The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1908-05-27
Report on Currency Bill Agreed
to by Conferees
And the Measure Is Submitted
at Once.
URGENT APPEAL
Is Again Made to Members to
Maintain a Quorum.
congress May Stay Two Days
or Two Weeks Says Cannon.

washington, May 27.-The conference
report on currency bill was reported
TO the house at 2:25 p. M and its con-
sloeratlon was Immediately begun,
AFTER two hours deliberation. the
republican members of the conference
between the houses of congress on the
currency question reached an agree
ment at n:30 O'Clock today, but it was
stated that the exact terms would not
be made public until the proposed bill
mad been submitted to the full confer
ence including the Democratic mem
pers. 1t was understood, however, that
the bill will follow the general lines
tentatively agreed upon.
The only point which was unsettled
by the Republican conferees during the
morning session was that pertaining to
the question of time limitation on the
proposed bill. Mr.. Burton held out stiff
ly for five years limit and was sup
ported by his fellow conferees of the
mouse; but the senators were inclined
towards the view that no limit should
be fixed and SO persistent were both
sides that when they adjourned no
agreement had been reached. 1t was
represented to the conference that the
administration sides with the senators
dilo dlteI dQJOurnmenL secretary IdIC
held conference with Mr.. Burton in
hope of bringing him over in which he
was not successful at the time
The Republican conferes decided on
the following provisions to be carried
In the compromise bill retaining the
basic principles Of the Vreeland bill and
adding thereto from the Aldrich bill.
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 5 per cent re-
quired by the present law, is stipulated
and all of it shall be held in Washing
ton. The emergency currency iSSuable
shall not exceed in the aggregate $780,
100000. Such currency shall be subject
to a retirement tax of per cent for
the first two months and an additional
1 per cent per month thereafter until
10 per cent is reached. State, county
and municipal bonds shall be accept
able as security for emergency curren-
cy at so per cent-ofe the market value.
Other bonds and commercial paper
shall be similarly acceptable at rs per
cent of their market value. No bank
shall be allowed to take out emersen-
cy circulation in an amount exceeding
80 per cent of it's capital and surplus
when the security offered is CONNER
cial paper. No emergency currency
may be taken out under any circum-
stances unless the obligant bank has
$AAN
present law an amount of currency
equal to 40 per cent Of it's capital stock
and surplus.
From the Aldrich Bill.
The provision from the Aldrich bill
is Incorporated in the conference bill,
that banks which hold state. county
or municipal bonds may. with the ap-
proval of the secretary of the treasury
take out additional currency directly
upon them UP to 80 per cent of their
market value-that is, they may do
so on their individual initiative and re-
sponsibility. The use of commercial
paper as a basis for taking out emer-
gency currency may be only by banks
which affiliate themselves in groups Of
not less than ten with an aggregate
capital and surplus of not less than
$5,OOO,0OO. Such groups shall be
known as national currency associa-
tions, instead of national clearing
house associations the clearing house
associations of the country having OBJ
jected to the use of the latter name.
The clause creating currency COM
mission to be composed of nine MEM
bers Of the senate, nine members or
the house is carried in the bill.
1t is understood that some of the Re-
publican members of the senate who
voted against the Aldrich bill will Join
with the Democratic members IN op-
posing the conference bill. Such an
action would, of course, render con-
siderably more difficult the passage of
the new bill in the senate and would
serve to further delay adjournment.
The conference on the currency bill
was concluded at o'clock. The one
point remaining in dispute, namely,
that in relating to time limit on the
bill was fixed at six years. making the
bill expire on June 80. 1914.
Notice to Maintain a Quorum.
Washington, May 27.-When the Re-
publican members Of the house reach
ed their seats today all of them found
the following notice calling on them to
maintain a quorum:
I'm order to complete the business OF
this session of congress it is absolute
ly necessary that all members be pres
ent in their seats at II o'clock Wednes-
day. May 81, and remain until the ses-
sios is completed. The absence of
adjournment. (SignedD,
IA. F. DAWSON,
Acting Republican Whip"
I'VE may adjourn in two days or we
may adjourn in two weeks" was the
terse comment of Speaker Cannon as
he came out of the executive offices af-
ter brief conference with the presi-
dent.
REPRESENTATIVE Bartholdt. chairman
buildings and grounds, today repeated
his declaration that he would hold back
in the house the report of the confer
ence committee on the omnibus public
building bill until the senate should
act on the currency question. The
Democratic senators generally resent
this attitude as a threat and say it will
not expedite the passage of the cur
rency bill.