The Montgomery advertiser., 1908-05-27
COMPROMISE BILL
.NATE AND HOUSE CoNFEREEs
 REACH AGREEMENT.
he Reporting of a Compromise Bin on Currency Legislation by Both
 Houses Now Seems to be Certainty.

Washington, May 2s.-The senate
 Ind house conferees on the currency
 ills, held three meetings today and at
 he third. which did not adjourn until
 30 o'clock, reached a tentative agree bent on which will be based the com
 romise agreement which the repub-
 can members of the conference nope
 b reach at an adjourned meeting to-
 borrow forenoon.
 At the conclusion of the final meet ng this afternoon the probability or he reporting of a compromise Dill oy
 he two houses of congress was much
 tronger that at any previous time His session. Indeed, 1t was considered
 certainty.
 The following are the main points or he understandings that had been reach- kd:
 The reserve provision in the Vree- and bill, calling for retention or 20 Der cent in central reserve cities hnd Is per cent in other reserve eities. is reduced to straight ten Der cent reserve without reference to Classification of cities
 A higher rating is given to state and nunicipal bonds than to other securi- lies upon which an emergency curren- cy may be taken out by banks. That s to say. county. state. and municipal bonds will be valued at not to exceed Fo per cent of, their market value Xand all other bonds at not to ex- *ceed 70 per cent of their market |value, both without regard as to #whether they are offered as security *for additional circulation under the national clearing house plan or un- der the individual bank bond security &plan.
 The amount of circulation issuabIe #upon a commercial paper basis Is Limited to 40 per cent of the cap ital of the applicant bank, instead of 100 per cent as provided in the < vreeland bill. The redemption fund Requirement of five per cent under the present law is increased to ten per cent for all emergency currency taken out.
 The total amount of emergency cur rency issuable is confined within maximum of $500. .000, as provided s by the Aldrich bill.
 A time limit of three years Is placed upon the life of the bill.
 Tn this preliminary and purely ten- tative welding of the Aldrich bills i'm to a modified measure comprising the principal features of each and making s 1t possible to obtain an emergency cur rency under two distinct and radically different forms of application and se- curity. several of the minor, details of financial machinery are not yet fully settled. These will be taken up for consideration and disposition when it has become settled fact that a bill Is to be reported by the conferees. Meantime the working draft of the compromise btll as outlined in the fore going paragraphs, will be printed to- night at the government printing of- fee so that the republican conferees may have the text before them when they meet at s:s0 o'clock tomorrow morning to decide on the attitude they ewftT IA lr IA A A.a- A.. Terence to be held ir1m mediately after wards, and in which the democratic members of the conference will for the first time participate. If bill is reported out of the conference 1t will be passed by the house tomorrow. Mo- tices were sent out tonight by order of Speaker Cannon for every repubIi- can member to be in his seat at II o'clock when 1t is expected the com promise bill will be reported.
 Intimates of Speaker Cannon assert ed today that in the event that a Dill along the line of the proposed cornpfo- mfse is brought in, 1t could be passed oy the House after an hours debate This remark is interpreted to mean that the Republican majority 3f the House is prepared 10 accept wha: 3ssr The conferees may recommend, but it Is not believed that the Democrats of the House will be denied the privi- lege or some expression or their views. The cloture rule in the house is such, however, that the measure can be brought to a vote without delay.
 The conditions are so different in the Senate that another situation may be confronted there. Still today's devel- opnnents have been such as to justify he statement that these bills will not be held up in the Senate for so long a time as seemed probable when the com promise first begun to receive atten- tion. Then the fear was that the meas ure might be talked to death.
 Strenuous representation as to the possible effect on business of a failure by Congress to enact fnsncial regisla- tion before adjournment has had the effect of causing several Democratic Senators to agree not to discuss the bill at length in case 1t is reported.
 Republican Senators have been ac- tive in spreading this propaganda, and they have not been without influence. Those who have been won over will cortent themselves with casting their votes against the measure. Others would. however. insist upon discussing the bill and explaining their objec- tions at length. There are probably half a dozen of this latter class. and 1t is impossible to estimate how much time they would consume. They as- sert, however. that seriously opposed to the provisions of the Vreeland bill as they are, they would still not en- ter upon any proceeding that might be characterized as a filibuster, and say that after expressing their views and