The Portland daily press., 1897-12-09
Many Cure-AlIs for COuntry's FinaR.
cial Ills.
HOUSE BANKING COMMITTEE UP
TO EARS IN BILLS.
secretary Gage To Be Asked To Prepare
Measure Embodying His Ideas-Bill
Originally Urged by Secretary Carlisle
Will Also Be Dealt With.


Will Also Be Dealt With.
Washington, December S.-The House
committee on banking and currency.
which will have the shaping of con-
siderable portion of the financial legisla-
tion before the House, held Its first meet
ing this morning and outlined its general
plan of action.
In view of Secretary Cages recon-
mendation of comprehensive revision Of
currency and banking affairs, resolution
was adopted inviting the secretary to en-
body his views in bill The committee
was informed that the secretary was now
at work on measure and that 1t would
be available for the comm ittee in about
week.
Mr.. Hill of Connecticut then pre-
cipitated sharp discussion by moving
that the committee act at once by report
ing to the House bill embodying three
OF the final features, which had the Presi-
dents approval. These were embodied in
a bill heretofore offered by Mr.. Brosius of
Pennsylvania and Mr.. Hill now proposed
that the flrst three sections be placed be-
fore the House Immediately.
The three sections provided: Bank
circulation up to the par value of bonds
deposited; reduction of the tax on circula-
tion to one-fourth of one per cent; the
establishment of small banks in rural
communities.
Mr.. Hill said the committee would do
we'll not to go through the tedious pro-
cesses of considering and dividing on
these three propositions which appeared
to meet with general acceptance and had
received executive approval.
| Mr.. johnson of Indiana earnestly op-
posed such hasty action. He said
there should be time to hear from the
gentleman forming the monetary COM
mission and to weigh all propositions
| Precipitate action on such vital subject
would. he said, seriously prejudice il be-
for the House and the country.
| Mr.. Mitchell of New York also opposed
such speedy action. The discussion was
proceeding with animation when at 10
O'Clock the meeting went over, a vote on
the Hill motion not having been reached.
| Chairman Walker announced four sub
committees and assigned to each num-
Der of the banking and currency bills al
ready introduced.
The subcommittee will begin work at
once on the bills before them, each SUBJ
committee having charge of the bills in
troduced by its members.
The Walker subcommittee will have
charge of the Walker bill. 1t proposes to
introduce the New England Suffolk bank
system to the whole country, adding a
government guaranty for all the notes
issued by banks and imposing small tax
on banks notes as safety fund.
The bill of Mr.. Hill also goes before
this subcommittee. Mr.. Hill says he has
endeavored to draw it on conservative
lines, meeting the financial ills which
most needed reform, without going to a
radical extent. He provides for an in
crease of bank circulation to the par value
of bonds deposited; reduces the taxation
on circulation to one-fourth of one 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. Excepting the last particular
the author of the bill feels that he is in
line with President McKinley's recent
currency recommendations. This sub.
committee will also deal with the bills of
Representative Cox, the ranking Democrat
of the Committee.
The main one is generally known as
the Carlisle bill which was originally
urged by j. G, Carlisle when the was
secretary of the treasury. Mr.. Cox Is also
pressing the bin for the repeal of the tax
on state banks. The Brosius sub commit
tee viii probably deal with Secretary
Cages plan of currency and banking re-
form. A bill on the same line has been
introduced by Mr. Mitchell Of New York,
q member of the subcommittee. Its
essential feature is to separate the funds
of the government into two branches one
relating to escal expenditures and the
other relating to the broader monetary
affairs of the country, the details being
much the same as those outlined by Mr..
| Gage.
| MIR. Brosius also has q comprehensive
measure Of currency reform. 1t covers
the features which Mr.. Mills sought to
have reported today and also separate
redemption fund calculated to reinforce
the treasury reserve. The BrosiUs bill
also gives the secretary of the treasury
discretion Of redeeming notes in silver or
gold at the option of the holder.
The johnson substitute will deal with
Mr. Johnson's bill which more particu-
larly allows national banks to issue clrcu-
iation up to the par value of bonds de-
posted
The Van Voorhis subcommittee will
handle the Fowler bill which provides for
the refunding of bonds for new United
States gold bonds bearing two per cent
interest. There are many other meas
ures which are before the several com
mittees.