The Montgomery advertiser., 1908-03-12
SEN. QARKE'S VIEWS AS TO THE PROPER CURRENCY
 LEGISLATION. In Speech in the Senate Yesterday, the APIxansas senator Denounced
 the Pending Aidrich Fi-
 nanciaI Bfil.

Washington, March 1f.--Senator Clarke of Arkansas denounced the pending currency bill in a speech in the Senate today declaring that no cur reucy legislation should be enacted un- til an investigation is held as to the causes of the panic.
 ''No such legislation Ia necessary now" said Mfr. Clarke. ''It is not only not necessary but 1t may become dan. gerous. am not disposed to tolerate the idea of giving any support to the committee bill nor. the substitute pro- posed by the minority members of the Committed"
 If emergency currency is to be pro- vidsd. Mir. Clarke said. the benefits should be extended to all persons whose legitimate business demands cause them to need it.
 Mfr. Clarke denounced the operations of stock exchanges and said the Amer ican people would not be satisfied with the proposed currency legislation with out complete knowledge of Che causes of the panic.
 The time has arrived he said, when the affairs of the New York stock exchange and other stock, ex- changes must be looked into"
 Mir. Clarke's reference to the stop page of payments by the New York banks called Mr. Afdrich to his feet O0- iieve the people would permit that course again to be pursued.
 trust the Senator from Rhode Is- land as historian" retoFted Mfr. Clarke. "but I do not trust him as
 Mir. Clarke expressed the opinion that the majority would not pass this bill allowing the emergency circulation to be retired without limitation.
 MT. Clarke said he would not only re- quire a restriction of reserves, but he would deny to a national bank tha right to pay interest on checking ac-
 Senator Nelson suggested. that the national banks should pay interest on the $S80.00o of governments deposits.
 Mr. Aldrich said that i've years ago ne had introduced a bill providing for the payment of interest on such de. posits at the rate of 1-2 per cent hut ne added. Senators had opposed that Dill on the ground that it changed the nature of loan. Former Senator Spooner and the late Senator Morgan. ne said' opposed the bill. If that of lection could be overcome, he declared his willingness to again bring in such measure. He did not know any req son unless 1t should be a legal one of the kind suggested why interest should not be charged on these deposits. Mir. Culperson. he said, had introduced a bin to require payment of interest on Gov ernment deposits and it was now before the Committee on Finance.
 Mir. Bailey spoke at soma len~th suggesting that the main purpose Of his substitute was to favor the nrin- ciple of Government money instead Of bank money. He explained that he ha d provided for a distribution of the emergency currency in accordance with population although he realized that business necessity was a greater Ineas. ure of the amount they should have But 1t was not possible to make sure of the business needs of the several sec tions, and 1t was simple matter to ascertain the population.
 An extended argument was made by Mir. Newlands of Nevada in favor of his view that the sending of a check from one State to another makes the bust. ness of banking interstate commerce.