Show OFFERS SUBSTITUTE FOR ALDRICH BILL Change in iii Reserve Requirements Requirements Require Require- le ments and Currency Reports Eliminated Washington April 13 A A com compromise compro pro mise emergency currency bill was In Introduced Introduced introduced In- In In the house today by Representative Rep Rep- Edward Edwar A A. Vreeland of New York It Is the tho AldrIch 1 bill Ul as asIt asIt asit It passed the senate with three im l changes The section changing the time existing law in reference to bank reserves is stricken out 0 0 The LaFollette amendment pro providing provid ld- ld ing lag for 1 regular gula and correct reports from bank of or the amount of or outstanding emer emergency enc currency under heavy penalties Is stricken out Provision Pro Is made ma e for tor creating voluntary vol national clearing house associations associations asso asso- an and the tho supervision of tho the secretary of the treasury It is understood that this bill has the time approval aJ of the time house hou e lea leaders ers and that It will be considered cred In a caucus to be hel held next week The compromise bill carries all aJl the time bond security features of the Aldrich bill In addition it attempts to placate the advocates of the asset currency through the issuance of or emergency I notes on the actual assets of banks when such assets are underwritten or guaranteed by all nil the banks forming the national clearing house association II of which the bank batik is a member As commercial paper Is among the I chief a assets of a u bank the time compromise J bill makes It po possible l lo for a bank bani to Increase Its currency on commercial paper Whether the senate will accept accept accept ac ac- ac- ac this compromise Is a n. question Hearings s of ot the time house committee on banking currency will close Wednesday Wednesday Wednes Wednes- da day and the committee will take some I days B to debate the Aldrich bill In ex cx- ex executive vo session The bill will be brought from the committee despite the hostility to it there Even En E n Chairman Chairman Chair Chair- man Fowler of or the committee the bitterest opponent of ot the Al Aldrich bill bUl I will not attempt to prevent ent a report on It |