The Washington times., 1902-05-21
Defers Further Considera-
ton of Currency Bill
Until Tuesday Next.
Mr.. FOWLER EXPLAINS MEASURE
Members Admit That 1t Is Too Complex
to Be Comprehended Without Careful
Study-Unlikely That Bill Will Be
Considered at This Session.

Representative Fowler explained his
currency bill at great length at a confer
ence of the House Republicans last night.
but failed to arouse any considerable
amount Of interest In the measure. As
result, the meeting called to take action
upon the bill adjourned until next Tues
day evening without reaching an agree
ment. or in fact. doing much of anything
TO crystalline the sentiment of the men,
bers.
If the opinion of majority of the 100
members who attended the conference last
night may be tLken as indicating any
thing. 1t may be set down as quite GER
tain that the bill will not come before
the House at this session. IL at all. during
the present Congress. In fact, the meas
ure is said 10 embody SO many features.
and to be SO complex as to render it diff
fcult Of comprehensive without great and
careful study of its provisions.
Did Not Understand Measure.
= Many of those present last night frank
ly admitted that they did not understand
the measure, or what Its effect would be.
This was further Indicated by the line of
questions which was propounded to Mr..
Fowler after he had concluded his ex-
PLANTATION of the measure.
Mr.. Cannon. the chairman of the eau
Gus, presided. Mr.. Fowler took the floor
when the conference was called to order.
and for an hour and half endeavored to
elucidate it. His argument was along the
line OF his report upon the bill which he
enlarged and elaborated upon.
He reviewed in considerable detail the
history of currency legislation from 1882
down to the present time, and then en-
tered into a comparison of our currency
system with that Of the other leading ma
tions of the world.
Mr.. Fowler said that the bill was bu.
a fulfllment OF the pledges OF the Repub-
lican party as embodied in its platform |
of 1900. and in line with President Nc |
last message to Congress. Aside |
from this statement his argument was de- |
voted to the economic rather than the !
political phase of the question.
He contended that IL would decrease the |
rate of interest one-half In answer to a
question By Mr.. Loudensiager as to how
small banks could exist with their in
terest earnings curtailed one-h half, he de-
CiaTeu tudt tnlS COuln De cone Dy more
management.
Moved to Postpone Consideration.
Before Mr.. Fowler had concluded Mr..
Warner, of Illinois. moved that consd-
Grafton of the measure be postponed
Until the next session CT Congress. Upon
his motion he asked for the previous
question.
This threw the advocates of the meas
ire into CONSERVATION, as they feared
hat because Of failure to comprehend
he measure a majority would vote in
avor of the motion. a number of the
Idvocatcs of the bill urged Mr.. Warner
o withdraw his motion, and this he con-
ented TO do.
Mr.. Powers. Of Maine. followed Mr..
fowler, opposing the bill. He declared
hat the effect would be to 'Morganize"
he banking industry of the country; in
act il would create banking trust
hitch would drive tho small banks Of
he country out Of existence except rs
bey co-operated with the larger institu- / [
ions.
He especially attacked the branch bank
sature of the measure and contendei
hat instead OF diminishing the rate of
,terest it would increase II. He cited {
n instance where such proposition
ad Increased the rate of interest In ,
anada. ,
Mr.. HILL OF Connecticut, member OF
he Committee ON Banking and Currency. I
Imported the bill, making an argument Q
in line with that advanced r
, Mr. Fowler Mr.. calderhead, of Kansas
ivocsted delay in taking UP the bill
a the ground that members had not yet e
ad an opportunity to digest and com
-ehend its provisions. I
Mr. Barthoidt supported the bill and
,clared that the Germans throughout
e country who were regarded as safe u
I'd sound fnanciers were In favor OF II. C
After the proposition had been under n
for nearly three hours the
inference finally adjourned without ac-
On until next Tuesday evening.