Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-12-09
SPANS OWN FAULT.
Continued from page H.

men forming the monetary commission
and to weigh all propositions. Precipitate
action on such vital subject would, ne
said seriously prejudice 1t before the
House and the country.
Mr.. Mitchell of New York. also opposed
such speedy action. The discussion was
proceeding with animation when at IL
o'clock the meeting went over, vote on
the Hill motion not having been reached.
Chairman Walker announced four sub
committees and assigned to each a
number of the banking and currency bills
already introduced. The subcommittee
will begin work at once on the bills be-
fore them. each subcommittee having
charge Of the bills introduced by It's MEM
bers.
The Walker subcommittee will have
charge of the Walker bill. 1t proposes
to introduce the New England SUFFOLK
bank system to the whole country, add
ing a government guaranty for all the
notes issued by banks and imposing Il
small tax on bank notes as safety fund
The bill of Mr.. Hill also goes before this
subcommittee. Mr. Hill says he has en-
deaVored to draw 1t on conservative lines.
meeting the financial Ills which most
needed reform. without going to radi-
cal extent. He provides for an increase
of bank circulation to the par value of
bonds deposited; reduces the taxation on
circulation to 4 of l 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 national bank notes. Elk
cept in the last particular the author or
the bill feels that he is in line with
President McKinley's recent currency
recommendations. This subcommittee
will also deal with the bills of Represen-
tative Cox. 1.-The banking Democrat of the
committee.
The main one is generally known as the
Carlisle bill. which was originally urged
by j. 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.
The Brosius subcommittee will prob
ably deal with Secretary Cages plan of
currency and banking reform. A bill on
the same line has been introduced by Mr.
Mitchell OF New York, a member of the
subcommittee. Its essential feature is to
separate the funds of the government
into two branches, one relating to fiscal
expenditures and the other relating to
the broader monetary affairs of the
country. the details being much the same
as these outlines by Mr.. Gage.
Mr. Rrosius also has n comprehensive
measure of currency reform 1t covers
the features which Mr.. Hill sought to
have reported today and also, IA separate
redemption fund calculated I'd re-enforce
the treasury reserve. The Brosius bill
also gives the secretary OF the treasury
discretion of redeeminss notes in silver or
gold at the option of the holder.
The Johnson subcommittee Will deal
with Mr. Johnson's bill which more par
ticularly allows national banks to issue
circulation up to the par value of bonds
deposited.
The Van Voorhis subcommittee will
handle the Fowler bill which provides
for the refunding OF bonds for new
United States gold bonds bearing per
cent. interest. There are many other
measures which are before the several
SubCommitteeS. - -