| Show AID mm ALDRICH RICH BILL fiNDS FAVOR FAVORIN k INMATE IN THE SENA SENATE IE p Morgans Measure Passes by bya byg g a Vote of 42 6 Almost on Party Lines UTAH SENATORS FOR FORAND FORAND FORAND AND IDAHO AGAINST SEVERAL OF THE LA FOLLETTE AMENDMENTS ADOPTED BUT BUTHE BUTHE HE VOTED NAY Washington Marci 27 The Al AI Aldrich Aldrich currency bill was passed by the senate enato today by y b vote ote of or 42 to 16 in inthe Inthe Inthe the main y a party part vote Previous to the taking of the vote ote on the Al A 1 d h bill a vote ot was taken on the I Bailey Baile substitute authorizing the gov government government instead of the national I banks banki to Issue the emergency h circulation lation a Ion for which the bill provides The te on the substitute stood 42 to 13 nd this vote was entirely partisan even ven en Senator La Follette casting his hl hi vote vot with the Republicans The bill lias has been before the senate since Jan Tan 2 The vote was not reported until after 6 p m and the galleries were practically empty An interesting feature of the paSt pasY pa sage of the bill was a reiteration by b Mr Aldrich of his promise to bring in hi ina Ina hia L a bill for or an Investigation of the en entire entire entire tire banking system of the country with nith a view to instituting reforms Provisions of the Measure 1 As passed the bill provides for not fbi more than 50 of emergency currency to 10 oe ne Issued 10 u national banks upon the deposit by them of state county and municipal bonds bondE to tobe tobe tobe be approved by the secretary secret ry of the treasury The currency is to be is issued sued with a view to securing an equitable distribution of the currency oer the United States and In ac ae with the unimpaired capital capita I Hand anI nil surplus of banks In each state Banks are to pay for tor this thia emergency circulation cir of 1 per cent a month during the first four months it itis itIs Itis is circulated and afterwards three quarters of 1 percent a month The bill provides that national banks shall pay pa not less Jess than 1 per peron on government funds deposited them 0 Change in in Banking Laws Ac s R amended today the bill carries a gi i 1 important change in banking laws Jaws relating to bank ban reserves This amendment provides that of the 13 15 pr tnt tent reserve required to be kept bv by banks not in reserve cities four of this is to be kept in the theA A aults of ot the banks and amI of that amount can be in the form of securities of the kind required d dB By B another amendment agreed to today the period during which halt half hal of 1 per cent interest is to be charged was reduced from froni 1 six she to 0 four months after which which of 1 per pere e nt is to be charged until redeemed Amendment Accepted Vt At t the Instance of Mr lr LaFollette aim tJ ll amendment was adopted prohibit prohibiting ing any an national bank from investing its funds In stocks or other securities of a corporation the officers or direct ars aIS t ut nf f which are arc officers or directors o 0 thE bank banle and providing a penalty of imprisonment of from one to five fhe years ears In accepting this amendment Mr dr Aldrich stated that he had not time to consider the amendment t fully but was in sympathy with its general genera purpose He said it could be perfect perfected ed in conference The proposition to insert a provi prowl provision sion slon for a government guarantee of in national banks was the subject of ot an extended debate and andas was as defeated by b a vote yote of 11 to 46 most of the Democratic vote being t the proposition Some Turned Down Another nother amendment offered by Mr Ir prohibited loans by na national national tlona banks to its officers or to any corporation the majority stock of which is owned by b the officers of the bank banle It was rejected as was also an all amendment offered by Mr Nelson linn Minn providing that no officer er or r of a national bank shall stall be a member of a stock exchange or en engaged engaged aged In buying or selling stocks or bonds on In a commission basis An amendment by Mr 11 LaFollette to punish by b from one to live five years Imprisonment imprisonment Im hn any falsification In bank securities was adopted but was pro protested u tested sled against by b Senator Knox as as al rady fudy provided for by existing law Jaw Bailey Substitute Beaten Senator Teller offered on request of oC Senator Bailey Balle Texas who was ab abt t the substitute currency bin bill of senator from Texas which he stated was In the main similar to the Aldrich bill with the difference that Continued on Page 2 ALDRICH BILL FINDS FAVOR IN INTHE THE SENATE Continued From Page 1 It provides for government gov instead of ot bank paper and asked for a roll call The vote was Vas 13 to 42 against the bill Before the vote vot was taken on the AldrIch bill Senator TOiler Teller T ll r explained his h reasons for voting for the meas measure measure ure tire Vote in Detail Following was the vote rote on the pas pan se of oC the Yeas 1 1 Beveridge Brandegee Burkett Burnham Bur Burrows Burrows Burrows rows Crane Cullom Curtis Depew Dick Dillingham DIxon Dolliver Dupon Dupont Elkins Flint Frye Fre Gallin Gallinger Gallinger ger Gamble Guggenheim Hopkins Johnston Dem Dom Jean Kean Knox Lodge LoiiS Lo McCumber Nelson Owen Dem Dern Parkins Piles Richardson Smith of ot Michigan Smoot Stephen Stephenson son Sutherland Teller Tell r Dem D War Var Warner Varner ner ncr Warren and Wetmore Velmore Total 42 N y Bankhead Borah Rep Bourne Rep BrOn Rep Culber Culberson Culberson son Frazier Gary Gore Heyburn Heburn Rep LaFollette Rep McCreary McEnery McLaurin Overman Paint Painter er r and Taylor Total 16 Important Amendments Following is the text of the import important ant amendments to the bill bili which were adopted today By Senator Johnston Alabama That after Jan 1 1909 national n 11 bank bankIng bankIng banking Ing associations located outside e of ot re reserve reserve reserve serve or or central reserve cities which are now required by law to keep a ic re reserve serve sere equal to 15 per cent of their de tle deposit deposit posit liabilities shall hereafter hold holt in their th lr own vaults of their hs reserves elther in lawful money ai a required by law or in the securities ies enumerated jn section two of nt this at act which shall have been approved by bythe bythe bythe the secretary of the treasury provid provided ed however that not mere m r than cm cn third of the reserves required to be kept In the vaults of such associations tione be held In such securities By Senator Allison Provided that the deposits under this t ls section s if f le ie tire notes secured by the deposit depo it of ot bonds other than of oc the States shall not be covered Into the nt treasury as required by b section G C of an act entitled An act directing tie the purchase e of ot silver sliver bullion etc ete ap approved Il a proved July 14 H 1890 but shall hall be r ro tamed in the treasury for the pur purpose purpose purpose pose of ot redeeming the notes of the bank making such deposit epo IL Penal ched By Senator LaFollette No o national banking bank ng association shall invest any an part of its funds jJr r deposits deposit in iii the stocks or other otier securities of any cor corporation corporation corporation or association any of ot the of Jf officers f or directors of which are officers or directors of such banking association association tion Any officer or director of any national banking association who knowingly violates or consents to the violation of the foregoing provision shall be deemed guilty of a misdemeanor mIsdemeanor meanor and shall upon conviction thereof in any circuit or district court courtot of ot the United States tates be imprisoned not less than one year ear and not more than five fl ve years y R rs By Senator LaFollette It shall be bethe bethe bethe the duty of the comptroller of the cur currency currency rency reney to cuse reports of ot not nt notes s sIn sIn In circulation to be verified by exam of ot the batiks b records and any att officer of any an banking association falsely reporting the amount of or its Us notes ins In circulation shall upon con conviction conviction conviction thereof in any circuit or dis court of the United States be le punished by a fine of ot not toss less than 1000 nor more than or by im m for not less than one i I year nor more than five fie years or by byboth b both such fine and imprisonment Republican leaders In the house were very reticent today about pre pro predicting dieting the course of the Aldrich bill bal billIn balIn In that branch of congress Speaker Cannon refrained from rom making comment and some sonic of the chiefs of or the majority were equally equably silent Inquiries on the Democratic side to Ii today 1 day showed a general genera understanding that the minority will hold pretty fast to its It agreement to support the cur cui cui currency rency bill Introduced by its itC leader John Sharp Williams This bill vas ns as reported favorably tavor bly to the house houe by bythe bythe bythe the Democratic members of the bank banking banking ing and currency currently committee as a su for the Fowler bill t |
