The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-03
TWO CURRENCY BILLS.

II has been announced that the House
will discuss the Fowler currency bill on
Wednesday. with the Padgett bill as a
pending substitute. If this discussion had
taken place six years ago the Democrats
would have demanded the free coinage of
silver as the only currency measure that
could be considered with reference to re-
lieving the needs of the country. They
would have denounced both the Fowler and
the Padgett bills as concessions to the
money power and as calculated to initiate
the volume of irredeemable paper cur
rency. In view of such a fact there will be
some curiosity as to what views the Demo-
Gratis in the House will take regarding two
bills the principle of which is the same.
The Fowler bill provides that banks may
issue currency to Is per cent. of their CAPT.
tai stock without other security than a
per cent. redemption fund and a tax of
one-half of per cent. upon such circula-
ton, which will furnish fund to redeem
the notes of failing banks. The Padgett
bill permits national banks having a bond
secured circulation equal to so per cent. of
their capital to issue 80 per cent. additional
in credit notes, the first 20 per cent. of such
issue to be taxed 1 per cent, the next is
per cent. 9 per cent. and the last 10 per
cent per cent. per annum:
The basic principle of the two bills is
the samoa credit currency paper. For the
issue of a credit currency the Democratic
Padgett bill affords greater facilities than
does the Fowler bill. Therefore, the person
who attacks the Fowler bill is inconsistent
unless he denounces the Padgett bill. This
those platform-makers and editors who
have devoted themselves to denunciation
OF what they are pleased to stigmatize a
credit currency. In this district the Demo-
cratic candidate for Congress made his
campaign chiefly against the theory of
credit-currency. He did not make much
impression by his presentation of the sub
ject. but if he should say anything upon
the subject he must denounce the Padgett
bill with the Fowler bill for the same
reasons.
What is the meaning of the presentation
Fowler bill? Mr.. Padgett the author or
sponsor, is Tennessee Democrat, who has
not been in Congress long enough to make
a Bryan record. He is member of the
House committee on banking and cur
rency. His bill Is said to have received the
sanction of the other Democratic members
of the committee. It's recognition Of the
national banking system is as complete as
that in the Fowler bill. Only national
banks can avail themselves of the advan-
tages Of the BILL 1t is, therefore. a recog-
milton of the money power outside of
the government. If all the Democrats in
the House vote for the Padgett substitute
they will practically declare against the
Bryan currency system. 1t is rumored that
such is the purpose of the bill and that the
supporting of it. by the Democrats in the
House will mean that the Democratic party,
so far as it is represented in the House,
has left the camp of Organism and marched
over to the support of Wall street. 1t is
| this rumor which lends unusual interest
| to the debate and vote on the Fowler bill
| and the Democratic substitute.