The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-02
FAVOR FOWLER SUBSTITUTE.
HOT SE COMMITTEE TO REPORT IT
INSTEAD or .ALDRICH BILL.
The Two Democrats Present Dissent From
the Commuters Action--5Two Dems-
Gratis Not Present Prefer the Aidrich
BllI-Mr. Fowier's Majority Report.

'ssJOsss .~'t"''
WASHINGTON, March THE House Com
mittee on Banking and Currency met this
morning and authorized favorable report
on the Fowler substitute for the Aldrich
financial bill. There were present several
Republicans and two Democrats. Mr.. Bart
lett Of Georgia and Mr.. Padgett OF Tennes-
see. The latter dissented from the ma
jority action and subsequently filed a mi
nority report protesting against the passage
of the bill. Mr. Thayer Dem, Mass.)
and Mr. Lewis Dem, Ga), who are said
TO be favorably disposed toward the Aldrich
bill were not present. The majority re-
port was drawn by Mr.. Fowler. In this
report he says;
The available cash balance now in the
Treasury il f?22, 486 s7s4i. OF this amount
there Is now In National bank depositsries
$3.50 a. leaving ut Irlane In the
TREASURY OF 81 0a4 t54 The amount OF money
now in the Treasury available for all PURPOSES
II ~ .vg4 AS. from which amount. II We deduct
$50, o00. Tnl a. = nee s'ary working balance for
the Treasury. We shall have only t?i,O?4 49, TO
meet the demand on the Treasury growing
ont Of the Panama transaction, which will
call for $50. ooo. 90 II II therefore evident
that either the Government must a. once
cell for s?s 600 on from the banks or, appro-
priaiing $50. 01o. 90 from the amount now In
the Treasury. leave q working baaI o, OF only
al out t?2 ooo. 0Oo which must be 81 ppieno nted
by collections fiom the various resources
until the amount NJ he Treasury be brought
up to $50. ON. on before AL appropriation can
be made for any other purpose without IN
ringing upon what has generally been con-
sidsrcd q proper working balance. viz:
5000 O0o 1t Is therefore. evident that the
Government will not have any additional
IN oney to deposit with National banks for the
next six or eight months. II, indeed. Il shah
have collected as much a. $40 ooo0o0 within
that time.
Mr.. Fowler quotes frAln a letter written
on Feb II. 1900. by Lyman J. Gage. Their
Secretary Of the Treasury. which seems to
support certain features OF the present
Fowler bill. Continuing his report Mr..
Fowler says
The Government should cease to be o dis-
turbing factor in our business affairs. II
was this thought that moved your committee
to Ak the rate Of interest. instead Of allowing
II to become a variable quantity, to be 10
creased or decreased at the pleasure Of the
Secretary. circumstance that must neces-
sarily result in intense rivalry. bitter crit-
cism and constantly subject the Treasury
TO endless scandal
The minority In their views declare that
, insu !ficient time was given for the con-
sideration OF the measure, and that II IL
both vicious and dangerous legislation.
which takes the money Of the Government
and loans II TO the national banks at pc.
cent Tho rsport -eontiaoes; .---
II the surplus in the Treasury il larger
than II should he for the necessities Of the
Government. then that surplus should be
reduced by removing from the people the
burdens OF high tariff taxation under whivn
they now suffer, and thus leave IL In the
pockets of the people. instead Of accumu-
latinR IL in the Treasury or losning II to
national banks.
The Aid rich bill will be called up in the
Senate tomorrow, and II Is believed that the
opposition was we'll threshed out al
yesterdays session that II will DO allowed
to come to a vote. II il does, II will pass by
large majority. In the House the situation
with regard to this bill Is so confused that
nobody knows what the outcome will be,
although tho possibilties Of It's final defea,
are greater than those Of fts passage
Oh,y one thing s certain at present, and
that ist hat the bill intr, d iced by Mr. Payne,
which is practically duplicate OF the Aldricp
bill and to which the Banking and Currency
Committee have added the Fowler Asset
Currency plan. will not he voted upon in the
House, tr IL IL IL. that II will be knocked into
a cooked hat in about Ave minutes. Secre-
tsry OF the Treasury Shaw. Chairman
Fowler Of the Banking and Currency Com
nitt-e and one or two other members
Of that committee are the only persons
whose opinions are worth quoting who
favor asset currency, and proposition like
hat from Mr.. Fowler would probably no,
70, ten Republican votes In the Senate.
The only hope for the Aldrich bill. should
|, pass the Senate Tomorrow. woulo be 20
have IL called up Ia the House uader a
k,~cal rule. without being sni 10 COM
nittse N this can bs done II may b+
ra.sed. hut the Republican hoes 81 th.
Hous4, Mr.. Cannon. IL one OF those VINO
oppo.e The hill. and who will endesvor 10
t,a IL zap in . parliamentary bowknct thai
nobody will IL able 20 untIs before thu
savel falls on March T. The ball will pas
the Ho,is~ N brought Ia vote.
Mr. Fowler introduced . resolution to-
day, which went 90 the Committee on kulc~.
providing for the confederation ~ his SUBJ
stitute MEASURE Tho House leaders have
no, dsfiIitsy dacided. hosevef. what
co,Irse 90 pursue ~lth reference "a tue
mll They are d,.pnssd Ia Ssit until to-
,nofrow and 49, whsi action the s~nai.
takes ON the Aldrlch hin Shoula u ooms
over from tho senate to-inortos. the plan
suggested 10 ca provide Tor the coni dsfs-
,lnu - the towl~T bill As q sub-,iiv,s fos
the AidfiTh hall IL n.,ild then In pas-so
.,,h tls knowisds- that tho sss.ai. ooL.
fen... s0,.ld DOl ASfs to " Then these
AZ. .i..,izh Dssnoof sis -h1 fssof tho lsss-
.A,.s a "a. Aiduoi hil IA Jo,n si,h tho.s
pss.uiaiaaas sLo .Ss olTsss.d "a NJ Voc
aTs A-ss nYffsisy ssi,sins 20 difsf tbs
Hsuss r,if.fs.S 20 Isesi- ir.a the I.an
IL "a. foslsf -,iis-thg's 90 seii ~ shsF
l,o,,-ls,hs ~ ito n.ss,Ds aid ss-"p, shat
.,sIld Isisas4liy 10 the ls",isl.i.s - tao
Aiafian Di a. ~ Hsb IsA-s tie hsissis
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,I.s I..i.als asi - fsssff.d w. iLs oiniaiitas
sh hsnst.s sbd s.ff~ss",, " assssassIsd
tisi y Ss,ild i.Di s-,s,ss "si s-ss 10 iis form
~ Ito to.isf Substitute ttssss tho eails
az in stlirh 60 80 lsslslsilsS slssh 40
sili,,s-s 10 a. sILss ilss fssi-' .ui--iaSts
u, t,a-s si,d 'iss ,isssasi no o.sf.ss..
a. s.-.-sL fum us gbl-sslshsiss lsos