The Montgomery advertiser., 1908-01-08
FINANCIAL BILL IS INTRODUCED. Provides for Increased
 Circulation. WILL CONSIDER IT TUESDAY Republicans Wish to Make it a
 Partisan Measure. cireuIssion Not to Exceed szSo.ooo,oeo ts Bs secured by State and Mu-
 sieipai Bondr-Provision.
 fer Reserves.
WILL CONSIDER IT TUESDAY

f Washington. Jan. 7.--senator AId- rich today introduced in the Senate the currency bill which for some time has been under consideration by Re- publican members of the Senate Con- mittee on Finance. At his request the bill was read in the Senate and care f'i attention was awarded the read ing.
 1T have asked that the bill be read" said MT. Aldrich, after the reading had been completed "in order that the Senate may at once be informed of it's provisions I have been authorized by the Committee on Finance to say that the committee will receive and give careful consideration to bills sent to 1t having the same purposes in view that has been sought in the bill that has been read, and have to request that Senators who have such bills to present them at as early a date as possible."
 Mir. Culberson asked for information about his resolution which had been sent tot the Committee on Finance. di- recting that committee to inquire into the causes of the recent financial strin- gency.
 "The committee has been busy" Mir. Aldrich replied, land has not had time to take up that matter.
 Information not Received.
 He added that the committee had not yet received the information called for from the Treasury Department by the resolutions which passed the Sem ate previous to the Christmas recess. 'T should be glad to take up that res- olution if the Senate so desires at the next meeting of the committee." said Mir. Aldrich, casting his glances around the Senate chamber as if looking to see if some Senator should suggest that the Senate so instruct it's com niittee. "When will the next meeting be held?" asked Mir. CuIberson.
 Next Tuesday," responded Mfr Ald- rich and he added that he would see that Mir. Cuiberson's resolution is in- c1uded among those taken up by the committee at that time.
 It Is understood all Republican mem baFs of the committee are in favor who has himself introduced a bilI pro- viding for central bank at Chicago and intends, 1t is believed, to Yigor- ously uphold that idea.
 Republican leaders in the senate. as whole, are hopeful of the early pas- sage of the Aldrich bill. They declare that while they are anxious that 1t should not be a partisan measure, yet if Democratic oposition should be de- veloped to the --- publican plan for such legislation. A S majority will pro- ceed to put the biIf through the senate A
 Republicans declare that they are ready to accept any reasonable anend- ment from the democrats that may re- suit in making the bill as nearly non partisan as possible. The bill will not be considered by the committee on fi- nance until next Tuesday, Senator AL drich purposely allowing week to lapse between the introduction of the bill and its consideration.
 The BiIl Tn Part.
 Following are the first three sections of the bill:
 'aThat any national banking associa- tion which has circulation notes out standing, secured by the deposit of United States bonds to an amount of not less than fifty per cent of its capi- faI stock and which has 8 surplus of not less than twenty percentum, may make application to the comptroller of the currency for authority to issue ad- ditional circulating notes to be secured by the deposit of bonds other than bonds of the United States.
 The =Comptroller of the Currency, if fin his judgment. business conditions demand such additional circulation and the condition of the association nak- ing the application warrants the issue and shall fix the amount within the Limitations hereinafter imposed of such additional circulating notes to be issued. Whenever after receiving mo- tice of such approval any such asso- citation shall deposit with the Treas ,,rar ar Assistant Treasurer of the, Tinted States such of the bonds de- ecrthed in Section of this act as shall be approved in character and amount by the Treasurer of the United states and Secretary of the Treasury. 1t shall he entitled to receive upon the order of the Comptroller of the Currency circulating notes in blank. regarded and countersigned as provided by law. equal in amount to 75 per centum or the market value. as fixed by the Treasurer of the United States Of the bonds so deposited, such additional CIT cuIating notes to be used held and treated in the same way as circulate ing notes of national banking associa- fions heretofore issued and secured by a deposit of NUnited States bonds ana shall be subject to all the provisions of law affecting such notes, provided that the amount of such additional circulating notes. delivered at any tune to any association shall not In any ease exceed the limit fixed for such issue nv the Comptroller of the Currency: ana provided, further, that the total amount of circulating notes outstand- ine of any national banking associa- tion secured by United States bonds or otherwise, shall not at any time eX- ceed the amount of it's unimpaireo capital and surplus: and provided fur finer that there shall not be outstand- ing at any time circulating notes is- sned under the provisions of this act 10 an amount of more than $250, 100000: and nroyided further, that all acts and arSers of the Comptroller of the Cur Tencv and the Treasurer of the United states authorized by this section shall nave the approval of the Secretary of the Treasury.
 "sec. 2. That the Treasurer of the 1rnitsd states. with the approval of inc Secretary of the Treasury. may sccept as security for the additional circulating notes provided for In the terest bearing obliRations of any State of the United States or any legally anthor.zed bonds issued for municipal purposes by any city or county for period of fifteen years and when, TOT a neriod of ten years previous to such deposit. has not defaulted in the pay mont of any part of either principal or