New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-24
BILL DRAWN UP.
A MEASURE PREPARED BY THE HOUSE
SUB COMMITTEE.
RAISED ON THE MONETARY COMMISSION. GAGE.
WALKER AND FOWLER BILIS-REPoRrED
TO THE FULL BANKING AND CUR

RENCY COMMITTEE.
Washington. March 23-The House Committee on
Banking and Currency to-day brought up the pro
posed general currency legislation FOR this session
The report OF the subcommittee appointed 10 uia''
tho general measure was made 10 the fun commit
tee by Representative McCleary OF Minnesota ana
II was read by sections. and led to mucn discus
sion.
The subcommittee took as the OASIS OF 'heir
measure tho four bills introduced at this session.
known as the Monetary Commission, Gage, walker
aud Fowler bills and considered the features OK
these measures but did not conhns themselves to
them The bill is the result Of about six weeks
close conference Of the subcommittee. who met
mos, Of the time at the home Of member.
FEATURES OF THE BILL.
Tho principal provisions OF the bill are as follows
F,rst-A Division OF Issue and Redemption Is
esab;fd r ne to set aside the
GENE ,I cash balances in excess OF 1y"s""i ~ IA
$50 notes received by this division for redemp-
lion in gold 10 he cane eied ana retired ~ "a
nortion az certain substitute currency Is issued
H, note redeemed in gold is to be again paid out
except under exceptional conditions, -
cTre1, redempton Of Tinted states demand
notes in order obtain circulation pssed upon ue,r
tionai reserve notes Is 10 be issued in lieu OF Legal
tender notes deposited by the banks wh nr edeemd
unor Inland bv the banks out Of the redemption
fund which they are 20 in any respec
as bonknoes because the banks are not liable for
hsT gtmae D reGe% ug bank
yin eventually ne the commercial assets OF inc
inks This result will be reached; however; only
snr series OF years. National banks WILL con
,lnue 10 be required during one year atter me
nassage Of this act maintain tho minimum
amount OF United States o9nf hy as exsnT but
h, ,,'iu he permtted to issue notes to the face
value Of these bonds This bond deposit may he re-
d9csd by o"sSsr q In"aay beginning one year
Fourth-National banks are 10 he permitted 10
issue current notes upon their commerc a assets 70
n,,,~n Tor denosifs Of United States notes. The
nurnose OF this provision is TO compel the con-
version of United States notes into reserve notes,
os we'll as to limit the Issue OF currency upon
TiftbnTreaaury notes iseued under the act Of
July a. 1890 to be dealt with eventually upo"
,hs same la sis as United States notes
slxth-A tax Of per cent Is levied upon cur
rency notes issued In excess OF 90 per cent OF inc
CAPITAL Of any National bank tax OF oP per GU
a. axcsss ~ So per cent OF the capital
seventh-The National currency notes hasea q
upon commercial assets are to nr secure ps on,
tribntion in gold coin OF per cent OF the entire
circulation OF the bank This fnnd may he re-, re-,
pienshed by calls upon the banK II ieuuveo -; nc
hank shall be required 10 pay more IMAM ! per
cent in addition to It's original deposits or per
cent In any one year me IN. hnnds On dsnns,,
security and upon all the other assets Of the bank
Eighth-TheNational reserve notes VIII contlnue
be eFs tender and a"t bank when liability
for them will he assumed ny me I3Ve'nnl.m, n'o
they will bc redeemed and cancelled PROVISION IS
| basis OF circulation when the Secretary Of the
Treasury is satisfied that there Is no longer sur
fcient amount available TO meet me demands io'
| new hanks and increased circulation.
Ninth Standard silver dollars are 10 ne feoeema
] bio In gold. but silver certificates are redeemaol