The semi-weekly messenger., 1908-01-10
SENATE SENTIMENT

welt Was Discussed in the House
Cruise of BattlcShips and Possible
Conflict With Japan Referred TO
President Charged With Being Re
sponsibIc for Recent Panic by Will
lett of New YOrk-Other Charges.
Washington, January Senator
.Aldrich today introduced his currency
bill which has been a subject for dis
.cuSSiOn among members OF the COM
mittee on finance for some days. He
had the bill read TO the senate and
announced that the committee would
be glad to consider in connection with
it all bills that senators might ie-
sire to introduce. He assured Sena-
tor Culberson that his resolutions
would receive attention.
Senator Clay, OF Georgia, announced
that he proposed 10 have vote IN cne
senate to test the sentiment Of that
body on his resolution fAVorlna
eraI law 70 uphold states in their ef-
forts to make effective prohibition
within their borders. He wanted the
senate to pass a resolution directing
the committee on the judiciary to re-
port at the earliest convenient day 4
bill providing that all Intoxicating IL
QuOrS transported into any state or
territory or remaining therein for n9e
shall, upon arrival within the porderS
of such state or EefOre or after de-
livery 20 the cOnSienee be subject u
the operation Of all state laws enacted
In the exercise Of police powers to the
same extent as though such liquors
had been produced within the state or
territory and shall not be exempt by
reason of being introduced in original
package or otherwise.
His resolution also instructed the
committee to report whether or not
to pass a bill prohibiting the transpor-
tatiOns of liquors from states, counties
Municipalities where such nquOrS ar"
legally sold into states, counties OF
municiDaIitites where local option or
prohibition prevails.
Upon objection by Senator Nelson
the resolution was allowed TO go over
until the next meeting of the senate.
Senator Reveridge introduced his
bill creating a permanent tarlH com
mission.
The bill was referred to the com
mittee on finance.
The senate passed a bill providing
for the holding Of the United States
district and circuit courts at Salisbury.
n.
At lao the senate adjourned until
next Thursday to permit more work
by committees.
Senator AIdrich today introduced
in t4,c senate the currency bin which
has been under cOnsh GRAFTON by re-
publican members of the senate com
mittee on finance, At his request the
bill was read at length in the senate.
Following are the first three sec
tiOnS of the bill:
That any national banking assocIa-
ton which has circu ulatlng notes Out
standing, secured by the deposit o.
L. S. bonds to an amount OF not
less than 50 uer cent OF It's capital
stock and which has a surplus of not
less than twenty per cent may make
application to the comptroller OF the
currency for authority to issue ad-
d1tionaI circulating notes to be secur-
ed by the deposit Of bonds other than
bonds of the United States. The COM
trOller of the currency, II In ms
judgment business conditions demand
such additional circulation and the
conditions demand such additional cir
culatiOn and the condition of the as
sociatiOn making the application war
rants the issue, may approve such
application, and shall determine the
time of issue and shall fix the amount
of such additional circulating notes to
be issued. Whenever after receiving
notice of such approval any such as
sociation shall deposit With the treas
urer or assistant treasurer OF the Uni
ted States such of the bonds described
in Section or this Act as shall be
approved in character and amount
by the treasurer of the United States
and the secretary of the treasury, 1t
shall be entitled to receive, upon the
order of the comptroller OF the cur
rency circulating notes in plank,
equal in amount to SeVenty-hVe per
cent of the market value, as fixed BY
the treasurer OF the United States OF
the bonds SO deposited, such addi-
tionaI circulating notes to be used,
held and treated in the same way as
notes OF national banking
associations heretofore issued and Sc
cured by deposit of United states
bonds. and shall be subject to all the
provisions OF law afectinlg Sucn
notes.
Provided, that the amount of such
additionaI circulating notes delivered
at any time to any association Shau
not n any case exceed the limit fixed |
for such issue by the comDtrO1lGT OF
currency. That the total amount Of
notes outstanding of any |
national banking association secured |
by United States bonds or otherwise |
shall not at any time exceed the !
amount Of it's unimpaired capital ana |
surplus and that there shall not tie |
at any time circulating |
notes issued under the provisions Of !
this act to an amount of more than !
two hundred and fifty million dollars; |
and that all acts and oriers of Che |
comptroller of the currency and the !
treasurer Of the United States author |
lied by this section shall have the |
approval OF the secretary OF the treas !
ury.
Section .. That the treasurer of !
the United States, with the approval |
Of the secretary of the treasury, may |
accept as security for the additional |
notes provided for in the
preceding section. bonds or other in
terest-bearing obligations of any state
Of the United States or any legally |
authorized bonds issued for municipal |
purposes by any city or county in
the United States which has been in
existence as a city or county for pc
Rod of fifteen years, and which for Il
period of ten years previous te such