The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-09
Work Already Begun on the Pro-
posed Plans of Banking.
NEW ENGLAND SYSTEM
WILL BE INTRODUCED TO THE
WHOLE COUNTRY.
The Walker Bill, Employing the
Suffolk Bank System, Attracted
Considerable Attention In Bank
ing Circles-carlisle Bill, Cages
Plan and Others.

washington, Dec. o.-Ine mousse COIL
mittee on banking and currency, which
had the shaping Of a considerable por-
ton Of the financial legislation before
the house, held its first meeting this
morning and outlined it's general plan
of action In view Of Secretary Gage
recommendation of a comprehensive
J revision of currency and banking af-
fairs, a resolution was adopted invit-
ing the secretary to embody his views
in a bill The committee was informed
that the secretary was now at work
on a measure, and that it would be
available for the committee in about a
week.
Mr.. Hill of Connecticut then precipi-
tated a sharp debate by moving that
the committee act at once by reporting
to the house a bill embodying three
financial features which had the presi
dents approval. These We're embodied
in bill heretofore offered by Mr.. Bros
sius OF Pennsylvania, and Mr.. Hill now
proposed that the first three sections
be placed before the house immediate
ly. The three sections provided: Bank
circulation up to the par value of
bonds deposited: reduction of the tax
on circulation to one-fourth of one per
cent; the establishment of state banks
in rural counties.
FOUR SUE COIMITTEES.
Chairman Walker, banking and cur
rency committee, announced four sub
committees and assigned each a num-
Der of the banking and currency bills
already introduced. The sub commit
tees will begin work at once on the
bills before them, each subcommittee
having charge of the bills introduced
by its members. The Walker sub-com-
mittee will have charge of the Walker
bill, which attracted considerable at
tention in banking circles. 1t proposes
10 introduce the New England Suffolk
bank system to the whole country, adj
ding g. government guaranty for all
notes issued by banks and imposing a
small tax On bank notes as a safety
fund.
MEET FINANCIAL ILLS.
Mr.. Hill of the sub committee says
he has endeavored to draw 1t in con-
sentative lines, meeting the financial
ills which most need reform, without
going to a, radical extent. He provides
Tor an increase of bank circulation to
the par value of bonds deposited; re-
reduces the taxation on circulation to
one-fourth of / per cent; provides for
the establishment of small banks in
rural communities and does away with
the restrictions on the free issue and
withdrawal OF Eelional bank notes.
Except in the laaf :rsN'io'1l"r. ,t'7e
author of the bill feels that he is in
line with Air. ALehIule = .-u-.-1 -
rency recommendations.
THE CARLISLE BILL.
This sub committee will also deal
with the bills of Representative Cox,
tee. The main one is generally known
as the Carlisle bill, which was origin
ally urged by John G. Carlisle when he
was secretary of the treasury. Mr..
Cox is also pressing the bill for the
repeal of the tax on state banks.
CAGES PLAN.
The Brossius sub committee will
probably deal with Secretary Cages
plan of currency and banking reforms.
A Dill on the same lines has been in
troduced by Mr.. Mitchell OF New York,
q, member OF the subcommittee. It's
essential feature is TO separate the
funds of the government into two
branches, one relating to fiscal expend-
itures 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 Mr.
Brossius, the chairman OF this sub
committee, also has comprehensive
measure of currency reform 1t covers
the features which Mr. Hill sought to
have reported today and also a sepa-
rate redemption fund calculated to re-
1nforce the treasury reserve.
OTHER BILLS.
The Brossius bill also gives the sec
rotary of the treasury the discretion
OF redecming notes in silver or gold,
at the option of the holders
The Johnson b-comInittee will deal
with Mr.. Johnson's bill, which more
particularly seeks to allow national
banks to issue circulation up to the
par value of their bonds deposited.
The Van Voorhis 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 meas
ures which are before the several sub
committees, but the foregoing COM
prises those which have attracted the
most general attention and are likely
to furnish the basis of discussion.
REPORT ON FILIBUSTERING.