AFFAIRS IN AMERICA.

Feilding Star, Volume II, Issue 534, 30 March 1908, Page 4

AFFAIRS IN AMERICA.

THE CURRENCY BILL GOES THROUGH. A REMARKABLE OFFER. DEMOCRATS TO~HELP REPUBLICANS. [BY KLECTBIO TELEGRAPH — COPTBISHT.] [PER PBEBB ASSOCIATION.] New York, March 28. The United States Senate, by 42 to 16, adopted Senator Aldrich's currency Bill. In the House of Representatives, Mr Williams, leader of the minority, lanoiouinced the readiness of the Demo, crate to assist President Roosevelt's legislative programme, and pass It, the add of the twenty-five Republican votes. The New York correspondent of the London Times says the offer creates a remarkable situation in national politics. If accepted, it may convert a do-nothing session into one of great activity. [There are two remarkable events cabled above — the passing of the 'Aidrich Cunrency 801 l in the Senate and the offer of help from the Democrats in the Lower House. For President Roosevelt's party is RepubKca-n, and great opposition ihas always existed between thp two parties. Senator Aldlrioh, explaining his Currency Bill in the Senate, stated Ithat, in the event of an emergency, it would enable £100,000,000 of new money to be placed in channels of trade within 48 hours. The Bill provides for the issue of an additionail £100,000,000 of bank notes in case of emergency. Tho Treasury will deal directly with the banks, instead of through the dearing houses at intermediaries. The Bill states that when, in the opinion of tho Comptroller of Currency, business conditions warrant the issue of emergency currency, he may authorise its issue. This currency is to be based upon the deposit with the Treasury of the State, county, or municipality bonds or first mortgage bonds of any railway company that has paid not less (than 4 per cent, interest upon its entire capital stock for not less than five years previously, the 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. Republicans anticipated that the Bill would be passed, although ilt encountered opposition as being a crude measure that would not meet the evil it was 1 designed to correct. There was marked opposition to the use of railway bonds as security because of the impossibility of absolutely determining their real value.]