The county record. [volume] (Kingstree, S.C.) 1885-1975, 1902-03-13
new FINANCIAL MEASURE.
Provisions of Financial Plan Intro'
duced Monday.

duced Monday.
Washington, Special. - Chairman
Fowler, of the House committee On
banking and currency Monday intro
duced an important financial measure
framed by the Republican members
of the committee after conferences
extending through the last two
months. 1t brings together into one
financial measure a number Of propo-
sitions which have been urged separ.
ately heretofore Mr.. Fowler explains
the purposes of the bill as follows:
ITO transfer from the government
to the banks the responsibility of
protecting the necessary gold reserve
and the burden of furnishing gold for
export, thereby saving our commerce
from the destructive apprehenslons
growing out of raids upon the gold IN
the Treasury. which can. now only be
replenished by tax imposed the
people through the sale OF bonds; TO
provide a currency always respon-
sive and adequate to the demands OF
trade everywhere, and to equalize
and lower the average rate OF IN;
terest in all parts Of the united
States; to secure for American enter
prise and American capital the prlvl-
leges and opportunities OF engaging
in international banking under the
national law and so lay foundation
upon which to build an American
merchant marine; to remove the last
yestige of doubt with regard to our
standard Of value.
"The measure provides for interna-
tional banking, and DIVISION oi
banking and currency is estabilshea:
under a board of control, instead VI
a single individual in the person Oh
the COMPTROLLER of the Currency, as
heretofore. The board will consist OF
three members, whose terms OF ON
ce are for II years, so arranged that
only one member will retire every
four years.
"If the measure now introduced
should become a law, it is confidently
believed that the national banks Will
assume the current redemption IN gold
coin of $4,000 900 of United States
notes In consideration of the oolsa-
tion assumed by the national BANKS
they will have the right during tAe
succeeding five years. to issue sraau,
ally as business may require, an
| amount of bank notes equal to oo per
centum of their paid-up ana unlI-
paired capital; provision being maae
| also for an emergency circulation. AS
the notes are taken out for clTcuia'
tion the banks will deposit with the
| government guarantee tunu ol pel
centum of the amount or the notes ~
| issued. The national banks nerealtcI
will be required to pay interest upon
government deposits at the rate VI
per centum per annum. g.,
mThis 5 per centum guarantee luHu,
and the tax upon the bank notes VIII
be issued to protect the bank notes
| All the excess Of such taxes with tue
interest on the government deposits'
will be used to pay OIL the ohlteu
| States notes which the banks ASSUME
to currently redeem. -, A.,
| "The United States Will De INC
clearing house district and the cur,
rent redemption Of bank noles; ~
tbot the amount of notes outstanoils
OF anv time always will be co-oFqt,
nsted 70 the amount of trading, anu
nreciselv as checks or drafts rehect
the amount Of commercial work being
carried on. of tho
hoard of control. the banks may nave
more than one place for doing s pnss
ness, being authorized to estaolisa "a
themselves in the various cities D.
- NO bank note of a denomination
less than $40 will be issued ana p. lne
Secretary Of the Treasury snalI o, nT'
issue a silver certificate OF uenon na
nation greater than 50. anu III S;n,
after, upon the presentation .s,,t;nio 70 @
~ 100 silver dollars. or any multipie
thereof " roo and a demand for their re,
den S ntion @ shall exchange gold COLE
!