The San Francisco call., 1897-12-09
Will Embody the Views of
the Secretary of the
Treasury.
MANY FINANCIAL IDEAS
ADVANCED.
Sub-Committees Named to Pass
Upon the Merits of the
Propositions.
Special Dispatch to The CALL

w WASHINGTON, Dec. 8.-The Hou
Committee on Banking and Currency.
which had the shaping of a considera bic
portion of the financial legislation efore
the House, held its first meeting this
morning and outlined its general plan of
action. IN view of Secretary Cages rec
ommendation of a comprehensive revi-
sion OF currency and banking affairs res
olution was adopted inviting the Secre-
ta:y to embody his views in bill. The
committee was informed that the Secre.
tary was now at work on a measure and
that it would be available in about a
week.
HlII OF Connecticut then precipitated a
sharp del bate by moving that the commit
tee act at once by reporting to the House
bill embodying three financial features
which had the Presidents approval.
These were included in a bill heretofore
offered by Brosius of Pennsylvania, and
Hill now proposed that the first three sec
tions be placed before the House imme-
diately. The three sections provided for
bank circulation up to The par value of
bonds deposited, a reduction of the tax on
circulation to one-fourth OF / per cent and
the establ shment OF small banks in rural
communities.
Hill said the committee would do we'll
not TO so through the ted Gus processes of
considering and dividing on these three
propositions, which appeared to meet with
general acceptance ana had received exec
utive approval.
johnson OF Indiana earnestly opposed
such hasty action. He said there should
be time TO hear from the gentlemen fofm-
ing the Monetary Commission and to
weigh all the provisions. Precipitate ac-
ton on such vital subject would, he said,
seriously prejudice the committee before
the House and Ihe country.
The debate was proceeding with anima.
vote on the HUI motion not having been
reached.
Chairman Walker announced four sub
com mlttees and assigned to each a num-
Der of the banking and currency bills al
ready introduced.
The sub-committees will begin work at
once on the bills before them each sub
committee having charge of the bills IN
troduced by its mem mber.. The Walker
subcommittee will have charge OF the
| Walker bill, which has attracted consid-
erable attention in banking circles. 1t
proposes 10 introduce the New England
Suffolk Bank system TO the whole
Tor all notes issued by banks and imposing
small tax on bans notes IS safety fund.
Inc Dill OF Hill also goes before this
committee. Hill says he has endeavored
TO draw II on conservative lines, meeting
the financial ills which most need reform
without going to a radical extent. He
provides for an increase OF bank clrcu-
latlon to the par value of bonds deposited ::
reduces the taxation on circulation 10 one
fourth OF one per cent; provides for the
establishment OF small banks in rural
com munlties and does away with the re-
strictions 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 Mckinley's recent
currency recommendation
This sub-com llittee will also deal with
the bills OF Representative Cox, the rank
ing Democrat on the committee. The
main one Is known as the Carlisle bill"
which was originally urged by John G..
Carlisle when he was Secretary of the
| Treasury. Cox Is also pressing the bill
COR the repeal of the tax on State banks.
Whe Brosius sub-co mmittee will prob
ably deal with Secretary Cages plan of
currency and banking reform. A bill on
the same lines has been introduced by
MItchell of New \ ork, a member of the
sub committee. lis essential feature is to
separate the funds OF the Government
into two branches, one relating 10 fiscal
expenditures and the other relating to the
broader monetary affairs of the country,
he details being much the same as those
outlined by Gage.
Brosius, the chairman of this sub
committee, also has comprehensive
measure of currency reform. 1t covers
the features which Hill sought 10 have
reported to-day, and also a separate re-
dem ption fund calculated to re-enforce
the treasury reserve. The Brcstus bill
also gives the Secretary of the Treasury
the discretion of redee ming note in silver
and gold al the option of the holders
The Johnson subcommittee will deal
with Johnson's bill, which more particu-
larry seeks TO allow national banks to issue
circulation up to the par value of their
bonds deposited.
The Van Voorhis sub committee will
| handle the Fowler bill, which provides for
the rounding of bonds for United States
gold bonds bearing 2 per cent interest.
/ There are many other measures which
| are before the several subcommittee but
Il he foregoing comprise those which have
| attractt d the most general attention, and
are likely to furn ish the basis of discus
! sion.