Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-24
Mr.. JOHNSON'S BILL.
It Is Favored by the Banking and
Currency Committee.
FIRST MEETING HELD THIS MORNING
May Be a General Revision of the
Present Laws.
A PROPOSED COMMISSION.

The House committee on banking and cur
rency. Of which Mr.. Springer is chairman.
held their first meeting today, and the
johnson bill. to permit the exchange Of
United States bonds for treasury notes,
was discussed. The discussion lasted about
two hours, and ranged over the whole sub
ject Of bank currency and the financial
question outside Of silver. The indication
by discussion was that a majority Of the
committee favored the Johnson bill, with an
amendment proposed by Mr.. Brosius pro-
vfding that greenbacks might be got on
gold deposited in the treasury. the same as
on bonds
Text of the johnson Bill.
The text Of the johnson bill is as fol-
lows:
Be it enacted by the Senate and House of
Representatives of the United States of
America In Congress assembled. That any
holder of bonds of the United States may.
after the passage Of this act. deposit such
or at the office of any assistant treasurer
Of the United States, and receive therefor
their face value In treasury notes Of the
United States, as described in the act of
Such bonds shall be held as a special de-
posit to the credit Of the party depositing
them, and during the time they are so held
shall draw no interest. and shall be return
ed on the order Of the party depositlng
tnem on the payment OF thelr race value In
United States currency.
Sec. q That the Secretary of the Treasury
shall make such regulations as may be
necessary to carry this act into effect. and
interest on such bonds during the time they
are held as a special deposit, and he Is
to the amount needed. and to provide for
the cancellation of an equal amount of
such notes on the return Of said bonds to
their owners; and sum sufYicient to carry
into effect the nrOviainn9 of this a ~ IL
be appropriated out of any money in the
treasury not otherwise appropriated.
General Revision of the Banking
The committee at their next meeting will
probably report this bill. and it is likely to
be taken up in the House as soon as the
Sherman repeal bill is disposed Of The
committee will probably then. get to work
on general revision of the banking and
currency laws with a view of perfecting a
currency system which will stand all tests,
and insure a sufficient and substantial cur
rency In the country on all emergencies.
There will probably be hearings by the
Sommittee and they will get to work de-
hberately and earnestly with a view Of dis
covering just what the needs of the coun-
Try are and by what means the require
ments can be best satisfied. This work is
one requiring deliberate and serious con-
sideration and will take considerable time
and the Johnson bill, together with other
- oposi.AouS LOT temporary reuer, Will be
disposed or In the House in all probability
at this session.
Commission Proposed.
Gov. McCreary has a proposition for the
appointment Of a commission composed OF
three members Of the House. three of the
Senate and three experts appointed by the
President to revise our financial system.
This has some support in the committee on
banking and currency, but the chances are
that the committee will prefer to 20 on
with the work themselves. rather than dele
gate the power and duty to a commission.