Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-05-27
ONE POINT LEFT UNSETTLED.
Was That Pertaining to Matter
OF Time Limitation Upon the
Proposed Bill.
Proposed Measure Retains Basic Prin-
clplcs Of Vrccland Bill and Adding
Thereto from Aidrich Bill.

Washington. May 27--After two
hours elaboration the Republican
members of the conference between
the houses of Congress on the currency
question reached an agreement at 1890
o'clock today, but it was stated that
the exact terms would not be made
public until the proposed bill has been
submitted to the full conference in
Guiding the Democratic members. II is
understood, however, that the bill will
follow the general lines tentatively
agr<d upon yesterday.
The only point which was unsettled
by the Republican conferees during the
morning session was that pertaining
to the question of a time limitation
upon the proposed bill. Mr.. Burton
held out stifly for five year limit and
was supported by his fellow conferees
OF the house; but the senator's were in
clincd towards the view that no limit
should be fixed and so persistent were
both sides that when they adjourned
no agreement had been reached II was
represented to the conference that the
tors and after adjournment Secretary
Jaft held conference with Mr.. Burton
In the hope of bringing him over i'm
which he was not successful at the
time
The Republican conferees decided on
the following provisions to be carried
IN the compromise bill retaining the
basic principles of the yreeland bill
and adding thereto from the Aldrich
bill;
PROVISIONS.
The reserve required to be retained in
central reserve and reserve cities Is 10
per cent straight. A redemption fund
OF 10 per cent. instead of per cent re-
quired by the present law, is stipulated.
ana all OF II shall be held in Washing
tCn Inc emergency currency issuable
shall not exceed in the aggregate $780,
oOp'Voo such currency shall be subject
10 retirement tax of per cent fol-
the first two months and an additional
Per cent per month thereafter until 10
per cent is reached. State, county and
municipal bonds shall be acceptable as
security for emergency currency at 90
per cent of their market value. Other
bonds and commercial paper shall be
similarly acceptable at 70 per cent of
tEeir market value. No bank shall be
allowed to take out emergency circu.
per cent of its capital and surplus
when the security offered is commercial
paper. No emergency currency may be
taken out under any circumstances un-
less the obligant bank has already TAX
en- out, according TO the present law.
an amount of currency equal TO 40 per
cent of its capital stock and surplus.
The provision from the Aldrich bill is
Incorporated in the conference bill at
banks which hold state. county and mu-
nicipal bonds may with the approval
of the secretary of the treasury, take
out additional currency directly upon
them up TO 90 per cent of their market
Nalu"-that Is. they may do so on their
individual initiative and responsibility.
The use of commercial paper as basis
for taking out emergency currency may
be only by banks which affiliate them
selves In groups of not less than 10
with an aggregate capital and surplus
of not less than s5,000.0O0 Such groups
shall be known as national currency
associations instead of national clear
ing house associations" the clearing
house association OF the country having
objected TO the use of the latter name.
The clause creating currency commits
sion to be composed of nine members
OF the senate and nine members OF the
house Is carried in the bill
NOT OUT OF THE WOODS.
IL Is understood that while the bill
II reported today, viii pass the house
today, some of the Republican members
az the senate who voted against the
Aldrich bin. will join with the Demo-
cratic members in opposing the confer
ence bill. Such an action would. OF
course, render considerably more diff
cult the passage of the new bin in the
senate and would serve to further de-
lay adjournment
The conference ON the currency bill
was concluded at o'clock and 1t was
announced that the bill would be re-
ported to the house Immediately. The
time limit on the bill was fixed at six
years. making the bill expire ON June
30, 1914.
The conference report on the currency
bill was reported 10 the house at 2;2b
p M, and its consideration was imme-
diatcly begun.