The Birmingham age-herald., 1908-01-26
MANY CHANGES IN
 FINANCIAL BILL
CONTINUED FROM PAGE n

~-~~-~&~~4~4~.~~N~@~ pairing substitute bill in which this feature is given prominent place, and it is not yet determined whether he will de- esist when the action of the majority mem oership becomes known. It Is probable, however, that he will so forward with his own bill for the present, and until the re- tentiop of the proposition is assured. Other changes, which it Is hoped will have a modifying effect upon opponents, both in the democratic party in the Senate and among the western republicans, there is one increasing the amount of extra cir culation allowed by the bill from $50 000,- 000 provided by the first draft of the bill, to s500,000,0 600, and another making radical changes in the provision in regard 10 the municipal bonds. s hich the bill provides shall be accepted as security for the issue
 As the bill stands, it requires that cities whose bonds may be accepted shall be 15 years old, have not less than 20,000 III population and shall not for 10 years have defaulted on any bonded indebted ness. In the new draft, all of these re- strictions and dividends will be ellrni- mated and the authorities thus will be permitted to pass upon all municipal bonds upon their merits at the time pre- scented. The committee also will concede the contention that all additional issues will be permitted to the extent of 90 per cent of the market value of the bonds deposited instead of 75 per cent. as the first called for. This latter change was suggested by the terms of the original na- tional bank law.
 Compromise Changes.
 All tn ese amendments are intended to meet the demands of those who would provide, first: For greater ex pansion of the circulating medium, and secondly, for more liberal and equita- ble treatment of the smaller and newer centers of population, and the hope Is expressed that they will have the ef- feet of popularizing the measure and of expediting it's passage. One impor- tant effect of the bill as it will be presented, will be that of making the United States treasury directly re- sponsible for the payment of all bank notes issued after the law goes into effect. There is a popular impression that under the terms of the bill, there will be two kinds of bank notes, one class such as Is now used and issued, and the other, the extra circulation to be issued under the new law.
 MT. Aldrich characterizes this as an entire misapprehension of the intent of the measure. On the contrary, he says, that all the notes will be uniform, but that they will be different from the notes now provided for These specify the deposit of government bonds to secure payment and this specification will be discontinued. In its place will be a legend to the effect that the gov ernment guarantees payment of the note.
 .'Thus," said MT. Aldrich, "the new notes will not only be uniform. but the national government will stand behind them with an explicit pledge.
 What May Be Done. whether the committee will report the bill after it's next meeting will de- pend largely upon the extent that the committee may be disposed to go in still further granting courtesy to Sec retary Cortelyou in the matter of his long promised statement in regard to the course of the treasury during the recent financial exigency. There Is no longer a pretense that the character of the bill itself will be changed in any wise by this report, or for that matter by any outside report or sug- sestions. But it Is felt that the fig ures MT. Cortelyou will supply will be of vital importance in considering the bill in the Senate. Now, as in the be- ginning, there is a desire to treat the secretary with the utmost considera- tion, and it is apprehended that if made evident that he will present the report within reasonable time, the bringing in of the measure will be still further detained on his account.
 It is known that the secretary is giv- ing the report his personal attention, and he is under promise to present it at the first possible moment. It is not now believed that the statement Will be delayed beyond the middle of next