The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1908-01-03
Bills Will Be Presented In House
And Senate
PLANS FOS RELIEF DIFFER
House Bill Favors Asset Currency,
While Senate Measure Proposes
An Entirely Different Plan
- For Securities.

Washington, January with the
approach of the reconyenine of Com
gress there is renewed talk of legisla
tion Tor the relief of the financial sit
uation, and the present prospect is that
both houses will soon be busy in thar
line The sub committee of the House
on banking and currency appointed to
frame bill to meet the present con-
dlt1ons will resume its sittings early
next week and hope is expressed thai
measure will be completed before a
great while. The Senate committee on
hnance also will take up the subject
Immediately on the resumption of the
Senate SO that it now looks as if there
might be something of a rivalry be-
tween the two bodies as to which will
be able to first report bill
The Senate committee has not so far
formally considered the subject but
some of its leading members, notably
Senators Aldrich Allison and Hale
nave been working In harmony on the
proposition of bill which will proba-
bly, be ready for presentation by the
committee by the middle of the month,
if not during the first week of the
session.
The committees of the two houses
are not working on the same lines.
Both have pledged for an emergency
currency to be issued by the national
banks, but while the House committee
is apparently inclined to what is known
as an asset currency the Senate COM
mittee is proceeding on the theory that
be accepted for the increased issue to
be provided for under the terms of the
proposed bill. Some of the members
of the Senate committee would limit
the pledges to srate banks while others
are willing to accept municipal paper.
Very few, so far as it is known would
be willing to go further.
So far there has been no agreement
as to the percentage of increase in the
volume of the currency but the inclina-
ton of senators seems to be to permit
as large an augmentation as the con-
ditions of the banks may justify. The
intention is to provide for compar-
atively high rate of interest, some
favoring as much as 8 per cent with
the object in view of securing the re-
tirement of the increased circulation
as soon as conditions so improve that
it is not needed. 1t is proposed to
divide the country into districts for the
purposes of administration with the
sub treasures as centers, so that the
officials of the sub TREASURES can pass
upon the securities and make allot-
ments to the banks.
When completed the Senate bill prob
ably will be offered by Mr.. Aldrich, but
it will be the work of number of sem
ators. Those who have the matter in
hand are hopeful of acceptance of the
bill by the Senate and ultimately by
the House. Some of the democratic
senator's have been sounded and the
republican senators believe that they
will be willing for the passage of such
bill as the one outlined.
The headquarters Of the House COM
mittee on banking and currency have
been removed during the present re
cess from the capitol to the House of
Representatives, and the meeting VIII
be held in the new quarters. Senator
Bailey, one of the leading democratic
members OF the Senate committee on
the financial situation expressed the
opinion today that if the bill to be
suggested by republican members rea-
sonably approa ches the demands of the
democrats it will be permitted to pass
withou extended opposition. He de-
clined to give his view of the character
of legislation to be enacted.