Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1902-03-11
FINANCIAL MEASURE
Republicans Agreed for :he Bill to
Come Before the House.
READY TO BE SENT.
II Brings Together into One Financial
Measure a Number Of Propositions
Heretofore Urged In Sepa-
rate Bills In House.


Washington. March io.-Chalrman
Fowler. OF the house committee on
banking and currency has ready for
introduction an important financial
neasure framed By the Republican
nem5ers Of the committee. after con.
foronces extending through the last two
months. Il brings together into one
financial measure a number % proposl-
tlons which have been urged separately
heretofore.
Mr. Fowler explains the purposes Of
the bill as follows:
THE purposes of the bill are to
transfer % the government the re.
sponsibllIty Of protecting the necessary
gold reserve and the burden OF furnish.
Ing gold for export. thereby saving ouT
commerce from the destructive appre.
tensions growing out OF raids upon the
gold In the treasury which can now
only be replenished by a tax imposed
upon the people through the sale OF
bonds; 70 provide a currency always
responsive and equal 10 the demands Of
trade everywhere and 10 equallze and
lower the average rate OF interest in
all ports OF the United States; to secure
for American enterprise and American
capital the privileges and opportunities
In engaging In international banking
lnder national law and 50 iSy founda-
tion upon which 20 build an American
merchant marine; to remove the last
vestige OF doubt. with regard to our
standard OF values.
The measure provides for interna-
lional banking and division OF banking
and currency Is established under
board OF control Instead Of a single
Individual In the person OF the comp
.roller og the currency az heretofore
The board viii consist OF three mem.
Ders. whose terms OF Office are for
.welve years. 50 arranged that only
'ne member viii seccede every four
rears
III the measure now introduced
.hould become a law. Il Is confidently 7
believed that the national banks will /
.ssume the current redemption In gold /
oin OF Sl30000.000 OF United States
totes In consideration OF the OBJ
igations assumed by the national
anks. they will have the right
urlng the succeeding FIVE years
D issure gradually as business
nay require an amount OF bank
otes equal 20 sixty per centum OF their
aid up and unimpaired capital, provl-
Ion being made also for an emergency
REGULATION.
AS the notes are taken out for cir
ulatiOn the banks will deposit with
be government a guarantee fund OF
er cent OF the amount OF the notes
D issued. The national banks here
fter will be required to pay interest
pom the government deposits at the
ite OF per centum per annum.
This five per centum guarantee !
md and the tax upon the bank notes
~ be used TO protect the bank notes
nd the excess OF such taxes with the
.terost on the government deposltes
~ be used TO pay on the United
.ates notes which the bank assume TO
lrrently redeem. II Is asserted that
10 whole one hundred and thirty mil.
Dns OF United States notes, which the
INKS have assumed to currently re-
rem. will be paid on In thirty years
II OF the taxes upon government de-
sits
"The United States will be divided 9
20 clearing house districts 20 faclll- !
to the current redemption OF the s
nix notes. so that the amount OF notes
tstandlng at any time always will
co-ordinated with the amount OF
ldlng 10 be done. precisely as checks
ID drafts reflect the amount OF COM y
srcial work being carried on. a
by and with the consent OF the a
ard OF control. banks may have more y
ln one place for doing business, be- .
: authorized TO establish themselves
the various cities OF the country.
No bank note OF n denomination less
IN ten dollars will be issued and the
'retary OF the treasury shall not Is aI
b a silver certificate OF a denomlna- NJ
N greater than five dollars; and W
reafter, upon the presentation TO him 1s .t
one hundred silver dollars. or any ~
M Infn fhnronf ana "a Nart.vN o. strf- ~