The daily morning journal and courier., 1904-04-12
NEW CURRENCY MEASURE
REPORTED BY THE HOUSE C0M-
 MITTEE YESTERDAY.
Improvement of Present Conditions Aimed As-Lsw Prohibiting Deposit of Custom Receipts in National Banks Rspeaisd-Rscolnase of silver Dollars Into subsidiary Coins.

Repeaied-RecoInaseo of silver Dollars Into Subsidiary Coins.
 Washington, April i1.-A report from the house committee on banking and
 currency recommending the passage of the bill "to improve currency condi- tions" was filed in the house to-day by Chairman Fowler. The first section of
 the bill repeals the law which prohibits customs receipts from being deposited lin national banks. The result of the present law in this matter, the report says, is unnecessarily to tie up the money of the country. The report says that if states and municipalities should lock up the proceeds of local taxation as the national government locks up it's receipts the effect would be disastrous. and yet there is us much reason for |such a course in the one case as in the other.
 The second section repeals the month fly three-million-dolla limit on bank note retirement. The report says the repeal of this restriction will give to the national bank-note circulation all of the elasticity which 1t is possible for q bond-secured circulation to have. The fecoinage of silver dollars into subsidi- ary silver coins is provided in the third Isection of the bill. The limit of $100,- 100000 as the total amount of subsidiary silver coins that can be in existence at any one time is repealed by this section. The report says that on July 1 next the bullion from which subsidiary coins may be made will be exhausted. There is in the treasury 57S,O12, ,099 sil-
 yer dollars, or says the report, accord ling to Secretary Shaw, five hundred carloads of thirty tons each
 It would cost S100,000 to recount this money and the secretary says it is woth | in bullion less than half of it's face value in dollars. It is this money that
 the bill proposes to recoin into subsid- iary silver as rapidly as the secretary
 shall order. In this recoinage there is
 estimated q profit to the government of
 seven cents on each dollar.
 Relief to the treasury department in it's inability to meet the demand for
 small bills, owing to the manner in
 which the present law limits their issu-
 ance. is sought to be remedied by the removal of these limitations. On this point the report says:
 It is probably true that the inability of the treasury to meet the demand for small bills, combined with the shortage in subsidiary coin in recent years has compelled the retention of
 small bills in circulation until much of that form of money has become ragged and filthy and produced conditions which have fully justified the vigorous
 crusade for clean money which has
 been recently inaugurated. It is be- lieved, however, that with the large dis criotion given to the treasury and the national banks under the provisions of this bill supplemented by an abundant supply of subsidiary coin, much of the cause for complaint will be removed.
 An ideal sanitary currency, however,
 can only be secured by the substitution of subsidiary coin for all one and two
 dollar bills and improved methods of redemption or paper money of denomi- nations of $5 and upwards