The sun., 1908-05-10
PERFECTNG A CURRENCY BILL
OPPOSITION TO THE VREEL4ND
MEASURE DISAPPEARING.
II IL Predicted That when II IL Reported
20 the Republican Conference Monday
NlSht II VIII he Adopted and Later
VIII Be Passed by tho Lower House.

II IL Predicted That When II IL Reported
10 the Republican Conference Monday
NiEht II VIII he Adopted and Later
WIN lie Passed by tho Lower House.
WASHINGTON May e.-Emergenoy cur
rency for use in times Of panic or financial
disturbance undoubtedly will he authorized
by Congress before adjournment, In the
last few days, as a result Of discussions
among Republicans, the situation relative
to currency legislation has eased up some
what and the prediction was made to-day
that when the Republican conference which
meets Monday night gets down to business
1t will be found that the insurgent band
has been reduced 10 a mere handful OF
those who have been recognized for years
az financial doctors unable TO aRreei
among themselves and running riot
suggestions made by others
BY argument instead Of the usual thumb
sorew methods the leaders have convince
the Republicans OF the House that business
necessity as well as political eXpediency
requires the passage Of the Vreeland bill,
or some other measure OF the kind, placing in
the hands OF the Secretary OF the Treasury
authority 10 60 TO the relief Of the banks
and business generally should stress OF
weather appear at any time within the
next twelve m Onths.
The committee appointed by the Re-
publican conference to perfect the Vree-
land bill, in order 10 make It satisfactory 10
the majority, has been hard ut work
Its report, which will be signed by every
member Of the committee, will be sub
mitted 10 the Republican membership
Monday night That the revised measure
will be adopted and that II will he passed
in the House is certainty, What fate
awaits the bill in the Senate ia not known
for certainty but II is understood that
the Senate leaders have assured Speaker
Cannon and his lieutenants that there will
be no adjournment until an emergency
currency law Is placed on the statute books
Suggestions looking TO the Improvement
Of the Vrpeland bin have been pouring in
on the committee appointed TO perfect IT,
Several clauses u the measure which
have excited criticism in some quarters
and condemnation in others have been
remodened For example provision has
been made for the redemption Of the emer-
gency currency notes authorized. Further
more, the bill as amended provides that
the clearing house associations proposed
20 be- created shall be confined TO banks in
contiguous territory and that the banks
III any hH6Ntlhllbll olAtAll w JIMMY hAA'
severally liable for the notes Issued.
Representative Fowler Of New jersey,
chairman Of the House Committee on Bank
ing and Currency. Repres an.ative Hill OF
Connecticut and other members who have
been bitterly opposing the Nreeland hill
have not lost hope Of enforcing upon the
House some Of their views on the subject
Of currency and finance. As final effort
in this direction, Mr.. Folwcr introduced
a new currency measure to-day II recog.
nizts the principles outlined in the Old
Fowler bill. but differs from the old in that
the provisions guaranteeing deposits ani
thcsh authorizing national banks to al
minister trusts are omitted. II provides
for an asset currency redeemable in gold
on demand and retains that feature Of the
original Fowler measure for the creation Of
redemption zones. The new Fowler bill,
like that previously introduced 10y Mr..
Fowler, provides for n permanent system
Of banking and currency, whereas the Re
publicans OF the House have decided to
enact only temporary legislation for the
DTCgan