Omaha daily bee., 1902-03-10

(Continued from First Psge')
measure a number Of propositions. which
had been urged separately heretofore. Mr..
Fowler explains the purpose OF the bill as
follows:
''The purposes OF the bill are: To trans
fer from the government to the banks the
responsibility Of protecting the necessary
gold reserve and the burden of furnishing
gold for export, thereby saving our COM
merce from the destructive a~pprehensions
growing out Of trade upon the gold In
the treasury which can now only be re-
plenIshed by a tax imposed upon the peo-
pie through the sale Of bonds; to provide
a currency always responsive and equal
to the demands of trade everywhere and
to equalize and lower the average rate OF
interest In all parts of the United States;
TO secure for American enterprise and
American capital the privileges and oppor-
>~tunlties in engaging In international bank
ing under the national Law, and so lay Q
foundation upon which to build an Ameri-
can merchant marine; TO remove the last
vestige Of doubt with regard to our standard
Of values.
For international Banking.
THE measure provides for internationa
uauhlub anu y QtNlsi0a OF pAuklu8 anu CuI-
rency is established under q board Of con-
troll instead Of q single Individual in the
person Of the comptroller Of the currency
as heretofore. The beard will consist Of
three members, whose terms Of Office are
for twslve years. 80 ARRANGED that only one
member will secede every four years.
III the measure now introduced should
become q law. 1t IL confidently believed that
the national banks will assume the current
redemption in gold coin Of $3.50. 900. 900
OF United States notes. In considera-
tion of the obligation assumed by the ma
tional banks, they will have the right dur
ing the succeeding i've years to issue grAdu-
ally, as business a require. an amount Of
bank notes equal to so per cent Of their
paid up and unimpaired capital; provision
being made also for an emergency circula-
tioa. S41f N't tt
"As the notes are taken out for ~clrouIa-
tion the banks will deposit with the gov
eminent, a guarantee fund of 5 per cent OF
the amount Of the notes so issued. The ma
tionai banks hereafter will be required to
pay interest upon the government deposit
at the rate Of ] per cent per annum.
To Protect Baak Notes.
This 5 per cent guarantee fund and the
80 18hA ASNNo Va Nv d0NN "
protect the bank notes and the excess Of
such taxes with the interest on the gov
eFment deposits viii be used to pay on
the United States notes, which the banks
assume to currently redeem. It is asserted
that the whole $3.50. 000, 600 Of United States
notes, which the banks have assumed to
currently redeem, will be paid on in thirty
years out Of the taxes collected upon cir
euiation and interest paid by the bank,
upon government deposits,
CLEARING House Districts.
The United States will be divided into
clearing house districts to facilitate the
current redemption Of the bank notes. SC
that tha amount Of notes outstanding at any
time always will be eo-orGinated with the
amount Of trading to be done. precisely al
checks and drafts reflect the amount Of
the commercial work being carried on.
B and With the consent of the Boart
OF Control, banks may have more than ons
place for doing business, being authorized
to establish themselves In the vanUss sitiel
Of the country.
"NO bank note OF q denomination Of lest
than so VIII be issued and the secretar,
OF the treasury shall not issue a silver
certificate Of a denomination greater thar
50 and thereafter. upon the presentation
70 him Of tleo or any multiple thereof ant
q demand for their redemption, shall ex,
change gold only for the same"
\
Changes IN Adams Board.