Daily press. [volume] (Newport News, Va.) 1896-current, 1908-03-28
AlORlCH FINANCIAL
BILL PASSES SENATE
tcontlnued from First Page.)


The country In October last? The
country banks do not own state, coun-
W railroad or municipal bonds. They
bear only three or four per cent. IN
terest and the banks cannot afford 10
own them when they can loan every
dollar they. have Mt six ana eight per
cent. These bonds generally go to the
great money centers and are neld by
savings banks. insurance and trust
companies and the great national
banks. IL is n monstrous proposition
TO say that the banks; would have Ia.
ken one hundred thousand and more
CT currency from their vaults to pur-
chase bonds and get back in return
only $4,000 to 100000 In high taxed
money!
Vote on the Measure.
FOLLOWING was the vote on the pass
age of the bill.
Yeas-A fdrlch. Ankeny, Beveridge.
Brandage. Bmkett. Durham, Burrows.
Crane. Cullom. Curtis, Depew. Dick,
Dillingham;. Dixon. Dolliver. Dupont,
Elkins. Flint, Frye. Gallinger, Gam
ne Gnggenhelm, Hopkins. Johnson
tDemD. Kean, Knox, Lodge, Long.
McCumber, Nelson. Owen tDem), Per-
kins. Hin, Richardson, Smith OF Mich.
igan, Smoot. Stephenson, Sutherland,
Teller Oem) Warner. warren ami
Wetmore. Total-42.
Nays - Bankhead, Borah (Rep) .
bourne tRep), Bronw (Rep). Culber-
son, Frazier, Gary, Gore, Hepburn
(Rep). LaFollette (Rep.). McCraary.
McEhny, McLaurn, Overman. Payn-
ter and Taylor. Total 10.
Texte Of Amendments.
Following is the text Of important
amendments to the bill which was
adopted today;
BY Senator Johnson, of Alabama.
THAT after January /, 1909. national
banking associations located outside
OF reserve or central reserve cities.
Which are now required by law to
Keep a reserve equal to 10 per cent.
OF their deposit liabilities. shall here
after hold In their own vaults four.
lifths of such reserves, either In law
lui money, as now required by law mr.
III the securities enumerated in sec
lion Two OF this act which shall have
been approved by the secretary Of Tho
'reasntiy' provided. however. that not
more than one-third of the reserves
required to be kept In the vaults Of
snch associations shall he held In such
securities.'' "
by Senator Allison. provided TINT
,he deposits under This section to re-
IRE notes secured by the deposit OF
bonds other than bonds of the United
states shall not be covered into tina
treasury as covered by sactIon six of
an act entitled an act directing the
purchase of silver bullion approved
July IA, 1890, but shall be retained in
me treasury for The purpose of re-
deeming the notes of The banks maxi
Ing such deposits"
by Senator LaFollette: mo nation.
al banking association shall invest an,,
OF Its funds or deposits In the siock.
Or The securities Of any corporation or
association or any of the officers or
directors OF which are officers of such
banking association. Any officer or
director of any national banking asso-
citation who knowingly violates mr.
consents TO the violation of the fore.
going provision shall be deemed gpi,-
" OF misdemeanor and shall npon
conviction thereof in any circuit or
district court OF the United States ba
imprisoned not less than one year
and not more than five years"
by Senator paFollette; IT shall be
the duty OF the comptroller OF the
currency to cause such reports of notes
IN circulation 10 be verified bv exon,.
NATION of the banks records ana nnv
ofiicer or banking association falsely
reporting the amount cf It's clrcula-
lion shall upon conviction thereof In
any eicuit or district court OF the
uaited States be punished by fine
OF not less than $1,000 nor more than
$4,000 or by imprisonment for not
less IMAM one year aud not more Than
I'VE years, or By both such fine an,
impr' sonment."
It's Fate In House in Doubt
Republican leaders In the House
were very reticent today about pre-
u,u'ihs me course OF the Aldrich
p'll IN that branch OF Congress.
Speaker Cannon refralned from
am comment and some chiefs
or the mapority were equally silent [
Enough was gathered. however. to
'nstify the prediction with reasonable
certainty that when the bill comes
20 The House from the Senate 1t would
ne referred to the committee on hank
ing and currency.
~ is generally conceded that the
'cuon OF the Senate in refusing to |
'aopt The amendment offered by Mr.. 4
Neison TO provide for Federal guar
lhty OF national bank deposits win
make 1t easier to pass the Aldrlch II
)lll in tile House where li.fla fr,and NJ