New-York tribune., 1908-01-15
FAVORS ALDRICH BILL.
SENATE COMMITTEE POLL.
Unanimous Opposition Shown to
FosrIer Credit Currency Plan.
IFror The Tribune Bureau-I


WASHINGTON, Jan. 1.-THE attitude or the sen
ate Committee on Finance on financial legisla-
tion was clearly outlined to-day, when The COM
mittee held its first full meeting since the Al
drich bill had been referred to it
The first poll of the committee showed unani-
NOUS opposition to credit currency, the oaslc
principle of the Fowler bill.
The second poll showed every member. with
the exception of Senator Hansbrough, of North
Dakota opposed to legislation at this time Great
ing central bank Of issue Moreover. Mr..
Hsnsbrough while asserting his conviction that
the central bank was the only correct solution
OF the financial problems OF the government
admitted his appreciation Of the fact that such
FAR reaching legislation could not be enacted at
this session. and declared that If the committee
would accept certain amendments TO the Aldrich
bill he would vote for it
The change which Mr.. Hansbrough said ne
would regard as imperative was the substitution
Of a board to consist Of a number or hnanclai
experts in no way interested in any bank, TO oe
appointed by the President, with the advice and
consent Of the Senate, which should devolve
the responsibilities imposed by the Aldrich oih
on the Secretary Of the Treasury, the Controller
of the Currency and the Treasurer Of the United
states Mr.. Hansbrough would have these Off
cisls made ex-oficio members of the board, but
graphically from various sections Of the country
Senator Aldrich said he was disposed to con-
slider the suggestion but would suggest as prop
er members of the board the respective presi-
dents OF the clearing house associations in the
three central reserve cities. Mr. Hansbroush
objected 10 this on the ground that the men VINO
were to exercise such authority over the banks
should not themselves be in position to profit
pecuniarily from the acts authorized
At the close Of the meeting il was stated that
there wss every indication that the Aldr1ch bill
would be reported to the Senate supported by
the approval Of the eight Republicans and hve
Democrats who constitute the committee.
Senator Aldrich had half hours conference
with the President regarding the bill this morn
ing There were minor parts Of the measure
about which the President desired information,
and he made certain recommendations as to
changes in the bill. Senator Aldrich also con-
ferred with Mr. Treat, the Treasurer Of the
United States, who has been supplying him
with data from the Treasury Department Tor
use in the compilation Of the bill
Senator Aldrich said he was not averse to
having the Philippine bonds placed among the
securities designated in the bin PROVIDED IL
could be determined that the government cculd
be sufficiently recognized sponsor for them.
However he said he had not yet had time 10
give that matter consideration
After the meeting of the committee Senator
Hansbrough said:
/ have not lost any Of my enthusiasm for a
central bank Of issue, but appreciate that my
bill providing for its creation cf0tnot become a
law at this session, and while shall make
every effort 10 further the campaign for such a
bank-a movement which has the support OF the
President and of a great many members Of Con-
deem essential. vote for the Aldrich bill
II is not ideal bill II does not strike at the
root of the evil But the situation Of the federal
finances is similar to that of a town which nnds
that its water system Is wholly inadequate to
cope with serious fire Some one comes along
along and offers TO place fire extinguishers in
every large building and every residence pend
ing the establishment Of an adequate water
system The Aldrich bill corresponds TO the fire
extinguishers. The central bank Of issue Is the
adequate water system. To reject the extin-
suishers because they would lull the people into
a false security and thus prevent the establish
Inent of a water system would be not only fool
hardy but reflection on the intelligence of the
citizens. Were there to occur financial strin-
gency similar to that from which the country
has recently suffered the Aldrich bill would
doubtless afford relief and obviate severe suf-
fering therefore 1 hope to support It
/ shall however. work indefatigably to pro-
mote the central bank idea / shall address the
Senate on the subject and shall do everything
IN my power TO arouse sentiment in favor Of the
project before Congress meets again