New-York tribune., 1903-02-02
CURRENCY BILL FIRST.
Right of Way Conceded by Friends
Of Init Trust Measure.
Jpr TELEGRAPH TO TIE rRrRu. Z. !

Washington. Feb When the legislativ
slate Of the House of Representatives for this
week is scanned closely. the net results indicated
are the passage of the Postoffice Appropriation
hill: perhaps the pa ssage of the Sundry Civil Ap-
preparation hill. which viii be reported to-mor-
row: day devoted to pensions. which will prob
ably he tho last at the present session. and. If
there is any time left. the beginning of a three
day consideration of the asset currency question.
The antitrust measure has been placed behind
the Currency bill. and the friends of the first
measure though pressing vigorously for a spe-
cial order. have practically conceded the rlghI
Of way to the Currency bill. Two days together
are wanted by the antitrust people. and the ses-
sion on each Of these Gays they desire to begin
al 10 a. an. instead of at noon.
With the credit currency question so near at
hand. there is considerable discussion as TO the
relative merits of the majority and minority
bills which viii be made the basis of discussion
Both measures provide a credit currency. 1nelr
essential difference WAS explained for The Trlb-
une bv a Republican member of the Banking
and Currency Committee tonight as follows;
The majority. or Republican measure proyldsgs
that national banks may issue an amount Gt GreGni nd
treats these notes precisely as a oeposd1 suU1et1 90
provide for the immediate redemption or the noIes
in cCin by the government in case OF failure OF S
= bank note does not differ in the slightest degree
yond peradventlre that il is MADE gsycsi gooI pg
guarantee fund which is provided for a nechanlCdI
system for redemption is devised in order TO insure
the constant certain return OF note as soon dS
its use in trade is exhausted -. 49,
All The students of the subject reallze lldt uIe
7reenf redemption Of our national bank notes does
no amount any redemption wIa1eEer on I1 or or
,oDor,,ir I1oin- Of view but that they ElrtuaiIE
until il is necessary TO Fetie~ IN % hold
of the paper which they are pTlhIeeu IN Id pold
contrast with the present system Is that oeVlSeo
h,- the Republican members of the committee Ke-
reed not only TO redeem thelr notes oHei S oo oF
azy, counters but also through an agent 10 one W
ne re5ernption cfties-New-Y York, Chicago ana san
Ti Ss,ocrsts on the committee have taken the
I7i1ted to be issued under the Fowler bill Of last
session and made few slight chahseS.. ;,,o ~
,,tl from "a to 20 per cent and decreased the TAX
on the same from u 10 per eeI nj ,ssne between
50 10 - from % i per cent leaving the aliiI
'4H a. Tex M have taken the last 20 per cent that
Is from to ie3, and reduced 1t to l" per cent anu
l'-t H. me 5Ht[ ia@ ~ @ differs from the majority bill
5e~i5edIv in the matter of redemption Inc @ Demo
e. a. +o55,- The trainers Of this bill evidently ran
n comprehend the characterlstlcs OF d - nb
! that the note should be constantly reiI[liIs -
tho ssuer for redemption Ihere Is a mg yeenect
Tho Democratic measure imposes a heayy lax 11t Ioa
tho purpose of sending the notes eSidtiT 4, not
osI;ze that Ipv this heavy tax they nave TtIloHeu
i.s 1,o+51e on the part OF the banker For
- ~ [.pker cannot realize a profit in putting out
I7is rv-I notes there is substantial reason lor
those notes viii continue 10 crcufIaJIec I as,,-es
II j. evident hv q comparison OF these r1eds-IeS
j. = decided difference between properly cohsC. p
suited credit currency ana t 10 i r the
quantity Is determined by the proit or Loss on l '5
bonds on which il is based. The democrats r on
III either hand. disclose by Their blIl tadI @ r.
IL .sIt-s1+age Of what they regard as a ugnJ
rosition on the cTTenSy og ysppIicaton Of what little
1hoy know about the supJeCI