Daily press. [volume] (Newport News, Va.) 1896-current, 1908-05-27
MDs|CA AxD vREElAxO BILLS n|xeD
Circulation issuabIe Upon Commercial
Paper Reduced to Forty Per Cent
State, City and County Bonds Given
the preference-h Bill Passes Con-
sress viii Adjourn Today.
by Associated Press.)

" HSAAA->>h OA<' -hos 'A'
Senate and House conferees on the
currency bills held their meetings to
day and at the third reported ten
tative agreement on which will be
based the compromise agreement
which the Republican members Of the
conference hope 10 reach at an ad-
journed meeting tomorrow. The con
clusion of the fina! meeting today
the probability of the reporting OF
a compromise bill to the two houses
OF Congress. was much stronger than
at any previous time this session. In
deed, it was considered certainty.
The following are the main points
Of the understanding that have been
reached: The reserve provisions in
the Vreeland bill. calling for q re-
tention of 25 per cent in central re-
s0rvo oi.i~-, s..-. - ~. cont in other
reserve cities, is reduced to straight
10 per cent reserve without refer
epce to classification OF cities.
A higher rating is given to state
and municipal bonds than to other
securities on which an emergency
currency may be taken out by banks.
That is to say. state, county and mu-
nicipal bonds will be valued at not
to exceed 80 per cent of their mar
ket value. and all other bonds al
not to exceed 20 per cent OF tneir
market value. both without regard as
to whether they are offered as So
curity for additional circulation under
the national clearing house plan. OF
under the individual bank bond-secu
rity plan.
Circulation Limit 20 Per Cent.
Thet amount Of circulation issua-
BILE upon a commercial paper basis
is limited to 40 per cent OF the cap
ital Of the applicant bank instead Of
100 pep cent, as provided in the Vree
land bill.
The redemption fund requirement
of 5 per cent under the present law
is increased to 10 per cent for al
emergency currency taken out.
The total Smount of emergency
currency issuable is confined within
a maximum OF $500. 100000. as pro
vided by the Aljrich bill. A tim'
limit OF three years placed upon tn
life of the bill. In this preliminar.
and purely tentative welding OF tn
Aldrich and Vreeland bills into a mod
flied measure comprising the princi
pal features Of each and making l
possible TO obtain an emergency cul
rency under two distinct and radi
callv differ. mt forms Of application
and security. several Of the minor d.
tails OF financial machinery are no
yet fully settled.
Will be Passed by Republicans
n bill is reported from the COZ
f,Tenc. tomorrow II will be passe
BY the House Immediately Notice
were sent out tonight by order G
Sneaker Cannon for every Republl
can member to be in mis- seat at !
O'Clock. when IL is said the compr'
mise Dill VIII De Ieppfifu.
Iptima;pS Of the Speaker aSSeTte
TODAY that in the event that a bi
along the lines Of the proposed con
promise Is brought in. IL could b
passed by the House after an hour
debate.
This remark Is interpreted 10 mea
that the Republican majority ~ IN
House is prepared 10 arep' ~ha'rV'
the conferees NAV recommend. but
is not believed fac Democrats
the House will b. denied the priv
!eee Of expression Of their views. 7
days Developments have been sur
as 10 Justify the statement that 70
hill will not no held M in IN" -"
ate Strenuous representation rs
the possible effect on businrss vt
failure OF Congress tn act before al
ioyrnment has had the effect 81 ca"
ing several - mocraiic senator's
agree no, Ia discuss the measure
length In caucus.
The Democratic senator's Vho
nose the compromise realize IN
they would Be seriously handieapp'