The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1908-03-26
Senate Disposes Of Many,
Amendments.
RESERVE FEATURE DEFEATED
Amendments Reported by Commit
tees Were All Adopted.
II Was Evident Threusheus Session
That nan would he Perfected
sa Form Approved By Fi-
nance cemuittee.

washington, March 2b.--Con9idorabie
progress was made by the Senate to-
day in disposing Of proposed amsnd-
ments to the Aidrlch currency bin.
1t was evident throughout the sea- !.
sion that the bill would be perfected J
In the form approved by the Finance
Committee. The amendments reported
by the committee were all adopted :
without opposition and then one SEM
ator after another offered additional y
amendments which except In the case
OF one proposed by Senator Dupont
and one by Senator Lodge. were voted
down. Senator Duponts amendment
provided that during the frat six
months the emergency currency Is out
interest shall be paid at the rate. of
la per cent per month and after ak
months At the rate Of "a OF / per cant
per month. Mr.. Aldrich said this
amendment would be accepted By the
COMMITTEES and II was agreed to- The
amendment by Mr. Lodge admitted
bonds of the insuiar government OF
Porto Rico as basis for the eFlers
gency currency
Several amendments were proposed
and laid aside. Among these were aha
amendments offered by Mr. Lodge Tor
the acceptance OF bonds Of fhe phfls
ippine Islands and Of the city Of Ma
Mia among the securities for the is
suance Of emergency currency: BY
Senator Nelson for the payment OF in.
terest at rot less than 1-2 per cent.
on deposits or public money n ma.
tional banks; also by Mr.. Nelson. re-
peaifng sections OF the law SWING
credit TO national banks for PARTS *
their reserve deposited In other banks
Senator Aidrich promised that the COM
mittee would take up all amendments
relating TO bank reserves and report
tomorrow.
Reserve Feature Defeated.
An amendment by Mr.. Hepburn re-
audrinE national banks 20 keep on
hand not less than fifteen per cent 81
their deposits as reserve. was de
featsd. IS to 9.
Senator MeI.aursn efesfaa an.and
ments. ali OF which wera defeated. IS
which he sought 70 make a govern
mant claim hsainAt failed national
banks on account Of the issuance 81
emergency notes. subordinate TO those
of depositors: also providing that nc
oflcer OF a national bank shall be per-
mitted to hold an once in any other
such bank. and providing that indf-
viduaIs should be allowed to receive
Treasury notes from the Department.
on the same terms that the bill per-
mits banks to secure emergency cur
rencg.
senator Nelson offered an amend
ment, which was voted down. allowing
banks to make loans on farm mort
cages.
Senator Aldrich made another state
ment relative 10 the appointment Of .
monetary commission, in response 70 4
question from Senator Owen. saying:
ut IL apparent to me that recent
events have shown an absolute neceg-
sity for taking up this question In 3
legislative way and the preparation
for that will be entered on in tbs TIM
mediate future
The discussion on Senator Mcl-auripig
amendments served 70 brine out a
statement by Mr.. Aidrich IN which he
said he would never consent 20 taking
away safeguards OF national bank
notes which had existed BY act OF Cons
gress for forty years.
Replying to a question by Mr.. Nc
Laurin, Mr.. Aldrich said that while II
was true that the governments guar
antee would be great yet various GU
mulative guarantees had been thrown
about the currency in order that abb
golute confidence in II might prevail.
Ne remembered time when the secur-
ity OF the United States were not at
par and when the bonds of Mississippi
were not accepted In market places he
said the double liability OF stockhoid-
ers Of the banks was guarantees that
the depositors would never lose any
thing on account OF the governments
orior claim.
Phillpplne B0nds.
While the Question OF accepting
philippine bonds as security was un-
der consideration Senator Teller spoke
in opposition to the proposition .basing
his objection on the ground that there
would be no means OF determining
their value. and said:
II do not want to DO anything that
will tie that country to this. want
10 see the ISLANDS cut loose from this
country. II we have war with ia
pan we win not have troubie with
them as Japan will walk in and take
Replyihg. Mr. Lodge argued that
Congress should not dlscredit bonds Is
sued on It's authority. He contended
that the bonds were practically similar
| 10 state and municipal bonds Ia
this country which are not acceptable
for government deposits Of money -
the banks.
Mr.. Nelson's amendment providing
| that national banks should be author-
ized TO loan upon farm mortgages led
SENATOR Aldrich to declare that for
| hank PURPOSES the farm mortgage was