Gradually financial affairs righted themselves. The emergency currency was redeemed, the runs on banks ceased, confidence slowly returned, and business picked up, although by the middle of 1908 the volume was scarcely half of what it had been a year before. The number of bank failures had been comparatively small. Only twenty-one banks were obliged to suspend payment, while in 1893 the number was 160. [Illustration: Hundreds of people in the street.] The panic of 1907. Wall Street, in front of the Sub-Treasury Building, when the run on the Trust Company of America was at its height. Naturally there was much discussion concerning the defects of our financial system, of the needs of elastic currency, of a central bank, etc., when the Sixtieth Congress met in December, 1907. Several bills were offered for the establishment of a central bank; some for the issue of a special currency by the government; others for the legalization of certificates and currency created by clearing-house associations. The aversion of the people to the centralization of the banking business in the hands of a few of the great money powers made the establishment of a central bank out of the question. The bills which were discussed at any length were the Fowler Bill, the Vreeland Bill, and the Aldrich Bill. The first was discarded, although it had merits, and the two branches of Congress were unable to agree upon either of the others. The result was a compromise measure which became the Aldrich-Vreeland Act. The important provisions of this act are as follows: (1) Ten or more national banking associations, each with an unimpaired capital and surplus of not less than twenty per cent and an aggregate capital and surplus of not less than $5,000,000, may form national currency associations. These associations are to have power to render available, for the basis of additional circulation, "any securities, including commercial paper, held by a national banking association." (2) To obtain this additional circulation, any bank belonging to a national currency association having circulating notes outstanding secured by United States bonds to an amount not less than forty per cent of its capital stock, and having the required unimpaired capital and surplus, may deposit approved securities with the currency association and be empowered by the Secretary of the Treasury to issue additional circulating notes to an amount not to exceed seventy-five per cent of the cash value of the securities. If the securities are State or municipal bonds the issue must not exceed ninety per cent of the market value of the bonds. (3) The banks and assets of all banks belonging to the currency association are liable to the United States for the redemption of this additional currency, and the association may at any time require that additional securities be deposited. All banks are held liable to make good the securities of any bank in the association.