The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-09
Mr.. HILL IS IN A HURRY.
ANXIOUS TO REPORT Al MEASURE
EMBODYING THE PRESIDENTS
VIEWS.
WORK DIVIDED BY MIR. WALKER.
Three subcommittee Named to Con-
slider Acts That Have Been Sub
mitted for Consideration.

committee on DdnhlHS anu currency,
which will have the shaping of a con-
siderable portion of the financial legis-
Iation before the house, held its first
meeting this morning and outlined its
general plan of action. In view of Sec
rotary Cages recommendation of a
comprehensive revision of currency and
banking affairs, resolution was adopt
ed inviting the secretary to embody
his views in bill. The committee was
informed that the secretary was now
at work on a measure, and that it
would be available for the committee
in about a week.
Mr. Hill, of Connecticut, then pre-
cipitated a sharp debate by moving
that the committee act at once by re-
porting to the house bill embodying
three of the financial features which
had the presidents approval These
were embodied in a bill heretofore Of
fered by Mr.. Brosius, of Pennsylvania,
and Mr.. Hill now proposed that the
first three sections be placed before the
house Immediately. The three sections
provided Bank circula ton up to the
par value of bonds deposited; reduc-
ton of the tax on circulation to Il per
cent, and the establishment of small
banks in rural communities Mr.. Hill
said the committee would do well not
to go through the tedious processes of
considering and dividing on these three
propositions, which appeared to meet
with general acceptance and had re-
ceived legislative approval.
Mr.. Johnson, of Indiana, earnestly op-
posed such hasty action. He said there
should be time to hear from the gen
temen forming the monetary commits
sion and to weigh all propositions
Preclp1tate action on such a vital sub
Ject would, he said. seriously prejudice
II before the house and the country.
Mr.. Mitchell, of New York, also OBJ
posed such speedy action. The debate
was proceeding with animation when
at u O'Clock, the meeting went over
vote on the Hill motion not havir,g
been reached.
chairman Walker announced forr
substitute committees and assfena a. - -
each number of the BANKING ana
currency bills already introduced
Inc subcommittee will begin work
at once on the bills introduced nv Ire
members. The Walker sn'bsti+,, ,ta
committee will have charge of tbe
walker Dill, which has attracted con
SIDERABLE attention in banking circles
~ proposes to introduce the New Eng
l1iiu- . . ulIolh bank system to the whole
country, adding a government 60,
dnlee Tor all notes issued bv hanks
and imposing a small tax on bank
notes as a safety fund. The bill of
MT. Hill also goes before this corn
mlttee. Mr.. Hill says he has en-
deaVored to. draw it on conserve five
lines, meeting the financial ills which
most need reform, without going to
d radical extent. He provides for an
increase OF bank circulation to the DIR
value OF bonds deposited; reduces the
taxation on circulation to one-fourth
OF l per cent; provides for the estab-
lshment of small banks In rural com
munltles and does away with the re-
strlctlonS on the free issue and with
oraWal of national bank notes Ev-
cept In the last particular. the autT,or
OF the bill feels that he is in line with
president McKinley's recent currency
recommendations. This suh-co,,,
mlttee VIII also deal with the bills Of
Representative Cox, the ranking Dem
ocrat on the committee. The main
one is generally known as the "Cbr-
Isle bill" which was originally urged
by John G. Carlisle when he was ser
rotary of the treasury. Mr. Coy ic
also pressing the bllP for the reneaI If
the tax on state banks.
Inc Brosius subcommittee will pro-
badly deal with Secretary Cages plan
OF currency and banking reform. A
Dill on the same lines has been intro
duced by Mr.. Mitchell, Of New York
f'ember of the subcommittee. It's
essential feature issoto separate the
FUNDS of the government into two
branches, one relating tos5fiscal eyDar
dltures and the other relating to the
broader monetary a6airsIof the coun-
try, the details being much the same
as those outlined by Mr.. Gage. Mr.
Brosius, the chairman of this sub-
committee, also has Commemorative
measure of currency reform. It COW
ers the features which Mr.. Hill sought
to have reported today and also a
separate redemption fund calculated to
reinforce the treasury reserve. The
Brosius bill also gives the secretary
of the teasury the discretion of re-
deeming notes in silver or gold at tba
option of the holder
The Johnson subcommittee will dao1
with Mr. Johnsons bill. which more
particularly seeks to allow national
banks to issue circulation up to the
par value of their bonds deposited
fhe Van Noorhis subcommittee will
handle the Fowler bill which provides
for the refunding of bonds for new
United States gold bonds bearing 2
per cent interest. There are MANY
other measures which are before the
several subcommittee but the fore
going comprises those which have at
tracted the most general attention and
are likely to furnish the basis of dis
cussion: