New-York tribune., 1908-01-26
AMEND ALDRICH BILL.
MANY CHANGES M-1DE.
lIIDE.
Important Notifications of Details
bit Underlying Principle Stands

~
Washington. Jan. 25-When the Senate Com
-oittee on Finance meets next Monday Chairman
Aldrich will be prepared TO exhibit the perfected
text Of his currency bill. In the recess of the
committee Mr.. Aldrich has been engaged with
Senators Hale and Allison and other prominent
Republican members of the committee in put
ting the finishing fouches on the measure, and
they held their final meeting to-day. The
hill will not be departure from the principle
underlying the original measure. but it will
body many changes, due primarily to sugges-
tions made in the committee and secondariy to
suggestions from outsiders
Among the more important changes will be
one accepting Senator Bailey's proposition for
the distribution of the proposed surplus bank
issue among the various states in proportion TO
their banking capital and surplus This feature
has been strenuousy contended for by the Texas
Senator and the Republicans have decided to
-concede it, not only because they consider it
equitable, but also because they think it will
sist materially in bringing Democratic support
the measure when it reaches the Senate.
Senator Bailey has been engaged in preparing
substitute bill in which this feature has prom
inent place. and it is not yet determined whether
he will desist when the action of the majority
becomes known. It is probable, however that
he VIII go forward with his own bill for the
present and until retention OF the proposition
IS assured
Other changes which it is hoped will have
modifying effect opponents. both in the
Democratic party in the Senate and among
Western Republicans. is increasing the
amount OF extra circulation allowed by the bill
from soJOO6ooaO provided by the first draft OF
the bill. 10 SJ1oo0ooo and another making
radical changes in the provision in regard 10
municipal bonds. which the bill provides shall
be accepted as security for the surplus issue.
As the bill stands it requires that cities whose
hands may he accepted shall be fifteen years Old.
have not less than 2o.0oo population. and shall
nor for ten years have defauted any Bonded
indebtedness In the new print all these rcstric-
lions and definitions will be eliminated. and the
authorities thus will be permitted to pass on ali
,7unjcipaI bonds on their merits at the time
rresenred The committee also will conceGe the
contention that additional issues Will be per-
mtted 10 the extent of 30 per cent of the mar
ket value Of the bonds. deposited instead of d3
per cent the first bill called for. This latter
change was suggested by the OF the
original national bank Law.
All these amendments are intended TO meet
the demands of those who would provide, first,
Tor a greater expansion Of the circuiat ting
medium. and, second, for more liberal and
EQUITABLE treatment of the smaller and newer
centres of population. and the hope is expressed
that they the effect of popularizing the
measure and of expedfting its passage.
one important effect OF the bill il will ne
presented will he that of making the United
States Treasury directly responsible for the
payment of all banknotes issued after the Law
goes into effect. There is popular impression
that under the terms of the bill there will be
Two kinds of banknotes class such as is
now used and issued and the other the extra
circulation be issued under the new law Mr.
Aldrich characterizes this entire misap- |
,,rehension Of the intent OF the measure. On the
contrary. he says. ali the notes will be uni |
form but that they will different from the |
notes now provided for. These specify the de- |
post OF government bonds TO secure payment, |
and this specification viii be discontinued In |
its place will be q legend the effect that the |
government guarantees the payment of the note |
Thus" said Mr. Aldrich, the notes will |
not only be uniform. but the national govern |
ment will stand behind them with an explicit |
pledge"
Whether the bill viii be reported after the |
next meeting will depend largely on the extent /
that the committee may be disposed TO go in |
still further granting courtesy to Secretary Cor
telyou in regard his long promised statement /
On the course of the Treasury in the recent |
financial disturbance There is no longer pre- /
tenoe that the character of the bill itself will /
be changed by this report, or. for that matter. /
by any outside report suggestions: but 1t il /
felt that the figures Mr. Cortelyou will supply |
will be Of vital Importance in considering the DlH
in the Senate. Now. as in the beginning there - !
q desire to treat the Secretary with the utmost |
consideration and il is apprehended that if it is
made evident that he can present the report with
in a reasonable time the bringing in of the meas
ure will be still further delayed on his account |
Il is known that the Secretary is giving the re- /
port MS personal attention and has promised /
10 present il at the earliest possible moment. |
Ii is not now believed that the statement will De
delayed beyond the middle of next week. /
EE1TnID fVrC on FIN fN/'F /