The times. [volume] (Richmond, Va.) 1890-1903, 1902-11-30
THE ASSEMBLING Of CONGRESS-

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THE AssEaaLiM,sGG OF CONGRESS
Congress IS about to assemble and the
Wall. Street speculators, who are s!waSs
on the asert are more or less uneasy
lest something be done to disturb olsi-.
ness and therefore affect the price of
stocks. Most of the traders seem to be
satisfied. however, that no very serious
tlouhle IS 10 y. expeeted from, ms Gone
gress, seeing that the Republicans have. a
good working majority and they are not
disposed TO do anything to hurt#the pos
perity Of the country between this time
and presidential year.
1t has been sent-offlciaily stated that
the tariff scheou4es viii not. be charged
and hope is held out tnat some measure
will be adopted TO help the money situa-
lion. Representa- i've Fowler, OF New
jersey. chairman Of the House Commit.
tee on Banking and Currency. Will IN
lroduce next week. 50 it is said. an
a rendment to the currency bill intro
viii give the national, banks power to
issue. currency a gainst their.securatiesS IN
United States bonds. He says hat state
and municipal bonds always have stable
ralue. and such bonds are therefore t,.a
as the basis OF the currency II. the plan.
which AIR. Fowler has IN view. Accord
ing 10 the washington correspondent OF
the New York Commercial, Mr.. Fowler's
plan IN brief is as follows:
tll:sl--In..t Tie sevIetaly Of the Treas
ury pe uifecleu to ueposlt IN national
t.44llA.,, ~ 1872
banks. all The surplus funds 1.-THE Treas
es~ 1--s. 80 go fta-4. y
either United States government bonds or
s,,s;n STATE ana nlinlcipa4 uotl4s of the
Un41eu# Sia4t4s as may be approved Dy si1e5
Secretary OF the II easury ala tAe# comp
truiler OF The 1u1TeAGy,. the amount ee-s
posted in any ont DtlIh hot to#e&ceeds me
"a u a. and 81 per cent. of the surplus OF
such bank Upon ali suca deposits the
Secretary Of the rieas ,Iry-s silaIis receive
interest al the rate OF i5s per cent per
anst,lrn No reserve need be main tanned
against such deposits.
second--To proslde an emergency cur
TencS. "a J
ether United State government bo-.tis OF
state and municipal bonds OF The United
u. u. s-.e .see4et,..s Vi t4se
'rreasur m Carlatrol ct OF the Currency,
such additional currency to t.tat already
uroYldeu Tor US laA as the Secte. airy OF
the Urea sury and Comptroller OF The Cur
rency may. jointly sanction: provided,
that the national bank snail pay to the
United States Treasury upon such issue
81 currency tax al the rate OF per
..l...as. III, ll!e pe.tssl 500 sss.ta
emergency currency is in circulation.
The national banks may retire and re-
issue such currency at their option, ana
ne total amount OF suca emergency cur
rency issued by any one bank shall not
be in excess of the capital Of said bank. p
Third-The national banks may count
As a portion of their reserve any ma
tIonal bank currency which they may
hold.
# 1t Is urged by those who favor this
plan that ii would provide a currency
based on absolutlya trustworthy and stable
security while at the same time pto-S
yiding all the addionai currency needed
in time of demand, such as the crop
moving season.
Ne dolii, if Congress will ever pass 2
bill authorizing the Secretary Of the
Treasury to deposit government funds
IN banks on any other security than
tinted States bonds although the Sec
& retary claims that he has authority un-s