Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1897-02-01
FINANCIAL REFORMS.
Synopsis Of a Report Submitted to
the National Board of
Trade.

Washington, D. c., Jan. 27.-The Ma
tional Board of Trade at it's meeting to-
day adopted the report of the commit
tee on banking laws. 1t was the opinion
of the committee that there should be
esta blished Il consistent and deliberat-
lively planned financial system. The
plan was briefly as follows:
First, that gold coin shall remain the
standard money; that steps shall be taken
to retire all United States notes in such a
way as not to disturb business relations;
that national banks shall be allowed to
issue currency to the par value Of their
bonds and the tax on circulation be re.
duced and the banks be allowed to issue
currency based Oh assets, under such ma.
tional supervision and restriction as will
make it safe, elastic and redeenlable in
gold at bank Of issue and at the city OF
New York or ;..d that hat banks Of issue with a a
be established in towns and villages of less
than 1000 population.
The committee on the subject of n
monetary commission made a report in
which Congress is asked to create Il COM
mission to consist of eleven persons to
be appointed by the President, two of
whom shall be selected from the Senate
committee on finance and two from the
House banking and currency committee.
vi the other seven members, two shall
be bankers of recognized experience and
ability, two argriculturalists of promi-
nence, two merchants or manufacturers
OF standing, the remaining member to
be selected on account of his recognized
ability and learning in the science CT po-
lltical economy. In no event shall more
than six members be of the same pOhtl-
cal party. 1t is to be the duty of this
commission to enter upon thorough
and comprehensive consideration of the
currency and banking affairs IF the
1Ini+o6 StatoC and laws T1IAfInO thereto
On or before January l, 1898, they shall
make a concise and exact report of their
deliberations to the Congress, together
with a proper bill designed to carry their
recommendations into effect.
In case Congress for any reason fails
to authorize the appointment of this
commission, the board declared its ap-
prevail of the alternative plan of the In
dianapolis convention to appoint such
commission itself.
The committee to which was referred
the subjects of "a common monetary unit
and international coin" made a report
favoring the change of the coins of the
United States, of Great Britain and of
Germany so as to correspond to the COM
mon unit of France, Spain and other
European countries, which contains %
grains of gold nine-tenths fine, equal in
value to the French 5-franc piece. The
passage of the bill now before Congress
lof an lHtefHdlloIdl coin was recon-
mended.
The passage of the Torrey bankruptcy
bill and the establishment of a depart
ment of commerce was also favored.
The committee on waterways and har-
bors improvements made a report in
which the present system of letting con-
tracts for such work was condemned. 1t
was stated that worthless bonds of failed
contractors to the amount of several mil
lions were now lying in the treasury of
the United States. No prosecutions had
been initiated against these bondsmen
and the result was that responsible con-
tractors as well as the people were con-
stantly beng d 6h;Ta g,l; The improve
cited as a case in point resolution
was adopted calling the attention of Con-
gress to the general subject of the non
prosecution of the bondsmen of failed
contra ctOrS.