The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1897-12-09
BANKING AND CURRENCY
The House Committee Begins to
Consider Bills.
GAGE WILL FURNISH ONE
A Sharp Debate Precipitated by Hill Of
Connecticut-Four Sub Committees
Appointed-A Short and I'm
important Session.

Washington, Dec. S-The house COM
mittee on banking and currency which
has the shaping of considerable por-
tion of the financial legislation before
the house, held its first meeting this
morning and outlined a general plan of
action. In view Of Secretary Cages
recommendation Of a comprehensive re-
vision Of the currency and banking at
fairs, a resolution was adopted invit-
ing the secretary to embndy his views
in bill. The committee was Informed
that the secretary was now at work on
a measure and it would be available
for the committee in about a week
Hill of Connecticut preeipitated a
sharp debate by moving that the COM
mittee act at once by reporting to the
house a bill embodying the three finan-
cial features which had the presidents
approval These were embodied in a bill
heretofore offered by Brosius of Penn
sylvania and Hill now proposed that
the first three sections be placed be-
fore the house Immediately. The three
sections provided bank circulation up
to par value of bonds deposited, reduc-
tion of the tax on circulation to one
fourth of one per cent, the establish
Hill said the committee would do well
not to go through the tedious processes
of considering and debating on these
three propositions which appeared to
meet with general acceptance and had
received executive approval.
Johnson of Indiana earnestly opposed
such hasty action. He said there should
be time tn hear from the gentlemen
forming the monetary commission and
TO weigh all provisions Precipitate ac-
ton on such vital subject would he
said, seriously prejudice the committee
before the house and country. Debate
was proceeding with animation when at
Il o'clock it went over a vote on the
Hill motion not having been reached.
Chairman Walker announced four
subcommittee and assigned to each "A
number of the banking and currency
bills already introduced. The sub
committees viii begin work at once on
the bills before them each sub-commit-
tee having charge of the bills intro
duced by its members. The Walker sub
committee will have charge of the
Walker bill, which attracted consider
able attention in banking circles. 1t
proposes TO introduce the New England
Suffolk bank system to the whole coun-
try, adding government guarantee for
all notes issued by banks and imposing
a small tax on bank notes for a safety
fund.
MI. NH says ne GndeaNDrpI To draw
his bill on conservative lines. meeting
the financial ills which most need re-
form without going to a radical extent.
He proposes an increase Of bank
circulation to the par value of bonds
deposited: reduces the taxation on cir
culation to one-fourth of one per cent:
provides for the establishment Of small
banks in rural communities and does
away with the restrictio ions on the free
issue and withdrawal of national bank
notes. Except in the last particular. /
the author Of the bin feels that he II In \
line with Mr. Mckinley's recent cur
rency recommendations This sub-cnm /
mlttee- Will also deal with the bills Of |
Representative Cox, the ranking demo- I
crat on the committee. The main one /
Is generally known as the Carlisle bill. /
which was originally urged by John q /
Carlisle when he was secretary of the |
treasury. MI Cox is also pressing the /
biiI Tor the repeal of the tax on state [
banks
The Brossius subcommittee will
probably deal with Secretary Cages /
plan Of currency and banking reforms /
bill on the same lines has been in
troduced by Mr. Mitchell Of New York.
a member Of the subcommittee IT.
essential features is to separate the
funds Of the government into two
branches, one relating to fiscal expendi-
iure and the other relating tothe broad
er monetary affair of the country. the
details being much the same as those
outlined by Mr. Gage. Mr. Brossius. the
chairman of this subcommittee also
has comprehensive measure of cur
rency reform 1t covers the features
which MIR. Hin sought To have reported
to-day and also n separate redemption
fund calculated to reinforce the treas
ury reserve.
The Brossius bill also gives the secre-
tary Of the treasury the discretion of
redeeming notes i'm silver or gold al
the option of the holders
The Johnson subcommittee will deal
With Mr.. Johnson's bill. which more
seeks to allow national
banks 10 issue circulation up Ia the
par value uf their bonds deposited
The Van N0orhis Subcommittee VIII
handle the Fowler bill. which provides
for the refInding of bonds for United
States gold bonds bearing > per cent
interest. There are many other meas
ures which are before the several sub
committees. but the foregoing COM
prise those which have attracted the
most general attention and are likely
10 furnish the basis OF discussion