The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-01-29
ALDRICH BILL READY
Measure, in an Amended
Form, to Be Reported.
BRYAN ADVISES DEMOCRATS
Effort VIII Bc Made by Opposition
to Amend Bin in senate 80 That
Emergency Currency Shall BE
United states Notes, as bryan Rec
Ommends, Instead of Bank Notes,

Il was agreed yesterday by Che MEM
bers OF the Senate Committee ora Finance
that the AIdrich currency bin should be
reported to the Senate IN amended form
tomorrow
All the changes heretofore indicated iu
The Washington Herald viii be contained
In the measure. In addition. the provi-
sion that first mortgage railroad bonds
Of certain classes shall Doe accepted al
the valuation Of IS per cent Of their
market price as collateral for the issue
of emergency circulating notes will
be amended so as to give greater
stability TO this kind of securities The
amendment viii so change the provision
as 70 provide that the value 81 railway
securities shall be determined through
government supervision over the financial
operations Of railways under the author
ity conferred by the act TO regulate COM
merce.
William J. Bryan spent part of yester-
day in the vicinity Of the Finance Com
mittee room, and had conferences with
Senators Bailey and Teller Democratic
members OF tie committee. 3Ir Bryan
urged them to insist that tne bin oa
amended so rs 10 provide that the emer-
gency notes 90 be issued shall be United
States notes backed by ihe Treasury. hu;
beyond that he expressed 40 opposition
TO the terms Of the Aldrich measure. Mr.
Bryan conCuTTed that some sort Of cur
rcncy legislation was necessary. and his
advice was taken 10 mean that he wanted
the Democrats iu Congress 10 favor in
stead Of oppose the main features Of .h1
AldriCh bill
Bryan States HIS Position.
My position in regard 10 this pro-
posed legislation IS the same as that Of
Thomas jefferson. Andrew Jackson. and
other great Democrats. said Mr. Bryan.
This new currency should be issued by
the United states government and not
by the hanks Il should have the weight
OF the government behind IT, Ny oppo-
sition is fundamental
Il am opposed 10 having our currency
system changed every time any OF this
emergency currency is issued. our present
national bank note circulation is secured
by United States bonds. but this bin pro-
vices that bonds other than United states
bonds shall be accepted as security This
currency should have the backing OF the
United States, and not be issued by banks
with unofficial bonds to secure IT,"
The Republicans Of the Finance Com
mittee VIII not agree 20 the Democratic
proposal 10 provide that the emergency
currency shall be in the form OF United
States notes When the bill gets before
the Senate M Bailey viii offer an
amendment that the emergency currency
shall be I'm United States notes. but the
Republican leaders are confident that this
viii fail
COFteIyOU's Reply To-day.
Secretary Cortelyou's reply 10 the Sen
ate resolution OF inquiry into the recent
financial relief measures is expected to
reach the Senate to-day. The Secretary
told Senator Aldrich yesterday that he
had finished g.. The reply viii be q
very bulky document containing I'm ad-
dition 20 the mass Of statistics a state
menJ analyziHg the figures and "a personal
statement, both totaIing about 1900