New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-11
HITS MONETARY BOARD
CumminS Declares Commission
Is Refuge for Lame Ducks.
BURTON TO THE DEFENCE
Protests Against Hasty Judg-
ment of the Work and Pleads
for More Time.
rrrom The Tribune Bureau.l

IRON The Tribune Bure2ul
Washington, Aug 1o.-While awaiting a
report from the conference on the wool
and the free list bill. on which tho adjourn
ment hinges, the Senate to-day devoted It's
attention 10 Senator Cummins's resolution
providing for the abolition OF the National
Monetary Commission. OF which Nelson
w Aldrich, the former Senate leader, is
chairman.
Senator Cummins denounced the commits
sion as a refuge for flame ducks Sena-
tor Burton member. protested against
she hasty judgment OF the work OF the
commission before report had been made
and pleaded for its continuance. under
certain restrictions. until the purpose for
which 1t was created could be accom-
plished He expressed the opinion that IT
should be made UP OF members OF the
House and Senate who should serve with
out salary.
Senators were so loath TO give their at
tention 10 legislative matters that 1t be-
came necessary to enlist the services or
the sergeant-at-arms to summon absentees
in order TO maintain n quorum. Senator
Burton. who is very earnest in his defence
Of the Monetary Commission and the pur-
pose for which II was created is prepared
70 deliver a long speech on the subject.
Twice he was interrupted by roll calls.
which disclosed bare quorum. The third
time fewer than forty Senators responded.
Senator Hepburn moved that the Senate
adjourn. but st refused to DO SO. After
interrogating Senator Burton. who was
suspected OF conducting a lone ilihuster.
Senator Cummins moved that the sergeant
H.. ted n
sentees quorum was obtained after
some delay. and Immediately the Senate
adjourned ont Of respect TO the memory
~ Representative Gordon. without voting
on the Cumnins resolution.
Mr. Cummins spoke on bill 10 require
the commission 10 report finally to Con
gress by December d He declared that
after more than three years Of existence.
and after having spent nearly t25ocN. the
commission should be able 10 report
Senator Cummins said that some Of the
employees Of the commission we're on the
government payroll in other capacites
We pointed ont also that the commission
had gathered large library Of financial
information. had paid for the writing of
numerous monographs on various phases
% the financial question. and that with all
this information in rs possession Con
eress ought 70 he able 70 act.
The commission travelled I'm Europe and
spent $1,000 studying foreign banking sys-
TENS" said Air Cummins IT spent some
time at Nsrragansett Pier. place where
~ ought 20 have been able 20 concentrate
ste thoughts on financial matters
Senator Hevburn OF Idaho criticised the
commission. Some Of the literature they
have prepared" he charged, contains no
more information that will be useful I'm the
senate for the passage OF financial legisla-
ton than The Arabian Nights
= Senator Burton acknowledged that the
6ody probably had been extravagant To
emedy this he said he would offer an
Karendment disseminating at once the sal
aries Of those members OF the commission
who are not now IN Congress. This would
reduce the expenses Of the commission by
ESQ 500 a vear. as eleven Of the eighteen
members Of the commission ere former
members Of Congress Active members OF
congress who are also on the commission
receive no extra compensation.
Senator Burton expressed the opinion
however, that the commission should be
continued because, he said. II would not
he able 10 make complete report by next
session. and because Of future financial
questions on which IL will be able 10 give
valuable advice He said he would offer an
amendment to have report made Janu-
srv 10 next.
Mr.. Burton declared that in his opinion
the National City Company. formed by the
National city Bank Of New York for the
reported purpose Of holding bank stocks
was contrary 10 law and not IN accordance
With the national welfare. II It were held
IN be legal, he said, he would introduce a
bill 10 make such companies Illegal
Senator Newlands, OF Nevada. said there
were q number Of special financial questions
on which he wanted the commission 10
report. He said there were matters con-
cerninr the advisablity OF organizing as
socistions Of national banks in each state
for the mutual protection of bank de-
positors against panics, and Of bringing
these associations into national fedora
ton through a national banking commas
sion. with the Secretary Of the treasury
- chairman He said he would give TINS
commission powers Of examination, cor
recticn Of evil practices and recommen-
dation 20 the President and Congress, ana
expeot It to perfect a cooperation win
banking commissions of the various states
NJ. Newlands wanted a report on the adj
visibility Of preventing national banks
from depositins any portion Of their re-
Aserves required by law IN other banks.
II was apparent from to-day's proceed
,ngs that the Senate does not contemplate
further important legislation az this ses-
sion. When the cotton bill was unfsvor-
ably reported by Senator Smoot, Senator
oyerman promptly objected TO its con-
sidera,ion and it went over under the rule.
TIE Democrats have sidetracked cotton as
we'll as the Bristow sugar schedule, Tor
which II was to he rlade the vehicle. and
4, is confidently asserted 10y Democratic
senators that there will be no more tariff
ySvtsion st this session.
Senator Burton VII probably resume his
.peech on the Monetary Commission TO-
morrow II a quorum can be maintained.
He Will so al length into the question OF
the necessity for currency legislation con-
tending that the present system although
stable. lacks elasticity and does not re-
spord TO trade conditions. lie VIII also
discuss the central reserve plan, for which
,--..,or Senator Aldr3ch stands sponsor.