The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-09-27
FINANCIAL MEASURES
Bill to Increase National Bank
Circulation Likely to Pass.
1t Depends, However. on the Repeal Of
the Silver Purchase Act-One
of Bryan's Schemes.
special to the rno,au.pou. Journal.

Special to the Indianapolis Journal.
WASHINGTON, Sept. GA great many
inquiries are coming into Washington at
this time about financial legislation after
the repeal Of the silver law" Bankers ere
especially impatient TO learn whether the
bill TO give national banks par value OF
circulation upon bonds deposited will be-
come Law. and what Its status is at present
Financial legislation is at o standstill. and
will continue to be sill the peal bill
is passed by the Senate. The bill. in dupli-
cate. giving national banks circulation TO
the par value of deposited bonds Is be-
fore the House on banking
finance. 1t will stay in the pigeon-holes of
those committee rooms till IL 10 known
what Is to become of the silver bill before
the Senate. Ii Is the general belief that IL
will be pushed TO final adoption very soon
after the Senate refuses to repeal the silver
law. The repeal of the silver law will
do away with the only means Of
steadily increasing. the circulating me-
of population. When the increase
of x64. 900. QUO of silver currency
annually is shut of. something will take Its
place. 1t is believed that an increase OF
bank circulation will be the most direct
and immediate way of dong IL. and 80 the
bank circulation bill Is to be passed. But
with the present silver law In force neces-
sisy for the adoption of the bank circula'
now conceded that the repeal of the Stale
Oank tax cannot pass the Senate. and so on
increase of money in that direction ap-
pears To be out of the question.
Representative Bryan. in explanation OF
his bill to tax deposItors at the rate of one
quarter of per cent. for the creation OF q
fund to pay depositors in failed national
banks, says: The bill has many advaDt-
ages. and SO far my attention has Dot been
called to any disadvantages. lt will be q
benefit TO depositors In giving them secur.
ity for deposits; It Will bring to national
banks an advantage which will far more
than balance the small tax. because the
greater security will bring to the banks
greater deposits. Then the tax is sus-
pended when the special fund reaches
sl0. 600. coo. and afterw ard the tax will be
Insignificant. 1t benefits the community,
because when depOsitOrs are secure money
will not be boarded. Thus banks will not
be crippled, and the worst features OF
panics will be avoided. 1t will compel
states to protect depOsitors in State banks
in the same way. or State banks will get no
deposits. BY paying depositors at once
money is put in circulation and eInbarrsss-
ment TO the business community prevent
ed. The issue of greenbacks equal to the
fund prevents contraction OF the cur
rency."
At meeting of the banking and cur.
rencV committee of the House to-day q res
olutIOn was adopted requesting the chair
man to communicate with the proper au-
thorities in the several States and TO Ie-
quest them to furnish the committee with
any information that may be obtained from
the reports and records rotating To the
banking Systems In those States. Many
measures are pending before the committee.
and it is the intention of the members TO
commence active operations immediately.
A resolution was adopted requesting au-
thors of bills and mem bers interested in the
al vancem of the measures TO appear be-
fore the COMMITTEES and present arguments
on the several bills pending. These argu.
ments will be made at the regular sessions
of the committee. which are held on Tues.
day and Friday of each week. Chairman
Springer. of the banking and currency
committee. to-day announced the appoint
ment of the following su On
increasing circulating of national banks.
Messrs. Sperry, Cobb and Hangen; on re-
peal OF lax on circulation of State nnks.
Messrs. Cox, Springer. Warner. of Now
York; Hall, of Missouri, and Henderson, OF
Illinois.