The Idaho scimitar. [volume] (Boise, Idaho) 1907-1908, 1908-04-04
The AldriCh Bill.

President Roosevelt and instituted by the leaders of
the Senate and House. covering number of sub
jects for legislation, the Senate, last week. passed
the measure known the Aldrich currency bill. In
expressing their preference, the Senators divided
nearly party lines the vote being:
Yeas-Aldrich, Ankeny, Beveridge, Bandege, Bur
kett, Burnham Burrows, Crane, Cullom, Curtis, De-
pew, Dick, Dillingham;, Dixon, Dollver, Dupont, Ell
kins, Flint Frye, Gallinger, Gamble, Guggenheim,
Hopkins Johnston, Democrat; Kean, Knox, Lodge
Long, McCumber, Nelson, Owen, Democrat; Per
kins, Piles Richardson, Smith, of Michigan; Smoot
Stephenson, Sutherland Teller, Democrat; Warner
Warren and Welmor-Total, AZ
Nays-Bankhead Borah, Republican; Bourne,
Republican; Brown, Republican; Cubertson Frazer,
Gary, Gore, Hepburn, Republican; La Toilette, Re-
publican; McCreary, McEnerny, McCurin, Overman,
Painter and Taylor-Total 16.
There are ninety-one members of the Senate,
more than one-third of whom not recorded in
the newspapers for against a that
pies leading position in the consideration Of the
public at large. Among the forty-two who voted
yes, three were Democrats, and among the sixteen
who voted no, five were Republicans Of the sixty
Republicans twenty-one did not vote and of the
thirty Democrats, twenty did not vote Most OF
the denquents doubtless paired and the official
record of the vote will show that few lodged the
issue.
The two Republican Senators from Idaho
on the right side of the question: that is they voted
against the bill.
The measure provides for the issue of emergency
currency to the maximum amount of $5OO,O0O,OO0
by the Government for the National banks OF the
country, the banks to which additional temporary
circulation is granted to deposit with the Government
security in the form of State county and municipal
10 o+;pfoc atorIy of
the Treasury.
The bill as it was prepared by Aldrich and his
New York assistants made railroad bonds
spicuous feature in the currency security But SEN
ator La Toilette, to whom the Senate is beginning
to pay attention. announced proposed amendment
to render obligatory physical valuation OF the
railroads behind the bonds to be offered as such
security and notified the Senate that he would make
speech in favor of his proposed amendment
1t was then that the plotters weakened and Mr..
Aldrch voluntarily eliminated the clause in the bill
that authorized railroad bonds security for emer
gency currency He did this to prevent Mr.. La
Fo1ettee from speaking the subject, thus admit
ting that the proposition would not bear discussion.
It is not believed by the many critics of the bill
that it will bring about equitable distribution of
emergency currency, for the that the class OF
security it authorizes is generally held at such lnan
cial centers as New York and Chicago and would
have to be purchased at brokers' prices by the banks
of the country before they could initiate their cur
rency to meet the demands of stringency. The BILL
therefore, appears to be another venture IN class
legislation through which dealers in State, county
and municipal bonds at the financial centers may
profit enormously whenever financial distress falls
upon the country
Another provision of the bill will stimulate specu-
-, III Of
third of the fifteen per cent that banks are