The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-14
CHAMbER0PPO5ED
TO ALDR|CH BILL
Directors Adopt Report of Com
rnittee, Declaring Principle 1t
Embodies Is Unsound.

at a meeting of the board of d.
rectors of the Chamber of Commerce
the committee on banks and currency,
composed of Messrs. John NJ. Miller, Jr.,
". NJ. Habliston, o. j. Sands and L. Il.
Morris, submitted report opposing
the Aldrich bill and, with certain ex-
ceptions, favoring the Fowler bill. now
before Congress. The report, which
was adopted by the board. was as fol-
lows.
"iour committee on banks md cur
rcncy, TO which was referred the sub
Jecf of reform of The currency laws,
BEES leave To report as follows: As Il
result of our deliberations we present
the following resolutions, which have
been ad0pted: u
''Resolved. That this committee on
bnnlSs and currency disapproves senate
bill No. BOB, entitled "a hill to amend
the national banking In,vs,'' introduced
by Senator Aldrich, for the followln <
reasons:
81. They regard us essentially un-
sound the principle embodied therein
that currency should be based upon
Fixed securities of any description. The
note issues as well ns the deposits of
bank are obligations payable on de-
nand, and the bank should hold NV
security against such liabilities nothing
hut quick assets, such ns actual cash,
secured notes payable on demand, or
commercial paper liquidn ting itself Mt
par mt the end of n short pcrOd of
months. II * no safe function for n
bank of deposit or Issue to invest as
sets held against demand obligations
In long term notes. bonds or mort
cages, the conversion OF which into
cash in tines of stringcncy Gun only
he accomplished Mt sacrifice of the priu-
ripEl. II at nlI. The policy which might
reasonably create an artificial market
FOR the national obligations in time
of civil war cannot excuse nm extern
sion of the same favor to state or mu-
ntcipaI bonds and railroad mortgages
In time OF Peace.
Unnecessary aud Oppressive.
-: The high tax which this bill pro-
poses to levy upon the issue of emer-
analysis, would be paid by the borrow
cr to the banks, when Increased MS it
would be IN practice ut least one
third by reserve requirements, IL not
only unnecessary hut oppresSive; and
IN This and other states would provoke
nn Immediate disregard of the stat
utes against usury. 1t Is not becoming
that a great nation should I'LL its cof-
fers from the necessities of borrowers;
and II liz manifestly improper to pass
one law which offers Inducements to
the violation of another.
at in the opinion of your committee,
ns evidenced by the signatures hereto,
that rather than accept Legislation of the
character OF the Aldrich bill, which we
feel in It's ultimate results would be
most DISASTROUS to the commercial In
tcrcsts of the country, II would be
preferable to have no Legislation Mt all,
In spite of the manifest necessity of
some relief to the present intOlcrable
situation.
"Wc, therefore, III accordance with
this resolution, recommend thnt the
association disnpprove Senate bill No.
3n"3, known as the tldrich bill, ana
that II take steps actively to oppose
the enactment into law of this or any
bill passed upon these principles.
s.Furthcr, Resolved, Tint we approve
the general principles of the Fowler
hill, with the exception of the guar
antce OF deposits"