n. n i ALDRiCH fiNANCIAL BILL REACHED SENATE I WITH fEW WASHINGTON Jan 30 Tho 30 The Aldrich Aldrich Aldrich Al Al- financial bill which has been beon in ill inthe inthe I the hands of tho the committee on luanco sinco since its introduction in the senate te I January 7 r was reported today by Senator Sena Sena- I tor tot Aldrich Tho The report was 15 authorized at a meeting meet in log ing of the tho committee held hold today at which all the thc Republican members present voted for a resolution authorizing ing mg tho the reporting of tho thin bill and all ail the Democrats voted otell for Cor the Bailey tute Senator Hansbrough who is-ho favors n a central bank scheme mc was not present and his vote oto wa was waa unrecorded The only Democrats in attendance were Senators I Teller Bailo Bailey Bailey- and antl Daniel Senator T Taliaferro Taliaferro Tal- Tal tl- tl who is absent in n Florida FloriLla was recorded as for or the Barley Bailey Y substitute Senator Money l was also absent and aud his vote volo was unrecorded Mr lr Aldrich J said ho he would call the bill up fur for consi consideration on Ion l Monda Monday a February 10 to Mr lr lr Aldrich said he lie made the announcement an an- tn an as to the time so o that the senators might aright have ample opportunity to prepare for the discussion of the Jill hill 11 He lie f said that the committee e hail had under tinder c consideration some somo amendments to 10 till the bill relating to railroad braids bonds and md probably would suggest them at a later day la He explained that th the bill hill withe wi was the bill of the majority of the tho committee commit commit- tee teI and that members of tho the minority mi might ht have hn-e a substitute to offer later I lie Ile t also al o added that the correspondence with the interstate commerce commission commis- commis ion sion on the subject of railroad securities would be presented as a document Make Mako Written n Report Mr Bailey slid said that if tho the finance committee proposed cd to submit a written report of the banking bill he lw will wished c to preserve the right fight on behalf of the minority of oi tho the committee to do elo the same saute hereafter Mr arr r Al Aldrich ricla replied that it had not been u customary to submit written reports re re- reports ports in such uch cases but he lie expected to tn I explain thin tho measure on behalf of or the committee In It that thata easo aio a o Mr said it would not be necessary to reserve reserve J the ri right lat of imy a report line Tho various amendments which have bao been published from Crom timo to time appear in tho the bill hill although in general character lon Continued tin on pa page c 0 6 J I ALDRICH BILL l Contin Continued d from Page c 1 r the bill remains the same as when wilen intro intro- There has been an effort on the part pure of the committee to emphasize tho the I that thiat is is emergency enC nature of the thc net act proposed and to this end various amendments amend mints ments are inserted in ill the bill hm which arc are intended to cause e speedy i issuance of additional ad ad- ul currency l when n a 1st stringency nn oc oc- curs curil The following amendment is Inserted in iii trIo tho first section ot of the bill hill in lieu liou of the tho provision which gave ao the comptroller I her ler of the thc currency power to fi fix the th time anti and amount of 1 issues when application I cation i is i- made according to his big l j judg judgment ment meat and ut at t his convenience 1 Gives Oi Power to Secretary Tho rho comptroller of lr the currency I shaH shall transmit I immediately the application I tion with hi his recommendation to tho thC 1 secretary of the tbt treasury who i ii if in in his judgment jud business conditions condition in ill tho locality demand additional circulation I approve c the same nail and shall determine the tho limp of issue and fix the tho amount within the limitations hereinafter l' l imposed im mi- intI I posed of the additional circulation to be Lc issued In or order er that thai the distribution tion of notes to be e issued iss under the pro provisions of this act hall be made made- as equitable as practicable between th the thu various sections 1 of the countr country the secretary sec see of the treasury shall hall not approve e applications from 1 associations in iii any an state in iii excess S of the amount to which such state would bo be entitled of the thc additional additional ad ad- notes herein heidi authorized on the basis is of the proportion which the unimpaired paired capital and surplus of the thc national na un- banking associations in ill such euch state tat bc bears rs to the total amount of unimpaired capital and of surplus th the national banking bank hank lag ing associations of the United States Stats An Au Emergency Aid j Provided however that in case the tho applications from associations in in any state tate shall not be equal to the amount which the tho asso associations of such slate stalA would be entitled to under this method of distribution tho the secretary of the treasury may in in his discretion to m meet ct an emergency ns assign i n the amount not thus applied for to any applying association asso or associations in the tho states in inthe inthe inthe the same section of the country The clause of the bri inal bill fixing ij 75 per pel cent of the market value aluc of all municipal and raihn railway bonds as the limit Jim him it of the issue of notes votes Q against them has l been amended so that railroad bon bonds s salone alone are to be b n at 73 75 per cent of their market value Notes may be issued is is- sued against deposits of or municipal and count county bonds up fro to 90 DO per cent of their market value Tho limit of circulating notes that ma may bo be issued under tho the a act ad t has hai been heen raised from 2 to Acceptance of Bonds The section of the bill relating to the acceptance of interest hearing bearing obligations obliga or any legally authorized bonds of slates states cities or towns and counties as 3 deposits deposits' for tho the security for additional additional addi addi- currency issued against them has hag been broadened broaten d considerably by amend amend- in ment eat The words wora or other le legally constituted constituted constituted municipality or district which have bavo been ad added ed are arc taken to mean that bonds bond issued by school districts and townships will be acceptable providing pro viding idina they the conform to requirements specified The rhe population of ot these m municipalities is fixed by the reported b bill ll at instead of as originally proposed There is an amendment making it tho the duty duh of the 8 secretary of tho the treasury to obtain information with reference to I the value and character of the municipal municipal I pal and railroad securities authorized to tobe tobe I be bc accepted under the provisions of the act and heis he is required from time to time to furnish information to national I banking bankin associations as 35 to such banks as would be bo acceptable as is security to I the end that information on concerning I railroad bonds may be gathered wit with sonic ome de degree ree of accuracy The clause of ot the bill bin relating to the acceptance of railroad bonds bond as security t- t for not note issues is is- sues is is amen amended ed edO so O as to include only the bonds of roa roads s which bich comply with ith the exist existing nl law JaW in reporting statements state state- ments meats of their condition and carnin earnings s to 0 o tho interstate commerce commission Memorandum Stricken Out Th The provision in the tho bill requiring a memorandum on the back of each bond showing that the Je legal al title of the same has passed to the treasurer of the Untied States in in trust has been stricken out and it has been made maclo the duty of the secretary of the treasury to pre prescribe prescribe pre pre- scribe rc regulations for convoying con title The provision of the ori original bill i relating re reo re- re hating lating atin to the preparation of ot circulating notes in in blank to an amount equal to 50 per cent of the tho capital of a bank requesting requesting re reo re- re questing an issuance has hns been beeD chan changed cd so that it is mandator- mandator on on the comptroller comp compo to pro proceed eed as soon as practicable practicable able to prepare notes for all national banks so that they mn may be ready p for issue issup immediately upon the receipt of application and after securities have haQ been approved Bank Reserves Dropped In the tho bill as reported there is no mention of the tho reserves of banks located located lo lo- outside of ot reserve or central cities In the tho original bill it was M required required re reo re- re that they should hereafter hold hoM hoMat at all times at least two thirds of their reserve in lawful money monc- It is is sp aUy provided that all acts and orders of the tho comptroller of ot the curr currency ncy and aud the treasurer of tho the United States Fates authorized by the tho act shall hat ha tho the approval of tho the secretary secre seers tary of the treasury