The Washington times., 1902-12-18
House Committee on Bank
ing and Currency Frames
Measure to Receive IMAM
imouS Party Support.
Original Fowler Bill, With
Its Numerous Provisions,
AbandOned-Intended to
Provide Elastic Currency.

The Republican members Of the House
Committee on Banking and Currency
have agreed upon financial bill which
they believe will receive the support Of
that party in the House.
After having reached the conclusion
that the original Fowler bill with its
numerous and complicated provisions in
relation 20 branch banks. asset currency.
the retirement Of the greenbaCks. and
other propositions which many members
refused TO subscribe 10. the committee
decided several DAYS ago to abandon the
measure and not press 90 for cousidera-
tion at this session. but TO prepare a new
one. which should involve but a single
proposition.
The result Of their labors IS bill in
troduced late yesterday afternoon 10y
Representative Fowler. the chairman Of
the committee. 10 makes provision for
LIT one OF the features Of the original
Fowler bill, that Of credit currency.
Differs From Fowler Bill.
In this respect Il differs radically from
Mr. Fowler's original plan. in that II
siipulates the amount Of credit currency
issued by any national bank shall pot ex-
coed - per cent Of the paid-up and IN
impaired capital stock The first bill al
lowed an issue up to 100 per cent, with
heavy graduated tax.
The new measure, intended to pro
vide an elastic currency for use IN cases
OF money stringency. by reason of the
moving Of crops or for other cause. elm
mates all reference 70 branch banks end
the retirement OF the greenbacks. and
will constitute all that Congress will do
at this session in the way Of financial
legislation.
The measure may be reported before
the holiday recess in order that it may
be taken UP in The House shortly after
COngrtss. Convenes on January O..
The bill provides
THAT any national bank may. with the
approval Of the Comptroller Of the Cur
rency. take out for issue and circulation
an amount Of national bank notes not ex-
ceeding % per cent of its paid-up and
uuimpalred capital, without depositing
United States bonds with the United
States Treasury In the manner provided
by existing laws That said rational
bank notes shall be furnished by the
United States at the expense Of the re-
spective banks issuing them. and shall
be In ,he denominations o. .en dollars
and multipies thereof.
Must Make Deposit.
That before any national bank shall
receive any Of the hank notes referred to
in this act, it shall first deposit in the
Treasury OF the United States as q
guaranty Of the payment thereof, an
amount Of United States bonds or gold
coin. or both, equal TO 8 per cent Of the
amount Of the notes taken out. and such
deposit shall be counted as part Of the
lawful reserve Of said bank against said
notes.
The interest upon said bonds shall be
paid to the bank so depositing them, and
If said bank shall retire said circulation
or any portion thereof. an amount Of
bonds or gold coin, or both. aqusd TO 9
per cent Of the notes so retired, shall be
returned 70 said bank.
Provided. however. that II it should
be necessary TO sell said bonds for the
purpose defined in section -- OF this
act, the Secretary Of the Treasury is
hereby authorized TO dispose Of the same
and use the proceeds in accordance with
the provisions OF law herein contained.
Tax In Gold Coin.
THAT every national bank, taking out
such notes for issue. and circulation.
shall on the first days Of January and
July Of each year pay into the Treasury
OF the United States In gold coin tax