an emergency curren-
cy may be taken out by banks. That
is to say, county, state and municipal
bonds will be valued at not to exceed
30 per cent. of their market value. and
all other bonds at not to exceed 70 per
cent. of their market value, both with
out regard as to whether they are Of
fered as security for additional circu.
lation under the national clearing
house plan, or under the individual
bank, bond security plan. s..
The amount of circulation issuable
upon commercial paper basis is lin
tied to 40 per cent. OF the capital Of
the applicant bank, instead OF 100 per
cent: as provided In the vreeland BIZ.
fhe redemption fund requirement OF
hye per cent. under the present law is
increased to ten per cent. for, all
emergency currency taken out,
The total amount Of emergency cur.
rency issuable is confined within a
maximum of $500, ,000,0O0 as provided
by the Aldrich bill.
A time limit of three years is placed
upon the life of the bill.
Payne and Williams Clash.
The two floor leaders of the house
again occupied the center of the stage
Tuesday, and performed their usual
feat OF charging each other with re.
sponsibility for the conditions at pres.
ent existing in that body. In came
about through an order presented by
Mr.. Payne of New York, granting five
days leave after adjournment in
which to print in the congressional
record the remarks that might have
been but were not made on the floor.
he took occasion to arraign the Demo
Gratis for their filibuster and said that
the Republicans had no apology to
make for their course. Mr.. Williams
accused the majority Of doing nothing
at the present session and opposed the
order because it gave members no Cd.
portunity to reply to statements which,
he felt in advance, would call for an.
swer. The order was adopted. t@
Following this discussion business
proceeded at a rapid gait. The confer
ence report on the military academy
appropriation bill was agreed to, and
numerous bills were passed. .., ..
The senate did practically nothing.