The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1897-12-16
IN COMMITTEE
Presidential Monetary Plans Meet
With Some Opposition

been planned to report to the house at
once a bill embodying the presidents
financial recommendations, and Bros
sius, from a subcommittee, made ia
vorable recommendation on this course
of procedure. 1t was sharply opposed,
however, by Johnson of Indiana, Mitch
ell of New York and Newlands of Ne
vada.
1t was evident the committee could
not agree. A compromise was made by
which the bill covering the Presidents
recommendations and the bill of Secre-
tary Gage. and that the Indianapolis
monetary commission shall be taken
up at the first meeting after the holi-
days. It was agreed also that after
hearing Secretary Gage tomorrow the
committee would adjourn to the second
Wednesday in January.
Chairman Walker then brought for
ward a general program for dealing
with all the financial bills, which pro-
gram had the approval Of the chairman
of the subcommittee, save johnson.
Walkers statement was in part as
follows:
First-that am thoroughly convinced
the people do not desire the retirement
of the whole body of the United States
legal tender notes.
Second-That they do not desire that
| their government shall control and issue
| all currency notes issued by the people.
Third-That the banks only shall put
| the notes so furnished into circulation
and be responsible for their redemption
in specie.
Fourth-That banks shall be required
to keep each and every form of coin
and paper money at par with every
other.
Fifth-That the government guaran-
| tee the final payment OF every dollar
issued; and,
Sixth-To justify this guaranty and
save the government from loss it should
collect a tax on all currency notes sup
piled by 1t sufficient to guarantee the
United States treasury against loss be-
cause of its guarantee Of their final re-
| demption.
Walker added an explicit program,
substantially as follows:
First, consider the presidents recon-
| mendations; second, take the sense Of
| the committee as to whether it shall
proceed Immediately to frame any bill
making any conditional change in the
national bank law, if these changes are
determined upon; then consider in or
der the bill of Secretary Gage, that of
| the monetary commission and that
known as the Walker bill.
This program met some opposition and
| it was not acted on by the committee
| up to the time of adjournment.
BANKRUPTCY BILL
The house judiciary committee agreed
on a bankruptcy bill today and it will
be reported to the house this week. The
| committee was in session throughout the
| day and when the measure was finally
passed, Chairman Henderson was au
| thorized to report the senate bill, known
as the Nelson bill, to the house, with all
| after the enacting clause stricken out
and the Henderson bill as agreed on in
serted as an amendment or substitute.
| There were two important changes from
| the bill as reported by the sub-commit-
! tee The bill as drawn provides in effect
| that all liens created by judgment and
| levy or by attachment within four
months of the adjudications in bank
ruptcy should be void, or if enforced, go
for the benefit of the creditors; and also
that all money collected by the enforce
ment Of such lien should be paid over to
the trustees when appointed. This is
modified 80 that these liens will not be
affected unless obtained in fraud Of the
act. The provisions of the bill creating
offenses punishable by fine or impris-
| onment were also modified by making
many Of such offenses cause for refusing
a discharge in bankruptcy instead Of
| punisha BILE otherwise.
SESSION NOTES
The president has called a cabinet
meeting for 10 o'clock tomorrow morning
to dispose of an accumulation of bust
ness. No callers will be received, in or
der that the meeting may proceed ex-
pedltiously.
The President today sent to the senate
the largest number Of nominations made
during the recess. 1t includes seven for
eign ministers, eight consul generals, a
large number of consuls and army and
navy promotions.
-&~
Bank Reports
SAN FRANCISCO. Dec. 15.-The semi
annual reports of all the commercial banks
of California, seventeen In number, show
ing their condition at the close of business
on November 80, have been handed in to
the bank commissioners. The sum total