The Birmingham age-herald., 1908-04-18
ALDRICH BILL IS
 FINALLY TABLED
vreeIand Bill Will Possibly
 Meet the Same Fate
HOUSE COMMITTEE ACTS
A Compromise Must Be Reached By House and Senate Committees Upon Financial Measure Which
 Will Have a Chance.

Washington, April 17.-The House com mittee on banking and currency today voted unanimously to table the Aldrich financial bill. It also was decided to give a hearing tomorrow to Representative Vreeland of New York. who recently in troduced a financial bill which is looked upon as a substitute for the Aldrich meas ure.
 The discussion in committee was brief. The only point debated was as to whether or not the committee should make formal report, giving its reasons to the House for it's unfavorable action, and the con clusion finally was reached that no req sons should be given. Consequently the committees report will be mere state ment of the action of the committee. or the 19 members of the committee lS were present at today's meeting.
 The Vreeland bill. introduced in the House last week as a substitute for the Aldrich bill, and which, it is understood, is to be considered at republican eau- GUS to be held next week, wa9 not con sidered at todays meeting of the commit tee. It was decided, however, to give hearing tomorrow to Representative Vreeland.
 Chairman Fowler and other members of the committee refuse to be quoted as to the probable fate of the Vreeland bill, but the opinion seemed to prevail that it would follow in the wake of the Aid rich bill.
 The bill introduced yesterday by Chair man Fowler providing for a currency commission also will be considered at the meeting of the committee tomorrow. The commission idea apparently has many friends in the committee.
 A hearing also will be granted to Repre- sentative Lowering on his bill to incorpor- ate the Sovereign Trust company Of America Two other measures will re- ceive consideration at this meeting, the Dalzell bill making it a misdemeanor to circulate false reports regarding national banks and the Freedman's bank bill, re- gently passed by the Senate.
 The tabling of the Aldrich bill will re- suit in currency legislation being per- fected by conferences of the two branches of Congress, if the House carries out the probable programme of now passing the Vreeland bill. In that event the House measure would come to the Senate, all after the enacting clause would be struck out and the provisions of the Aldrieh Dill substituted The effect would be to put | both the Vreeland and Aldrich bills into
 conference, and from them a currency bill would probably be agreed upon. 1 The Vreeland bill is not hostile In char | acter to the form of legislation provided
 by the bill, which was passed by the 1 Senate, and therefore the action of the ] House committee on banking and cur | rency, in the event it's course IS followed
 by a favorable report on the Vreeland | bill as a substitute, does not indicate that
 there will be no currency legislation at | this session. as the House will probably | pass that measure.
 Representative Vreeland, in drafting his bill, made mere provision for the use of commercial paper and all other securities held by national banks un- | der the national banking act, as an additional class of security upon which | emergency circulation may be issued. | He eliminated certain amendments, which were tackled on the Aldrich bill, l while 1t was under consideration in the Senate, including the provision by Sen ator Johnston, requiring national banks | to keep three-fourths of the reserve in 1 their own vaults, and the amendment l by Senator LaFollette prohibiting the 1 loaning of money by any bank to a 1 corporation, the officers or directors | of which are officers or directors of the l corporations seeking the loan It IS | expected that the Senate conference will make a strong fight for the reten- | ton of the Johnston reserve feature, | but there Is little prospect for the | adoption of the LaFollette amendments. | Representative Vreeland is not a member of the House committee on | banking and currency, yet it is ex- pected that if his bill is passed, he will | be one of the House conferees. It is not unlikely that Representative Bur 1 ton will be another, and the democratic member, a man who is favorable to | legislation along the lines of the AL | drich-Vreeland proposition
 MT. Vreeland and many House lead CTS favor an amendment to his bill providing for currency commission to report upon a general revision of the banking laws.