The record-union., 1897-12-09
House Banking Committee Outlines
Its Plan of Action.
Sub-Committees Appointed to Consider the
Various Measures.
Secretary Gage at Work on a Bill
Embodying His Views for a Re-
vision of Currency and Banking
Affairs, Which He Will Lay
Before the Committee Within
Few Days.

| WASHINGTON, Dec. S.-The House
Committee on Banking and Currency,
which has the shaping of a considerable
portion of the financial legislation be-
fore the House, held it's first meeting
this morning and outlined it's general
/ plan of action. In view of Secretary
! Cages recommended ton of a compre-
hensive revision of currency and bank
ing affairs, resolution was adopted in
viting the Secretary to embody his
views in bill.
The committee was informed that the
Secretary was now at work on a meas
ure, and that it would be available for
the committee in about a week.
! Hill of Connecticut then precipitated
a sharp debate by moving that the
committee act at once by reporting to
the House bill embodying three ffnan-
claI features which had the Presidents
approval. These were embodied in a
bill heretofore offered by Brossius Of
pennsylvania, and Hill now proposed
that the first three sections be placed
before the House Immediately.
The three sections provided: Bank
circulation UP to the par value of bonds
deposited reduction Of the tax on cir
culation to one-fourth of one per cent. :.
the establishment of small banks in ru-
raj communities.
Hill said the committee would do
Well not to go through the tedious pro-
| cess of considering and dividing on
these three propositions, which ap-
peared to meet with general accept
ance, and had received Executive ap-
prova1.
johnson Of Indiana earnestly opposed
such hasty action. He said there should
/ be time to hear from the gentlemen
forming the Monetary Commission. and
to weigh all provisions Precipitate
action on such a vital subject would,
he said, seriously prejudice the com
mittee before the House and the coun-
try.
| The debate was proceeding with an
imation when, at II o'clock it went
| over, a vote on the Hill motion not hav-
ing been reached
Chairman Walker announced fouf
subcommittee, and assigned to each a
number Of the banking and currency
bills already introduced
The SUBJ committees will begin at
once on the bill before them, each sub
committee having charge of the bills
introduced by its members. The Walk
er subcommittee will have charge Of
the Walker bill, which has attracted
considerable attention in banking cir
cles. 1t proposes to introduce the
New England Suffolk bank system TO
the whole country, adding a Govern
ment guarantee for all notes issued by
banks, and imposing a small tax on
bank notes as a safety fund.
The bill Of Hill also goes before this
committee.
Hill says he has endeavored to draw
it on conservative lines, meeting the
financial ills which most need reform
without going to radical extent. He
provides for an increase of bank circu-
lation to the par value of bonds depos-
tied; reduces the taxation on circula-
tion TO one-fourth of one per cent; pro-
vides for the establishment of small
banks in rural communities, and does
away with the restrictions on the free
issue and withdrawal of national bank
notes. Except in the last particular
the author of the bill feels that he is
in line with Mr.. McKinley's recent cur
rency recommendations.
with the bills of Representative Cox.
the ranking Democrat on the commit
teee The main one is known as the
Carlisle BILL which was originally
urged by John c. Carlisle when he was
Secretary of the Treasury. Cox is
also pressing the bill for the repeal of
tax on State banks.
The Brossius subcommittee will
probably deal with Secretary Cages
plan of currency and banking reform. A
bin on the same lines has been intro
duced by Mitchell of New York.
member of the sub committee. Its
essential feature is to separate the
funds of the Government into two
branches, one relating to fiscal expendi-
lures and the other relating to the
! broader monetary affairs of the coun-
try, the details being much the same
as those outlined by Mr.. Gage
Brossius. the Chairman of this sub
committee, also has a comprehensive
measure of currency reform. 1t COW
ers the features which Hill sought to
have reported to-day, and also a sep
arate redemption fund calculated to re-
inforce the treasury reserve. The
Brossius bill also gives the Secretary
OF the treasury the discretion of re-
deeming notes in silver or gold, at the
option of holders.
The Johnson subcommittee will IDEAL
with Johnsons bill, which more par
ticularly seeks to allow national banks
to issue circulation up to the par value
of their bonds deposited.
The Van Voorhes subcommittee will
handle the Fowler bill, which provides
for the refunding of bonds for United
States gold bonds bearing per cent.
interest.
There are many other measures which
are before the several ub-committees,
but the foregoing comprise those which
have attracted the most general atten-
ton, and are likely to furnish the ba-
sis of discussion.
SIX-DAY BICYCLE RACE.