The Washington herald., 1908-05-16
EXPECT TO PASS
A CURRENCY BILL
Republican Leaders Working
to that End.
ALDRICH BILL as A BASIS
With Senate Amendments EIimi-
mated by Committee, Il Is Substi-
tuted for VreeIand Bill, and
Conference viii Settle Details.
To Investigate Banking Problems.

According to the Republican leaders at
both ends Of the Capitol. the prospect for
The enactment OF currency IegisIatioa at
this session is exceedingly hopeful
In fact. most Of them regard 1t as GER
tain, although they are not making that
claim out loud.
Thursdays action OF the House in pass
ing the Vreeland currency bill started
the ball rolling.
A further advance was made yester-
day. when the Senate. to which the vree-
land bin was reported from the House
adopted the Aldrich currency bill as a
substitute for It, and asked for a con-
ference with the House. The Aldrich
bill. so substituted. was amended in
some particulars. and contained a new
feature. providing for the creation OF a
currency commission.
The second forward Endorsement was
made late yesterday afternoon, when the
House granted the senate's request for
a conference. The Senate eonferees are
Senator's Aldrich, Hale, and Allison. Re
publicans. and Daniel and Teller, Demo-
Gratis. The House conferees are the
three senior members Of the Republican
committee which drafted the Vreeland
bin, Messrs. vreeland. Burton, and
Weeks. and Messrs. Pujo and Glass.
Democrats.
Many Retain House Feature.
While there is q general understanding
around the Capitol that the feature of
the vreeland bill creating clearinghouse
associations Of national banks. with
authority TO issue emergency currency,
will be retained. it is assumed that the
Senate conferees. in making that conces-
sion, viii insist that the broad general
scope of the Vreeland bin provision in
regard 10 securities that may be accepted
as collateral for the issue Of the erler-
gency circulation shall be curtailed ma
terially.
It is expected that the Senate's repre-
sentatives viii hold out for revised
provision, In substance, that securities
by a clearinghouse association
as collateral for emergency ejaculation.
shall be made over to the government
Of the United states. although they I~ay
be held by the clearinghouse association
as trustee for the government.
Includes Railroad Bonds.
The securities feature Of the vreeland
bill is construed as taking in every class
Of securities, even railroad bonds. There
was so much opposition in the Senate 10
The authorization in the bill of railroad /
bonds as securities that Senator Aldrich |
was compelled to eliminate that feature.
When the revised AIdrich bill came be-
lore the Senate yesterday for reapproval
rs an amendment to the Vreeland meas /
IRE, a few Democrats voted for IT. and
,ome Republicans voted against il That /
Vas what happened when the Aldrich bill |
vas passed originally. Daniel of Virginia, |
Johnston of Alabama Owen of Okla |
loma, and Teller of Colorado were the i
Democrats VINO were so recorded yester- /
lay. Borah and Hepburn of Idaho. /
Bourne OF Oregon, and Brown of Ne +
,raska were the Republicans who voted /
.gai1st reapproving the Aldrich bill
Mr.. Gore, of Oklahoma was the only
senator to express a preference for the /
ireeland bin, although he said he dis
iked both measures. Senator's Bailey. /
Money, and Bacon said they much pre-
erred the Aldrich bin to the Vreeland
but would not vote for either.
Senator Aldrich explained that the ac-
ion OF the Finance Committee in report
ng the Aldrich bill was unanimous, and
Continued on Page 4, Column 2.