The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-10
NEW BANKING PLAN GAVE UP HIS WIFE
The House Committee Introduces
Measure.
PUTTING NEW DUTY. ON BANKS
They. Instead of the Government,
Are to Redeem United States
Notes in Gold.

Washington, March 10.-Chairman FoW-
Ter of the house committee on banking
and currency to-day introduced an i'm
portant financial measure, framed by the
republican members of the committee. 1t
brings together into one financial meas
ure a number of propositions heretofore
separately urged. Mr.. Fowler thus ex-
plains the purposes of the bill:
To transfer from the government to the
banks the responsibility of protecting the nee
essary gold reserve and the burden of fur
nishing gold for export, thereby saving our
commerce from the destructive apprehensions
growing out Of raids on the gold in the treas
ury, which now, can only be replenished by
tax imposed upon the people through the
sale of bonds; to provide a currency always
responsive and equal to the demands of trade
everywhere in all parts of the United States;
to secure for American enterprise and Ameri-
can capital the privileges and opportunities in
engaging in international banking under ma
tional law and SO lay a foundation upon
which to build an American merchant marine;
to remove the last vestige of doubt with re-
gard to our standard of value.
The measure provides for international bank
ing and a division of banking and currency
established under board of control, instead
of "a single individual in the person of the
controller of the currency, as heretofore The
board will consist of three members, whose
terms Of Office are for twelve years, so ar
ranged that only one members term will eX-
pire every four years. II the measure now
introduced should become law, it is conf
IDENTIFY believed that the national banks will
assume the current redemption in gold coin Of
$3.50, 900 900 in United States notes. In con
sideration of the obligation assumed by the
national banks, they will have the right dur
ing the succeeding five years to issue gradu-
ally, as business may require, an amount OF
bank notes equal to 60 per cent of their paid
up and unimpaired capital; provision also be-
ing made for an emergency circulation.
AS the noise are taken out for circulation
the banks will deposit with the government
a guarantee fund of per cent of the amount
of the notes so issued. The national banks
hereafter will be required to pay interest
upon the government deposits at the rate OF
per cent per annum. This per cent guar
antee fund. and the tax upon the bank notes
will be used to protect the bank notes, and
the excess of such taxes, with the Interest
on the government deposits, will be used tt
pay off the United States notes which the
banks assume to currently redeem. 1t is
| asserted that the whole $130000, 900 in United
| States notes which the banks have@ assumed
| to currently redeem will be paid off in thirty
years out of the taxes collected upon eircu
| lation and interest paid by the banks upo1
government deposits. ".s. ''
! With the consent of the board of control
| banks may have more than one place for do
| ing business, being authorized to ESTABLISH
| themselves in the various cities of the coun
| try. No bank note of denomination les
| than $40 will be issued, and the secretary 0
! the treausry shall not issue silver 3certifi
| cate Of denomination greater than s.; AM
! thereafter, upon the presentation to him o
| 100 silver dollars, or any multiple thereof
and demand for their redemption, shall ex
| change gold coin for the same.