Show CURRENCY BIL Senator Aldrich Endeavoring to Get Action Acton Before the th Session Closes S ACKNOWLEDGES A MISTAKE NELSON OF MINNESOTA HAD THE PROOF Washington Feb Senator Al Aldrich Aldrich who has for some days das been en on endeavoring deoring to get got final action acton on his currency bill bUt called cIt the measure up In Inthe Inthe inthe the senate shortly before 2 to today daj day Discussion progressed pro until S when the special order for lor eulo eulogies cub gies glos interfered anti and the measure masure went over until next week Mr 11 Aldrich stat statIng stating Ing ng that he be should call cl it up u at the tie ear car car carlest heat iest lest opportunity after Monday Senator Nelson explained the nature and Intended operation of his amend I lent eni elt to the th bill bi The amendment nt per permits permIt permits mits mIt the secretary of the th treasury to receive as security for the deposits of or government funds In Ih national banks bahk en bonds and at his discretion disCretion tion ton state or municipal bonds also such bonds as the law permits ermIs the banks of Massachusetts and ami am New York to C Dt Question of Interest It further provides that the banks shall pay the tIme government at least lest 2 per percent percent cent Interest Der er annum on the daily dal balances on government deposits Mr Nelson the idea Ide that such a ar requirement r would change the charac character ter tel of the government deposits saying sa ilg that if It it I was held that banks recel receiving ing lag such deposits were fiscal agents of ot the government the money they the thus hus received should be kept intact by b them and not loaned out on interest He said the th bett r class ass of did diLl not object to posits posIt paying interest Int on government de do deposits de As to the first proposition Mr Nelson repeated what he lie le said sid several days das ago that the s was m now receiving railroad bonds bends as security Senator Al Aldrich AldrIch Aldrich had hail questioned this at the time tm and Senator Nelson produced produce d today to ay a aletter alet aletter letter let r from a banker hanker of St Paula PauL stated that the secretary had received from hIm Mm as security for govern government ent deposits of Northern Pacific 4 44 per pel cent and 4 per vcr cent Union Pacific bonds Aldrich Was Mistaken Senator Aldrich Alrich admitted that he lie had ir in denying the state statement statement ment moot Senator Nelson said sald be he h did not know k J what authority the secretary had hd r it unless it I should shoula be b the wards cdS and nd otherwise In the law hw saying government deposits should be secured by b United nied States Stales State bonds b and otherwise Lifter r when n Senator Aldrich AIdrich was vas dis dili discussing discussing cussing the tle bill 11 the Fame fame nune point was Int e asked by what t authority had iad the secretary of 1 trl sur IC 1 other oter than gov government gO bonds b I r must nl st confess that th t I do not khol no answered answer Mr Ir Aldrich It i do know that ho he hp has lias been ing a miscellaneous character of securities ties tes but hut so O far as rr I t know hilow J he e has never s the class cla of ot securities securities ties t s he has bag as been rec c S Perplexing Questions The Nolson li amendment as explained lne by Mr Ir Aldrich would require r all 31 gov government funds f to be kept In national banks and thus titus the large banks bank of ot the country countr which habitually aly carry United States bonds as Investments cart would re receive rev cerve v the ih d deposits i Mr tr Aldrich Adr h sai said th finance i b commit committed ted t had realized in dealing with wih the questions ns that they the were many and dif dlf difficult di fi ul but that if I an attempt was wag made to solve them at the present p ent short ses session sessIon cs sion slon sult failure in all al respects would re result Therefore he continued the com corn mUM reported a bill bl permitting the sec see secretary rotary rebr of the treasury to deposit cus ens customs CUstoms toms receipts in national banks in the th Same anle manner as he deposited internal revenue i y nui receipts S Sa jAs 19 a n matter mater of fact the time secretary of oi oit tM t treasury sury is doing this now by de depositing depositing positing In banks all ni of the time internal revenue receipts r and using the cus us tOtS toms receipts ts to pay Day current crent expenses I nut But this operation is not direct dIrect |