UNITED STATES CURRENCY.

Evening Post, Volume LXXV, Issue 122, 23 May 1908, Page 5

UNITED STATES CURRENCY.

A COMMISSION,

By Telegraph.— Preae Aasooiatlon.— Copyriglrt.

NEW YORK, 22nd May.

Conferences of Committees of Ihe two Houses of the United States, arranged with the object of amalgamating > Mr. Aldrich's and Mr. Vreeland's Currency Bills, failed to agree.

The Senate has now adopted Mr. Aidrich's Bill, appointing a Currency Commission, composed of nine members of each- House, to investigate the financial situation, and to report at the earliest practicable date.

The Finance Committee of the Senate is in favour of amending Senator Aidrich's Bill by eliminating railway bonds from the list of securities available to coyer the National Bank's note circulation. The committee also thinks that the banks should be prohibited from withdrawing more than 9,000,000 dollars from circulation in any one month. As originally introduced, the measure provides for the issue of £1,000,000 of bank notes in case of emergency, the Comptroller of Currency to be the judg-j as to the nee-d or otherwise of an issuo. The currency is to be based upon the deposit with the Treasury of the State, county, or municipality bonds or first mortagage bonds of any railway company that has paid not less tha.n 4 per cent, interest upon its /entire capital stock for not les3 thati five years ' previously, tho amount and character of the bonds to be determined ,by the Secretary of the Treasury, who shall limit the issue to 75 per cent, of the par value of the bonds. This currency while in (circulation shall pay a tax to the Treasury of 6 per cent, per annum.