The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-02
AMENDED FOWLER BILL
1T Is FAvORABLY REPORTED BY
COMMITTEE To THE HOUSE.
Ii VIII he Urged for Passage I'm Place
of the AIdrich senate Bill or the
Payne House Measure
STATEMENT BY COMMITTEE
REASONS URGED FOR SPEEDY EN-
ACTMENT OF THE BILL.
Government should Cease 10 He q
Great Pending Need for Money.
House

WASHINGTON, March 1.-The House
committee on banking and currency to-
day, by vote of to Pa strict party vote
authorized favorable report on the cur
rency bill introduced yesterday by Repre-
sentative Fowler. chairman OF the commit
tee. In reporting the bill the committee
says: I'm addition TO providing for the
issue and circulation of national bank
notes. the object of this measure IS TO
Immediately put back into circulation any
money the government may collect through
it's customs receipts. as well as through
its collections from internal revenue.
'The available cash balance now In the
treasury is s222. 46SS7S. OF this amount
there is now i'm national bank depositaries
$50, 424. leaving a net balance I'm the
treasury of 1884. 454. The amount of money
now i'm the treasury available for all pur-
poses is 81 1894. Asa. from which amount If we
deduct fifty millions as a necessary work.
ing balance for the treasury. we shall have
only $21, 994, asa to meet the demand the
treasury growing out of the Panama trasac-
ton. which will call for fifty millions OF
dollars. 1t is, therefore, evident that either
the government must at once call for
s2s.0OO,0Oo from the banks. or, appropriate
ing s50,00O000 from the amount now In the
treasury, leave the working balance OF
only about s22.0OO,0O0 which must be sup
plemented by collections from the various
resources until the amount In the treasury
shall be brought up to $50.000.0oo before an
appropriation be made for any other
purposes, without infringing on what has
generally been considered proper work.
fore evident that the government will not
have any additional money to deposit with
national banks for the next six or eight
months, If. indeed. 1t shall have collected
as much as $50 000.0 900 within that time.
THE amount now deposited with national
banks is s143.111 sos. for which the govern
ment holds government bonds as security
amounting TO about S125,0O0,000 and about
SO 100000 OF other bonds. The measure
now submitted provides that the govern
ment may deposit any public money. In
Guiding this $4,000, 600 with national banks.
I'm no case exceeding in amount 70 per cent.
of the paid-up and unimpaired capital or
any national bank, without exacting gov
eminent other bonds. but the govern
ment shall have a first lien the assets
of such bank and shall receive on such de-
posits at the rate of per cent. per annum,
payable semi-annually on the LIST days OF
January and July. 1t will be seen that the
effect Of this provision will be. within the
next few months. say certainly within a
year. to release the total amount of bonds
now deposited TO secure government de-
posts. viz: s125. 10000 of government bonds
and SO, 100000 of State and other bonds.
now nelO Dy the treasury IN dll4tlOu tItIt-
to as security for such deposits. The bondc
so released may be then used by the banks
for further increasing their bond secured
circulation, which undoubtedly will be much
needed during the coming fall months
''It is clear that the plan proposed Is per-
fecty SAFE and that IL the rate of interest
had been 2 per cent. and the accounts
were brought down date. the amount
that the government would have received
during the past twenty-four years and the
bill reported been in operation. would have
been nearly s50,ooo.ooo and the government
would not have lost a cent
THE government should cease TO be a
disturbing factor I'm business affairs.
Ii was this thought that moved your COM
rittee to fix the rate OF interest instead
of allowing IL TO become variable guam
tty, to be Increased or decreased at the
pleasure of the secretary, circumstances
that must necessarily result in intense
rivalry bitter criticism and constantly SUBJ
iect the treasury to endless scandal"
The Payne bill not called up In the
committee to-day. The friends OF the new
Fowler bill will urge it's adoption instead
OF the Aldrich bill. should that measure
come over from the Senate, and also IN
stead of the Payne bill.
Mr.. Fowler introduced a resolution to-
day providing for rule for consideration
of the bill reported to-day. This resoiu-
ton was referred TO the committee on rules