Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1903-02-24
LEWIS ON THE FOWLER BILL

Hon. E. B. Lewis the worthy and
able congressman from the Third dis
trict, Is receiving many congratula-
tons on his splendid speech delivered
in the house last week in opposition
to the Fowler bill All the Washing
ton correspondents of the southern
press write enthusiastically of Mr..
Lewis great speech.
Mr.. Lewis is thoroughly familiar
with the financial question in all its
phases, and none are more competent
to handle currency legislation than
Mr.. Lewis. The following is an ex-
tract from his speech, which is attract
ing the attention of the entire country
''Say something in favor of the ma
tional banks and the people run, re-
marked Representative Lewis of Geor-
gia to-day, in discussing the Fowler
financial bill, now pending in the
House. Although there appears to be
but slight prospect of either the Fow-
Ter bill or the Aldrich bill becoming a
law during the present session, the
debate on the former measure goes
vigorously on in the House, under a
special rule, while Senator Aldrich is
patiently waiting to get his bill con-
sidered in the Senate.
Mr.. Lewis, who is one of the lead
ing members of the Committee on
Banking aud Currency, delivered a
half hour speech today in opposition
to the Fowler bill which is under con-
sideration in the House. Mr.. Lewis
stated at length the reason which I'M
PEELED the minority members of the
committee to oppose this bill. He
was, he said, in favor of properly
safe guarded, properly issued and
properly taxed asset currency, but
there was much in the Fowler bill he
was compelled to oppose.
''Mr. Fowler had explained that the
banks would take 3 per cent profit on
this asset currency. Mr.. Lewis was
opposed to extending to the banks
such privileges until they had done
their duty by taking out the bonded
currency provided for by existing
law. He showed that many of the
largest banking institutions do not
take out anywhere near the amount Of
currency they should. While the
business of the country often suffers
for lack of an adequate supply of cur.
rency, these big banks fail to take out
the amount of circulation allowed by
law, yet they now come and ask tc
be allowed to take out currency based
on assets, because they can make &
profit on this kind of currency.
''He thought the first step which
should be taken by Congress is to re
quire that banks must take out a.
least so per cent of the bonded curren
cy they are authorized to issue. Ger
tainly they should be required to dc
this before being given the privilege
of issuing currency based on outside
assets. AS it is, the smaller banks
bear the greater proportion of the
burden of supplying the currency TO,
the country, which, under our presen
system, all banks should bear alike.
'"This asset currency bill, he con
tended, extended to the banks speoia
privileges, to which, in his Judgment
they should not be entitled, certainly
until they had done their full duty b,
purchasing bonds and taking our cir
culation upon them. The bank
should be made to know that it i
their duty under the present system
to furnish currency for the benefit o
the people, rather than for the banks
''Mr. Lewis argued that Their,
should be provision for the taxation
of this asset currency, as the peopl
would in that way benefit in some de
gree, and the currency would be NOR
truly elastic. He was given close
hearing, and his arguments wer'
heartily Endorsed by his colleagues OF
the Democratic side"