The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-31
THE CURRENCY BILL
IS BEFORE CONGRESS.
A1drich Measure Reported by
Majority with Many Changes.
General Character the Same.
TIME AND AMOUNT OF ISSUES.
New Section Directing How Sec
TIME AND AMOUNT OF ISSUES.
New Section Directing How Sec
rotary Of Treasury Shall Pro-
ceed-Arnount Increased.

SSSA- AlllOltlIl lllSl SCSSSls
WASHINGTON. D. c.. January 3d.
Senator Aldrich. chairman OF the Sem
ate Committee on Finance. to-day ia
reported his bill providing for
an emergency increase in the national
bank circulation.
The report was authorized at meet |
ing of the committee held to-day at
which all the Republican members
present voted for resolution author
ling the reporting OF the bill, and all
the Democrats voted for the Blilcyi
substitute. Senator Hansbrough. who
favors a central bank scheme, was mott
present. and his vote was unrecorded.l
The Democrats IN attendance were
Senator'S Teller Bailey and Daniel.
Senator TalIaferro who is absent In
Florida was recorded as for the Bal
ley substitute. Senator Money also
was absent. and his vote was uure.i
corded. Mr.. Aldrich said he would
call up the bill for consideration on
Monday. February 10th.
General Character the Same.
Various amendments which have
been published from time to time ap-'
pear in the bill. although in general
character the bill remains the same
as when introduced. There has been
effort on the part O: the COMMITTEES
10 emphasize the emergency mature of
the act that Is proposed, and to this
end various amendments are Inserted
In the bill, which are intended to cause
speedy Issuance OF additional currency
when stringency occurs. The fol-
sia,, apf 4 4 n SCI in the
first section of the bill in lieu OF the
provision which gave the Comptroller
of the Currency power to fix the time
and the amount OF issues when appli-
cation Is made. according to his judS-H
ment and at his convenience:
THE Com troller of the Currency
shall transmit Immediately the appi!ca-
Secretary OF the Treasury who shall.
in his 1ud gment. when any locality de-
mund additional circulation. approve
tho same. and shall determine the time
0f !ssus and hx the amount. within the
limitations hereinafter imposed OF the
additional circulating notes TO De issued sued
to be Issued under the provisions OF
this act shali be made as equitable as
practicable between the various sections
Treasury shall not. approve applications
nom associations In any state In excess
Of the amount to which such State
herein authorized on the basis OF the
proportion which the untmpnired CAPT.
associations in such State bears to the
total amount OF impaired capital and
surplus OF the national banking associn-
lions OF the United States: provided
however. that In case the application
from bank in any State shall not be
equal TO the amour, which therassocia-
under this method OF distribution, the
Secretary of the Treasury may In his
discretion assign the amount not thus
applied for, to any applying association
OF associations in States in the same
section OF the country"
The clause Of the original BILL fixing
Is per cent Of the market value OF all
municipal and railway bonds as the
| limit OF the issue OF notes against them,
| las been amended SO that railroad
bonds alone are to be taken at % per
cent. of their market va4ue. Notes
may be Issued against deposits OF
imuntcipal and county bonds up to 80
| per cent. of their market value, The
| limit of circulating notes that may be
Issued under the act has been raised
from $25u,oo0, 900 to 100000. 900.
The section OF the bill relating to tho
1 acceptance OF Understanding obiiga-
itions or any legally authorized bonds
| Of States, cities, towns and counties as
deposits for the security of additional
odH4A lllelI mas
been broadened considerably by amend
ment. The words 6"or other legally cons
sHtuted municipality or district which
have been added are taken to mean
that bonds issued by school districts
and townships will be acceptable, pros
triding they conform to requirements
specified. The population Of these
municipalities is fixed by the reported
4 bill at 10000, instead OF 10000, as
5,ortginally proposed.
i Must Ascertain Vgluc
4 There,is an amendment making it
the duty OF the Secretary of the Treas
4 ury to obtain Information with REFER
j|ence to the value and character OF tile
municipal and railroad securities all
thorized to be accepted and he is re-
& quired to furnish information to- ma
4 t'onal banking associations 8us to such
4 hrnds$ as would be acceptable as Rsecur.
itE. The clause relating to the accept.
s. ance OF railroad bonds as security for
notes ia anne ndedsso as to include only
4 the bonds or roads which comply with
the existing law in reporting state
rrents OF their conditions and earnings
ii 70 the Interstate Commerce Commits.
i SION. The provisions of the ortgina
MI relating to the preparation OF cir
y iculatlng notes In bank3to an amour
} I eflla! TO 30 per cent. OF the capita
stock of a bank requesting an issuance
n has been changed SO that II Is ma nda
K tory upon the cornptroller to procee %
!, as'Gs oon as practicable to prepare ote
lfpr al! nat!p< Al banks. so that they ma,