New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-17
TO REFORM THE CURRENCY.
CONGRESSMAN FowLERs BILL TO GRE
ATE A BOARD OF FINANCE

CONGRESSMAN FOwLERS BILL TO GRE
ATE A BOARD OF FINANCE.
IT WILL TAKE THE GOVERNMENT OUT OF THE
BANKING BUSINESS AND WILL PLACE THE
NATIONS MONEY ON soUNpER BASIS
SOME NEW FEDUcIARY IDEAs-How
THE BANKS MAY ISSUE NOTES
DISTRICT CLEARING HOUSES
TO BE ESTABLISHED.
Washington. Feb 10 (speciaD.-ReoresentativA
Fowler has introduced bill OF such Importance
and elaboration OF detail as to require extehoeu
explana on 1t ls entitled "A bill to take the C"'e'
States Government out Of banking business. re-
fund the National debt. reform the currency ana y
improve and extend our banking system.
BOARD OF FINANCE
The first section provides for four Ministers Of
Finance appointed by the President ana coh"r"ie'
by the Senate. whose term OF office shall De con-
tnued for eight years, annual salary OF sio,'
900 each Two of the members shall belong 10 eacH
Of the two principal parties There Is provision i's
the expiring OF the terms OF the four ministers s'
appointed at two, four six and eight years 'espe~
lively A Board OF Finance Is constituted oy THESE
Ministers and the Controller Of the Currency ahd
they shall have supervision of all National banks
in accordance with existing rules or any otner 10 os
established by them
The third section provides that any National banH
now in existence any other financial INSTITUTION
doing similar business. or any number OF persons
may organize these terms: II any corporation
shall deposit with the United States Government
any United States bonds now outstanding or snae
hereafter may be issued under existing law, which
at their market value shall exceed the capital o,
said corporation by per cent the Government snai
United States equal in amount to such marks:
both @ on5s Pnce e epoe9 With the
Government and the circulation known as united
States Government bond notes ISSUED o 20 me antsi
Of the corporation in SO denominations or mutpies
thereof.
SCHEME OF THE NEW CURRENCY.
The fourth section makes these bond notes legal
tender for all public private debts except duties
on imports, which shall be paid In gold and tnese
notes shall be redeemed in gold coin when presented
at the bank of issue. Section provides that AZ
the same time the corporation shall deposit United
States bonds they shall deposit legal-tender notes
or gold certificates or both. Of such an amount
that together with the god coin on naa ove wr.
ment shall deliver TO the corporation gold IN nea
of said .egal-ender notes and gold certincates a,
With the United States Treasury notes or silver
certificates or bonds. which. with the silver CON
held by the corporation shall amount 70 -
per cent Of its deposlts and me Government snai,
deliver to the syeI no Son Sod cer
Gates Treasury notes and silver certincates snail
be cancelled Said corporation shall thereafter keep
ing 20 per cent Of the reserve may be in silver COIN
deposit in reserve cities or United states Govern
ment bord notes other than Its own may De heic,
issue its own circulation. furnished by the Inted
States Government. and TO be known as Cnte,nl
and muliiples and may be issued only on these con-
d!t!ons
TO PROTECT THE BANKNoTEs.
The bank at all times TO maintain against the
amount outstanding reserve corresponding 70 that
required against its deposits. The bank may issue
an amount equal 10 per cent OF the average indi-
yidual deposits Of the preceding SIX months upon
which issues the bank shall pay to the Government
one-half OF per cent so long as said 10 per cent
remains outstanding; said bank may issue second
amount equal TO 10 per cent OF the said depos.s.
upon which the corporation shall pay to the Gov;
amount equal to 10 per cent OF sad deposits upon
c ShHn sha amount say ps at per and
PEI cent but In no event shall the enure ISSUE a.
any time outstanding ever eAceeu ''s p"'~-"P
capital and surplus. . -, a.. p...a -,
The seventh section provides that the boara o
rg-house or reserve city districts. and eacn cor
poration shall belong to one OF them the numoei
notes issued bv the bank The several banks OF the
district upon receiving the oanknotes Oelones re-
serve city which shall return them to the distric,
to which they belong Section makes the United
Sesween ali National banks and provides for theIr
redemption presentation at the nahk =, l hord
lawful money gold silver or on hsn per cent
thereof shall be received in silver CON. secu ,p
provides that banks may be autnorxs e' n WI, ne
Sappt shall "resnze with less than $4,000 capital
Section 10 provides that banks outside inc tese Az
tiles shall keep as reserve 20 per cent OF its oe:
onsf and co Der cent Of said reserve shall be In
gold and 40 per cent may be in silver CON-