Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1908-05-28
THE CURRENCY BILL.

The republican conferees yesterday
afternoon agreed on combination oil
the Vreeland and Aldrich bills. The
democratic conferees refused to sign the
report.
The conferees' report as presented to
the House and the compromise bill was
rushed through after one hours debate.
The vote was 166 10 l4O; ii republicans
voting with the democrats against the
measure.
Scarcely had the bill passed the House
before Senator Aldrich called 1t up at
4:40 o'clock In the Sensts. The read
ing OF the bill was concluded at 5;l6
o'clock and then Mr.. Aldrich announced
that he would call 1t up for consideration
and discussion today.
Senator Oulberson wanted u know
whether all of the conferets had signed
the raptrt. Senator Aldrich explained
that it YVES signed only by the rspubll.
cans, the democrat C conferees having re-
fnsed II sign the measure.
The democratic senators will caucus
Today II determine whether they shall
make a prolonged fight against the bill.
Mr. La Follelts and several other repub-
lican senators are said to be opposed to
the compromise measure.
The republican couferees make this
statement of the provisions Of the bill:
"Tne r.serge required to be retained
in central reserve and reserve cities Is 10
per cent. STIR hit. A reduction fluid OF
10 per cert Ia, t sad Of per cant. required
by the rr sent law is stipulated and all
of it shall be held in Washington.
The emt r. ency currency issuable shall
not exceed in the sggregst, $780,
900, 900. Such currency shall be sub-
Jet u retirement tax OF 8 per cent.
for the FIRST Two months and an additional
l per cent per month thereafter until 10
per cent ia reached. State, county
aud municipal bonds shall be acceptable
as secur ty for emergency currency at
90 per ceLt OF their market value.
Other bonds and commercial paper shall
be similarly accept able at rs per cent. OF
their market value.
"No bank shall be allowed u take
out emergency circulLt on In an amount
excessive of 80 per cent. Of it, capital
and surplus when the secur ty of red is
CONNIE rcial paper. No emergency cur
renty may be taken out Under any cir
cumst Inces unless the obligant bank has
already tIken out. according to the
present law, an amount OF currency
equal to 40 per cent. of it's capital stock
and surplns. The provision from the
Aldrch bill is incorpOrtt ID In the con-
ference bill tat banks which hold Stlte,
county or municipal BONDS may, With
tle approval of the secittry Of the
treasury, take out additional currency
directly upon them up to 80 per cent.
OF their market value--thst is, they may
do so on their individual initiative and
responsibility. The use Of commercial
paper az a basis for taking on I emergency
currency may be only by banks which
affiliate themselves in groups of not less
than 10, with an sggr'gsts cap tai and
surplus of not lees than 50. 900. 900
Such er1urs shall be known IS nat onal
currency associations inst sad of national
clearing house associations the clear
ing-honse associations of the country
having objected to the use of the latte T
name. The clause creating a currsn
commission 80 to be composed of nine
member, of the Sensts and nine members
OF The House Is carried In the bill"