AMERICAN CURRENCY BILL

Gisborne Times, Volume XXVI, Issue 2206, 2 June 1908, Page 3

AMERICAN CURRENCY BILL

STONEWALLED IN THE SENATE. A RECORD SPEECH. United Press Association—Copyright NEW YORK, . May 31. .. (Senator Lafollette made a speech lasting 18}' hoiirs on the introduction of the Currency Bill, which is a record for the United States Senate. Other opponents of the Bill read lengthy documents and, newspapers in an almost inaudible voice.

A DEMOCRATIC STAND. REMARKS TIMES.” United Press Association— Copyright. (Received June 1, 9.36 p.m.) . V NEW YORK, June 1. The United States Senate by 43 to 22 adopted the Emergency Currency B The Democrats wishing to secure the passage of the Public Building Appropriations Bill, affecting many Democratic districts, declined Senator Lafollette’s proposition to strenuously oppose the Bill. * LONDON, June 1. ' The “Times,” commenting .on the hybrid Currency Bill which is now law, declares that effective banking reform has little chance of being adopted in the United States. There are too many powerful interests to interpose, and until-, the emergency arises, it will be impossible to foresee the effect of the new Act.

Our recent financial troubles have brought need of remedial currency legislation (says the New A ork correspondent of the “Lyttelton Times ), and Senator Aldrich, of Rhode Island, has introduced a Bill at Washington to provide a more elastic currency a"ainst another such situation. The Bill had the hearty approval of even- banking interest in America, and that- w.is quite enough to set the rabble against it. As usual the rabble did not take the time or the mtelli-.,-ence to read the Bill carefuUv. Before Senator Aldrich could pass Ins Bill over the heads of those Senators who place their ears on the ground and hear the cries of the rabble, lie was forced to mutilate it quite a lot. He was forced to accept ail amendment cutting the very heart out of the Bill by excluding' railroad bonds from the list of securities on which emergency currency could be based. He had to accept a most vicious amendment preventing the retirement of emergency notes at the rate of more than 9,000,000 dol. A good feature that was incorporated an the Bill was the requirement that country banks should keep four-fifths of their 15 per cent, reserve in their own vaults, instead of sending them to the big city banks in crises, grabbing fat premiums, and starving the currency needs' of their own communities. It is further provided that the banks should pay at least one per cent, interest on Government deposits.