The Washington times., 1902-04-06
Comptroller of Currency
Replaced by a Board
Of Control.
LEGISLAfED OUT OF OFFICE
Treasury Gold Certificates to Be Sus-
pended - Parity of Standard Silver
Dollars to Be Maintained-Bullion to
Be Made Into Subsidiary Coin.

The House Committee on Banking and
Currency has agreed upon the new bill
Ito maintain the &C Id standard, provide
an elastic currency, equalize the rates oi
interest throughout tie country and fur
ther amend the national banking laws. -
II will be reported to the House tomor-
row by Chairman Fowler.
According to the bill the Comptroller
of the Currency is to be replaced by a
board Of control Of banking and cur
rency, to consist of three members to
hold office for twelve years, and each to
receive $500 per annum.
Bank Note Issue.
Under certain conditions national
banks may issue bank notes to the
amount of 10 per cent of their paid up
capital. and, with the approval of the
board of control, may issue notes to the
amount of 20 per cent Of the paid up
capital. The banks taking advantage of
these privileges are required to assume
the current redemption in gold of United
States notes to the amount Of 20 per cent
of their paid uD capital.
the first presentation for redemption and
cancellation of any United States notes
the Secretary of the Treasury shall not
nay out or issue any gold certificates. A
guaranty fund of per cent of the notes
taken out is to be deposited in the United
States Treasury in gold or United States
bonds, and the notes are to be legal ten
der and first lien On the assets of the
banks issuing them.
The total amount of circulating notes
of all kinds issued by any bank may equal
but not exceed its paid up capital.
Clearing House Gold Certificates.
The redemption of United States notes
in case of failure or liquidation of the
national banks is provided for. and clear
ing house districts are to be established.
The clearing houses are permitted to is
sue gold certificates under certain re-
strictions.
Banks are authorized to establish
branches. s.. .000. 900 capital being required
for banks with branches in foreign coun-
tries.
The Secretary of the Treasury is au-
thorized to coin the bullion and silver dol
lars in the Treasury into subsidiary coins.
The bill further provides that:
''The Secretary of the Treasury Is here
by directed 10 maintain at all times at
parity with gold the standard silver dol
lars of the United States, and to that end
he is hereby authorized and required at
the demand OF the holder to exchange gold
coins for standard silver dollars. when
presented to the Treasury OF the United
states in sums OF sl00. or any multiple
thereof
May Redeem From Reserve.
"And for the purpose OF carrying out
this provision the Secretary OF the Treas
ury. when in his judgment there is not
sufficient gold coin in the general fund
of the Treasury to justify further use
of it for exchange for standard silver dol
lars. shall be authorized and required TO
employ any part of the reserve fund of
gold coin established by section of the
act of March IA. 1900. entitled, An act
to define and fix the standard of value
to maintain the parity of all forms of
money issued or coined by the United
States, to refund the public debt. and for
other purposes.
And the standard silver dollars re
ceived in the reserve fund in exchange
for gold coin. under the provisions of
this act. shall be held in said reserve fund
and not paid out. except in the manner
provided in regard to United States notes
in said section Of the act of March IA
1900.
And all provisions of law for the use
and maintenance of said reserve fund re
lating to United States notes are hereby
made applicable to standard silver dol
lars in said reserve fund