Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1903-02-23
GU r r ENJOY BILL
THE FOWLER BILL is TO BE
PUSHED IN CONGRESS.
The "Honest Money People Denied Respon.
sibiIity for this Measure in the Campaign.
The Following, from the Pen of William
Jennings Bryan on the Subject.

Jennings bryan on inc SUBJECT.
During the recent campaign republican
organs and orators persistently denied
that there was any serious intention of
passing the Fowler bill. In spite OF the
fact that the Fowler bill was reported in
the first session of the present congress
by the republican majority Ct the house
committee, republican newspapers and
in some instances republican congressman
who were candidates for re election, as
sured the people that the Fowler bill was
dead beyond all hope OF resurrection, and
that democrats who referred to that
measure were merely employing it as a
scarecrow.
Today the Fowler bill is before congress
and it is being pushed with such vigor
that it is impossible for republican leaders
to longer deceive the people. 1t is true
that there is difference between the
Fowler bill as reported at the last session
and the Fowler bill that is now being
pushed in the present session. The
change in the details OF the measure does
not imply any surrender on the part OF
the money trust. The change has been
made in response to the protest on the
part OF republican members that they
dare not enset law containing all the
ill-advised provisions contained in the
old Fowler bill. The money trust, while
not making any surrender as to any Of
the so called "reforms' which they hore
to bring about, have yielded TO the pro-
tests Of the republican congressman to
the extent that they are willing to de-
mand at this time the adoption of one OF
the iniqutous features Of the Fowler till,
holding other features in allegiance,
The cid Fowler bill. authorized the es-
Establishment Of branch banks and provid-
ed also for the retirement of the green
backs, together with other provisions
contemplated by the policy adopted by
the so-called Indianapolis monetary con-
ference. Republican congressman pointed
out to the hackers Of this measure that
the time was not yet ripe for the retire
ment OF the gTeenbacks; the people Were
somewhat partial to the greenbacks and
it would not be 'good politics" to insist
upon their retirement at this time. With
respect to the branch bank feature, the
smaller bankers throughout the country
made such a vigorous protest against this
plan that Mr.. Fowler and his associates
a.. 4 a .l,.:.- y, 4.
this moment to push through measure
providing for the branch banks. But one
OF the most important, if not the most
iiapoi tant, features OF the old FoN Ter bin
relates to asset currency, and the so-called
new Fowler bill as it was reported to the
house by the republican majority Of the
committee on banking ard currency on
January IS, 1903, provides for the asset
currency. This bill is known as House
Roll No. I622S. Its title is, "a bill pro-
vding for the issue and circulation OF
national bank notes."
In the report accompanying the recon-
mcndation OF the Fowler bill, the repub-
lcan committee says: ''The time has
come when every one realizes that United
States government bonds will no longer
furnish a sufficient basis for an adequate
supply OF currency, even though that
form Of currency were profitable, which
it is not. Indeed, were it not for the
policy OF force applied by the secretary of
the treasury. the banks would now be
retiring their circulation, because I'M
profitable, at the rate Of $4,000, 900 per
month, the maximum allowed by law,
and this, too, in the face OF a constantly
increasing demand for more bank notes"
Although a national bank having invest
cd in United States bonds may deposit
those bonds with the government and
may, by reason of that deposit, issue bank
notes to the full amount of the face value
OF those bonds, that bank will be per-
mitted to draw from the government in
teres. on the bonds thus deposited and
at the same time will have the use of the
money in the shape of national bank
notes to an amount equal to the face
value OF those bonds which it may loan
70 the people and obtain interest or in
other ways derive profits. And vet this
form OF currency, according to Mr.. Fowler
and his associates, is not profitable.
These people are not satisfied with the
already generous advantages gwen them
under the national banking law. They
want privileges and advantages that cam
not, in reason, be defended and that are
without precedent even in the record OF
the greedy demands made by their pre-
decessors in the financial world during
the history OF this government.
In conclusion this republican committee
recommending the adoption by the