The Montgomery advertiser., 1908-02-12
 ARE ADOPTED Senate Dscg ses Cur rencY BE Agaia. MANY NQp LES ARE MADE Bonds of .ctric Reads Will Be
 Accepted. nr. Aisrieh Says Bm wm Be srodiaes so Railroaas in the South VIII
 Receive share of the
 Benefats.
MANY uQv iEs ARE MADE

t Washington, Feb. 11.-Senator Ald- rich today called up his currency bill land formal amendments made by the Finance Committee were adopted by the Senate.
 Senator Burkett. of Nebrayka. in- quired concerning the provisions of the distribution of the funds by the Secretary of the Treasury and Mir Ald- rich replied that if the currency pro- vided should not be needed in one State. 1t should be apportioned to an- other State in the same section of the country.
 1 Inquiry was made by Senator Dolii- yer whether the provision in respect to railroad bonds as security for cur rency circulation would include bonds of roads other than those operated by steam. He, said that in Iowa. the in terurban electric roads have increased in importance and he had been asked if their securities would be accepted under the bill. Mir. Aldrich replied that if the roads are interstate roads and made reports to the Interstate Commerce. commis- sion they would be included.
 Mir. Bailey said there was in his own opinion no doubt that this bill does include irterurban electric roads He said the recently enacted rate law. fin his opinion, did not require any roads except the steam railroads, to report to the Interstate Commerce Commis- sion.
 Electrsc Read nsnas.
 s.As great conveniences as these elec- tric roads are" said Mfr. Bailey, T think thex have been tried sufacsentiy to De accepted ag . basis of our cur- rency. He suggested that the steam roads might eeriousty reduce the earn inRs of the electric roads. The aug- kestion was advanced by Mr. Raynor that thara had been recent deciBiOnp to the effect that electric roads come under the rate law. He cbierted to the asses of railread bonds ef enx ds-. ssFipticn q sssaEttg fer bunk siFs,a- 1hsS are going in. howevsg de- clarGn MK Bailey The Rep1b bilesna have tlsS ma 5eTltE end fhe power tS dc 60 and they will put in railroad bonds. The Democrats have made no cAptious opposition to the bills They have taken the position that if they could not make the bill just what # should be. they will make 1t as good as possible and then reserve the right to vote for or against 1t as they see fft---becafse" he added with empha- sis, "this is not q party question and it should not be a made party question.t EOtHtIHK ion Of the bill the Louisville and NashwiiE6sand the Illinois Central Rail- vsaysywefei the only two companies In the South. the bonds of which could be. accepted for currency issues under this biii, MT. Bailey said 1t was desir- able that the railroads of the South receive a share of the benefits to De derived from this measure. In reply MT. Aldrich said the Finance Commit tee had under consideration modifica- tions of that part of the bill
 Tn answer to a question by Mr. Gull heraon as to the methods to be enl- ployed by the Secretary of the Treas ury Tn determining the market value of the bonds, MT. Aldrich said that they were all quoted on exchanges and he thought there would be no difft- culty on that score.
 MT. Ia Toilette had read the amend vnenta he intends to offer. They pro- vide that mo- bond of . railroad should be accepted for security for currency in Iesa the face value and cost Of re- nroducAng the railroad shall have been ascsrtained by the Interstate Com merce Commission and currency issued on such bonds shall not be more than ssyAntv-hye per cent of the physical ,,sIue of the road on which the bonds are based.
 Limiting the Currency.
 Notice was given by MT. Mclaurln' of Mississippi. of an amendment ne Tytr offek, limiting the amount of cur reney to be issued on any ponds 70 tbe mar value of the bonds.
 Sanator Daniel offered an amendment v-ovJdinx that bonds of railroads that sshsve paid regularly and continuously sns ave years next preceding tho de- nosit of it's bonds, the interest que nr all It's bonds" can be used Tor cur rency issues. That amehoment. ne
 eIS would allow the use of bonds of Ss s that have not paid dividends on .tocE This would permit the use of ty honds Of a number of Southern rosAs which are now excluded.
 YTSop the suggestion of MT. Aldrtch, AFr Daniels's amendments was referred ~ tbe Finance Committee where it will be considered. .
 change was suggested oy FAT, Mc7 ~,..S,tSar of North Dakota requiring theNl SStnnatarv of the Treasury to determine %oeo' % actI,al value of the bonds offered s currency circulation instead of the ..sarEet value. He declared that the raarEet value may fuctuate greatly but .na actual value could be ascertained according to the earning power cover ing a number of years.
 Gr Bailey entered upon extended re-
 -irs concerning the banking situa- 4Jov of the country, saying mat he hoped to see the time wnen all me is- s,,ss of currency by the banks would De- sues sl away with, and in their place an s.sne rone of government currency payable 1n gold. He saw little difference. so sa the governments responsibility ,s ,s@iancarned. between these two classes nS Currency because even the emer- G Sency circulation under consideration
 I,s Sail to redeem it. Mir. Bailey IsIA he would like to have this bill ,,rovide for one billion dollars of emer- paocv currency instead of $500, 900. SSn Believed In paying off the govern .e,,t . ,lebt and did not want any cur TD rency system that required public debt to make It operative. He was not tn favor of "greenbackism." He was ,,at m favor of issuing money that had for it's basis merely legend declaring that 1t was money. He wanted the notes of the government redeemable in coin.
 amendment. including among the bonds