Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1902-05-23
NEW CURRENCY BILL
FOWLER MEASURE FAVORED BY
AMERICAN BANKERS ASSOCIATION
It Contemplates the Practical Destruc-
ton Of the Greenbacks and substitu-
ton of Natiousl Bank Notes-Grest

The executive committee Of thu
American Bankers association held {
session in New York recently. The
chief topic of discussion was the Fow
Ter currency bill, upon which q favor
able report was made recently by the
banking and currency committee OIL
the House.
The views expressed were not made
public but 1t is understood that the
consensus of opinion was that there
would be no legislation in regard to the
currency during the present session OF
Congress. No action was taken on the
Fowler bill because such action was
not deemed wise. The secretary was
authorized to request the various bank
ing associations of the country to place
the matter on their programs for ex'
tended discussion.
The obvious meaning of all this is
that the executive committee, of which
ex-Secretary Of the Treasury Gage is a
leading spirit, is really very much in
favor of the Fowler bill, but deems 1t
iexpedient not to say so just at present.
And therein it is judicious.
There is very good reason to believe
that the American people are not yet
prepared to accept the Fowler bill, and
that its passage by Congress would be
a hazardous thing for the responsible
party. Those who are interested in the
measure are shrewd enough to see that
it would not be wise to run violently
against public sentiment and thus put
in peril the only party through which
legislation can be secured.
The bill contemplates the practical
destruction of the greenbacks and the
substitution Of national bank notes not
only Tor them but for all other forms
of paper currency. 1t further contem-
plates a practically unlimited issue Of
national bank notes without specific
security. 1t provides for various other
things, some of them very good, but
the main purposes plainly expressed
are those just stated.
There seems to be pretty good reason
to believe that the people of the Unit.
ed States are not prepared for any such
radical change in their currency sys-
tenn. They are unable to see any Sc
rious objection to the moderate amount
of greenbacks We now have. They are
unable to see wherein national bank
notes based on the general assets of the
issuing banks are superior to the forms
of paper currency we now have.
A great many of the people know
that bank issues not specifically Sc.
cured were a very bad currency in the
days before we had national banks,
and they cannot see what there is to be
gained by taking the risk of getting an
equally bad currency now.
Those who have looked into the mat.
ter know that if they were to set forth
in quest of the rainbow of an elastic
carrency in the manner proposed they
would return to a system which every
enlightened nation of Europe discarded
long ago as an unsafe attempt to reach
an unattainable end.
Another thing which is not expressed
in the bill, but for which it clearly
opens the way, is great central bank
corresponding in character to the old
United States bank-a sort of char
tered banking trust more powerful and
dangerous than any steel trust or any
railroad merger.
The American people, it is safe to
say, are not prepared to incur the risk
of the restoration of that monopoly.
They had too hard time getting rid of
the old one to banker after fight with
a new one of the kind which would be
far more formidable.