New-York tribune., 1908-03-26
VOTES on ALDRICH BILL
AMENDMENTS -lDOPTED.
Al Finance Com mittee's PROPOSE
fious IpproCed by Senate.


approved by the Finance Committee prop
osition not sanctioned BY the committee received
snv substantial support
Al the amendments reported by the com
-7f.tee were adopted without opposition. and
then cne Senator after another offered addi-
fional amendments, which. except in the cases
of one proposed by Senator Du Pont and one by
senator Lodge we're voted down. Senator Du
POINTS amendment provided tnat in the first six
months the emergency currency is cut interest
shall be paid at the rate Of one-balf of I per
cent month and after six months al the rate
= -h-ee-ousrters Of ! per cent month. Mt.
Al6-lch said this amendment would be accepted
by rhe committee. and L was agreed to Mr..
Lcdses amendment admitted bonds of the in
sular government Of Porto Rico as basis for
emergency currency
Several amendments were offered and laid
aside On the statement by Mr. Aldrich that the
committee would take them up and report TO the
Senate tomorrow. Among these were the
ar,endnents offered by Nj Lodge for the ac-
ceptance Of bonds OF the Philippine Islands and
tha city Of Manila among the securities for
emergency currency, and by Senator Nelson for
the payment Of interest al not less than Z per
cent Oh deposits Of public money in national
banks. and repeating sections Of the Law giving
credit national banks for parts OF their re-
serve deposited il ether banks
Senator Aldrich promised that the committee
Would take I'D al amendments relating 10 bank
reserves and report tomorrow
Al amendment by Ar Hepburn. requiring na-
t5orzI banks to keep on hand not less than Is
re- cent Of their deposits as q reserve, vas de-
tezred. IS 70 .
Senator NcLaurin offered amendments which
we're defeated. seeking 70 make government
claim against national banks which had failed on
account Of the issuance Of emergency notes sub
ur6lna1e % claims Of depositors. anC providing
-nz- 10 Officer Of = national bank shall be per
-u5cted 70 hold an Office in any other such bank.
and that individuals should be allowed to re
.=fve Treasury notes from the department on
re same terms that the bill permits banks 10
obtain emergency crsr-ency-
Senator Nelson offered an amendment allow
IL banks 70 make loans on farm mortgages,
vn--h vas voted down
PROMISES = CURRENCY COMMISSION
senator Aldrica made another statement re
-stirg 10 the appointment Of a currency commits
sion In Response 70 question from Senator
oven. he said
II apparent 10 me that recent events have
shown an absolute necessity for taking up this
question N legislative way, and the prepara
ION for that viii be entered upon il the inme-
Giars future
Senator Overran proposed an amendment
providing for the appointment of commits
son. one Of the duties Of which shall be 70
investigate the relations Of national banks 10
he recent financial crisis. Il looks 70 the
lection Of commission composed Of Senator's
members Il the House. and men familiar with
financial affairs
All The amendments were discussed Al length.
r-- ~ the main the debate was on lines which
however. some exceptions. and one Of these oc-
-----=6 iu connection with one OF Senator Nc
I.zu-in-s amendments. The discussion brought
o1- statement by M Aldrich regarding the
security AFFORDED under the terms of the bill
NJ Afdrich said he would never consent to
tzz-rE away safeguard of national bank notes
winch mad existed by act or Congress for forty
gears = government preference having existed
t-- more than q century
7--fvlnE 70 q question By Nj McLaurin- Nj
z-1el sad rIiar. wiIe i true that the gov
=--lr-r-'s guarantee would he great. Vet various
.---r-ar.ve guarantees had been thrown about
90 currency in order that absolute confidence
b i might prevail. and he would not vote 70
remove any one Of them. He reTnem bered
---e -ler TIE securities Of the United states
0-r- not II rz- and when the bonds of Missis-
..-.5 were NOT accepted IN the market places In
an event lie said the double liability Of stock
-o-6e-z OF the banks vas : guarantee that the
6e-osto-s would never Jose anything on account
ef ne governments prior claim.
While rha question of accepting Philippine
bonds zz security was under consideration Sen
a--- Teller spoke in opposition the proposition
tzz-E bis objection OF the ground that there
Mould le no means Of determining their value.
~ O. -at z-art 70 Do anything that VIII tie
--a- .u--r-r- 10 th1s.~ he said I want 10 see
-le stands cu1 loose from this country r We
- ~a- with Japan pe WilI not have trouble
"t- -nen a Japan VIII walk IN and take
-zesn
u rap-r Mr Lodge argued that Congress
sEr--o nor dfscrecr bonds issued on its author
r-- fse 1aatended that the bonds were practi-
esly similar - state ard municipal bonds in
rHz country. which ar now acceptable for gov
e-a1ssrr deposits IN banks
E- Nelson's amendment providing that na-
to-4 banks should be authorized 10 make
-ans 10 farm rl.rrgages led Senator Aldrich
- declare t1st for bank purposes the farm
-a--zaee vas -he last thins thar ought 70 be
z-eerfea
"Sur-oz- the banks of The country had been
loaded darn with farm mortgages during the
r@aent currency strinEency." he said. the sus-
pension elIcn was temporary would nave been
aaso. .UfeIs permanent II is no part Of the busi-
ness ri banks 70 accept farm mortgages There
ls a1 civilized country in which banks are per
ml,rsl 70 take farm mortgage They are IN
e9aTer-.5ie securities. Nothing could he more
.el'1gua-r T. sound banking
Several Sens-tyrs from Western states de-
fenoed farm mortgages a. securities Mr. Al
arlcn replied taat ne had no criticism 10 make
= them e securities. but merely wished 10 be
understood - saying that they were waoily unfit