The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1897-12-11

House Committee on Banising and
Currency Gets 60 work.

Washington. Dec. 0.-The house com
mittee on banking and curren-
cy, which will have the shap-
ing OF considerable portion
OF the financial legislation before
the house, held its first meeting Wednes-
day morning and outlined It's general
plan OF action. In view Of Secretary
Cages recommendation Of a compre-
hensive revision OF currency and bank
ing affairs, a resolution was adopted
inviting the secretary 10 embody his
views In a bill. The committee was
informed that the secretary was now
AT work on measure and that il would
be available in about week.
Chairman Walker announced four
subcommittee and assigned TO each
number Of the banking and currency
bills already introduced. The sub
committees will begin work at once on
the bills before them. each subcommit-
Tee having charge of the bills intro
duced by It's members as follows;
The Walker subcommittee viii have
charge OF the Walker bill. which has at
tracted considerable attention In banking
circles. II proposes 20 Introduce the New
England Suffolk bank system 10 the whole
country adding a government guarantee
for all notes issued by banks and imposing
"A small tax on bank notes n safety fund.
The bin OF Mr. i'm also goes before this
committee. II provides for an increase OF
bank circulation TO the par value OF bonds
deposited, reduces the taxation on circula-
ton 10 one-fourth OF one per cent: pro-
vidcs for the establishment OF small banks
IA rural communities. and does away with
the free issue and withdrawal Of national
bank notes. Except In the last particular
the author or the hill feels that he IS In
lire with President Mckinley's recent cur
rency recommendations. This subcommit-
tee viii also deal with the bills OF Repre-
sentative Cox. the ranking democrat 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 or the treasury
The Brosius subcommittee viii probably
deal with Secretary Cages plan OF curren-
cy and banking reform. bill on the same
lines has been introduced by Mr. Mitchell
IN. W. a member Of the subcommittee.
Its essential feature IS 20 separate the
funds OF the government into two branches,
one relating TO fiscal expenditures and the
other relating 10 the broader monetary AT
fairs OF the country the details being
much the same as those outlined by MT.
Gage. Mr.. Brosius, the chairman of this
subcommittee, also has a comprehensive
measure Of currency reform. 10 covers the
features which Mr. HIN sought 20 have re-
ported Wednesday and also a separate re-
demption fund calculated TO reinforce the
treasury reserve. The Brosius bin also
gives the secretary OF the treasury the dis
erection OF redeeming notes In silver or gold
al the option OF the holder.
The Johnson subcommittee VIII deal with
Mr.. Johnson's bin. which more particularly
seeks to allow national banks 10 Issue cir
culation up TO the par value OF their bonds
deposited.
me van Voorhis subcommittee VIII ham
die the Fowler bill, which provides for
the refundlng OF bonds for new United
States gold bonds bearing two per cent In
torost. There are many other measures
which arc before the several subcommit-
tees, but the foregoing comprise those
which have attracted the most general at
tention and are likely 10 furnish the basis
OF discussion.