The Washington herald., 1908-03-29
PUSH ALDRICH BILL.
House Leaders Expect Cur
rency Measure to Pass.
GOES TO BANKING COMMITTEE
Relief Measure which Passed senate
Friday 10 BE Put Through House
Amendments May BE Made-Caucus
May Be Held to Consider Methods.

That the Aldrich currency bill. provid-
ing for issues of taxed currency notes in
times Of emergency. will be passed by
the House before adjournment IS assured,
although the measure as it came from the
Senate will undoubtedly be amended in
some particulars.
The House leaders are agreed that cur
rency legislation shall be enacted at this
session of Congress. and they are like
wise in agreement on the proposition
that no measure proposing a revolution
ary change in the present plan OF bank
ing and currency can be adopted at this
time
What is needed, they argue, is a legis-
lative authorization that Will afford re-
lief in panicky situation. such as that
OF last fall. The Aldrich bill. in their
opinion. presents a working plan of
projecting currency into the channels of
commerce and trade in times of money
stringency. Its moral effect in restoring
confidence would be far-reaehing. even II
its provisions were never invoked by the
Secretary of the Treasury.
Take Bill Up soon.
The House Committee on Banking and
Currency will take up the Aldrich bill
for consideration early next week. 1t Will
report the measure, probably with some
amendments. notably one providing that
commercial paper. as well as government.
State. and municipal bonds. shall be ac-
cepted by the Secretary Of the Treasury
as a basis of emergency circulation. The
Fowler credit currency bill is already be-
fore the House.
The presentat on OF the Aldrch bill TO
that body will precipitate a struggle be-
tween those who want radical changes in
the banking laws made at once. and those
who favor the temporary expedient pro-
posed by Senator Aldrich, who has ex-
pressed his approval OF a suggestion that
a commission shall be created charged
with the duty OF preparing a measure re-
casting the banking and currency laws Of
the United States. The House is also dis
posed TO acquiesce in the creation Of such
a commission.
II therefore seems likely that Congress
VIII adopt two important currency bills at
this session: First, the Aldrich bill, pro-
viding temporary relief, and second. a
measure that will pave the way for a law
revolutionizing the banking and currency
laws
Since the elimination Of the railroad bond
provision from the Aldrich bill. that
measure has become more popular in the
House. Western members now warm up
10 it, although there is still opposition on
the part of Representative Fowler and
others who favor the credit currency
scheme embodied in the bill offered by
the member named
Goes TO Caucus.
Owing 10 the differences on the sub
ject Of the currency question, the Aid
rich, Fowler. and other bills will be
thrown into a Republican caucus. which
will determine just what measure shall
have the support Of the party. There is
no doubt of the outcome. II is generally
conceded that the Fowler bill cannot
be passed at rllis session.
This is not admitted by members OF the
Committee on Banking and Currency. Of
the eleven members Of the committee who
voted 10 report the Fowler BILL at least
eight Of them reserved to themselves the
right 10 oppose il, in whole, or in part.
on the floor of the House
There is a good deal Of sentiment in the
House favorable to the Incorporation in
the Aldrich bin Of a provision adding COM
mercial paper to the list Of securities 10
be used as a basis Of circulation. This
proposal comes from Western members