New-York tribune., 1898-01-23
BILLS BEFORE THE COMMITTEE.
FEATURES OF THE GAGE FOWLER AND NONE
TARY COMMISSION MEASURES.

BILLS BEFOtsE liE COhMi 1 EE@'
FEATURES OF THE GAGE. FOWLER AND NONE
TARY COMMISSION MEASURES.
Washington Jan. % (speciaD-In view of the
hearings before the Banking and Currency Commit
tee. which are designed to develop the merits and
defects Of the currency reform bills proposed b.
Chairman Walker. OF that committee; By hr row
Ter. Of the committee: by the Secretary Of the
Treasury. and by the Monetary Commission. re-
spectiyely a comparative statement of the princtpa
features OF these measures had been prepared by
NJ. Iilll. OF Connecticut who is member OF the
committee and IL mas been printed. 1t will be
found exceedingly useful and valuable by all who
are interested In the general subject as we'll as IL
the measures now pending in the committee Under
the heading. Resulting Currency Conditions Under
Ia n Bin" is the following comparison:
Walker BiL-Three per cent emergency bonds au-
FifSt--rwo hundred million dollars OF new legal
tender United States notes, wiki redemption as
sumed 10y banks clearing houses. Old United
second~Tressury notes. un:n retired by coinage
Third~Crod; notes Issued by banks 10 amour, OF
Fourth-Gold
Ff;h-Silver.
Fowler Yil.-Bonded debt refunded at per cent
interest principal 'ncT ased.
First-secured notes practically TO AMOUNT OF
cured by deposit of per cent bonds.
Second-Crodit notes to amount Of capital with
ThTd ana iourth-Gold and silver. Al! Govern
paper currency MlthtrtWn.
Gage B.il:-Bonded debt refunded IN part at ~
per cent In, rest and amount Increased. w.t.,
STATE. notes win irawn into Redemption Bureau
ard tl46gyDo1D IT, circulation.
~cond--rreasury notes.
Thigd-siver certificates below $40
Fourth secured haHknotes above $40 10 amount
OF 50 per Of capital.
Fifth ana slx:h-Gold and silver.
secured notes with E per cent ii interest charge
Monetary Commission Bill-Three per cent bonds
/ Z-C revenues
retirement OF United States notes and Treasury
.rs,-secured notes TO % per o; bank capital.
bonds 10 be HitAGrawn IN len yesrs,, .oo,.o, lace
amount invested ~ zeal estate.
Thi.d and fourth COLD ard silver.
tcnder rotes retired.
Under the heading Limitations OF Note Issues"
appears the following:
amount OF capital IN secured notes One hundred
per cent O, amount o, capital in credit notes.
IN se,nred notes. Twenty per cent OF amount o;
capital in credit notes with per cent interest
rover Bnl.-Prqatcaly 10 per cent Of amount Of
notes. w.;h graduated charge of per cent to per
cent interest. Ten Per cent for excess issues over
Iioaetary Commission Bn.-Twenty-hve per cent
Of amount OF capital In secured notes. Seventy
dve per cent OF amount or capital in credit notes,
with per cent interest charge between GO and 81
weon 80 and ioJ per cent OF amount Of capital.
Bonds fqr security u rotes TO be accepted at mar
ury annually upon per cent interest basis,
6n I9ncs % paya5P a pr coot O ne IN sc
value. and bonds drawing less than per cent inter-
est be accepted at par, and circulation issued TO
Ike dmOUu's
Under the head OF plan Of Current Redemption
OF Notes" appears the following
Walker Bil:-At Government Redemption Bureau
or Clearing House. but guaranteed BY Government.
and bank counter IN gold. silver or legal-t
ally. Five. per cent redemption fund in coin de
posted by hanks with Government
bank. No redemption fund provided. Credit notes
redeemed At bank IN geld or ~ per cent in in bond
Is per cent according 10 Location IN reserve city or
not. redemption may be In separate redemption
demption fund, which may be counted as part Of
banknote reserve Ta.s y or 10 per cent is reserve
cage Bfl- AT Government Redemption Bureau
or United states Sub-ITeasures and bank counter.
Sr ccf srengtbened III by proceeds OF per cent
! interest charge against credit notes This fund IS
counted as a reserve against deposits
Monetary s13 m banK conteT ReGesmSd G In "w
| ful morey At bank counter. but Government re-
Der cent redemption fund deposited with Govern
mcnt. Redemption not guaranteed by Goyern-
| maintain the fund at all times.
Under tho heading Reserve Against DeposS."
appears the following comparison:
Reserve cities . per cent; non-reserve cities. Is
per ire cent; TO be held in lawful money. The per
serve against deposits ana Is 10 DC IL com.
! Fowler Bili.--Reserve cities y per cent; non
reserve cities. - per cent; OF which GO per cent
! must he in gold and ~ per cent may be IL silver
! in reserve banks subject 70 check "A Ike reserve
must be held against note isaucs)
! Gage Pil-As SOW kept. except that the redemp-
! ton fund Is ~ per cent OF note issue. but 1t is
counted as a part Of reserve against deposits. as
Monetary Commission Bnl.-Reserve cities -
per cent: non-reserve cities 10 per cent. 70 be hed
at least one-fourth IN coin IN me bank me . per
! cent redemption fund is not counted as a part or
/ deposit reserve.
! Following Is the comparison under the head Of
| Final Redemption
Walker BiL-By the G9ternment. recouped by
ceeds OF tax Of one-hfth TO one-haf OF 10 per cent
OIL credit notes. plus hrst len assets ana stock
holders liability. Redemption guaranteed by Gov
! ernment. 10 b. redeemed In lawful money.
| Fowler Bill.-By Governm6 Mt as agent only, from
proceeds Of sale of bonds deposited. together with
! per cent fund accumulaied 10y one-fonrth per
! cont tax On bond notes and graduated tax on
credit notes. plus first lien assets and stockhod
ers liability. Dcfaul:ed notes 20 bear interest at
per cent until notice Of payment
! Monetary Commission Bll.-By Government as
agent only from Proceeds Of sale OF bonds depos
ited. together with pei cent redemption tund ana
: per cent guarantee fund, first len on assets
Stockholders lab lily assessment on banks having
| circulation, all ot this supplemented by accumu-
! lated taxes and interest on guarantee fund This
and must be maintained by the banks IN gold. aud
Is no; counted part OF reserve against deposits
! md The interest uIon II aces NOT uccrue 10 the
banks but 10 fortifving the furd Itself
Under the heading Taxes and Penalties" ap-
pears the following:
deficiency IN reserve against deposits Interest
charge Of onetenth Of per cent per annum against
circulation aHfng any susps9s%Sn ION Gi ,a ~
on circulation varying from one-hfth 10 oneh half or