The independent. [volume] (Lincoln, Neb.) 1902-1907, 1905-01-12

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section BE II enacted, dfc. That
there shall be and is hereby cseated
and established in the treasury deoart-
ment q division of banking a9dS cur
rency, which shall be in charge WI All
board consisting of three membeR md /
shall take the place of and shall have.
exercise, and enjoy all the powers Aad /
authority heretofore lawfully yasted |
in the comptroller OF the currency ami
any other power and authority aatf
orized by this act, and shall be knoWr
as the board of control of banking 4Rd
currency. sA n
1.-THE members Of said board Of con
troll shall be appointed by the presk
dent, by and with the advice and con-
sent Of the senate. The terms of Of
fee shall be for a period of TWELVEl
YEARS. except that the term Of the
first three members shall be for twelve,
eight or four years respectively. The
member appointed for four years shall
be known as the first comptroller, and
thereafter that member of the board
whose term next expires shall become
the first comptroller
"The salary Of each member Of said
board of control shall be $500 per an.
mum, ETC.. ETC.. and the members OF
said board of control SHALL BE RE-
MOVED ONLY for cause stated in
writing"
Can anything be more certain than
that this continuance discloses the pur-
pose to put the matter out of reach OF
any desire to change the policy, il the
people should SO determine at any ma
tional election? The inference is so
strong that it amounts to certainty
that the projectors believe that the
workings of the propositions contained
in this bill will not be pleasing to the
people, and that they are preparing
| in advance to protect themselves from
THAT displeasure. There would always
be two members of the board OF control
that could not. without difficulty, be
disturbed by change Of administra-
ltion.
The. Overstreet bill introduced in a
former congress. contained this same
provision, and Mr. Fowler. who was
chairman Of the committee then, In a
report on that bill, boldly avowed the
purpose of 1t to be what / have indi-
Gated.
The asset currency proposition con-
Itained in this bill is intended to re-
llieve the banks from the present re-
quirement of the law to deposit Unit.
led States bonds to the amount of cur
rency issued. The bill by its terms
does not compel, however, the re-
! tirement of the currency based on
bonds. There is nothing in the bill
that will prevent bank from retain
ing its bond currency and taking Out
asset currency. The amount Of both
lis, however. limited to an aggregate
amount equal to the paid up capita
stock. The principal purpose of this
bill is very plainly to secure the de-
struction of the greenback currency
The pretense that there is any purpose
to relieve the United States treasury
Iby putting the burden on the banks i:
a base, bold-faced deception. The pre-
tense is that the asset currency is {
privilege extended to the banks in con
sideration of their agreeing to provide
for the current redemption of the lega
Il tender notes. No good reason ha'
4 been, or can be, given why these note'
fought to be redeemed. but this is tn,
Ipretense. In the midst of it all. TIL,
manifest purpose is - secure the yer!
speedy destruction of all legal tende
government paper. It is provided:
8 Sec. g. That if any national banl
shall assume the current redemption
as hereinafter described, of an amour
4 t,f United States notes equal to 20 pc
II centsof its paid up capital, it shall hav
tile right, without depositing bonds, a
:Inow provided by law
II I'iist. To Immediately take out TO
isst and circulate an amount Of ban.
3note equal to 10 per cent of it's pal
mp apital.
#At the end of one year. it can TAX
, fQr sue and circulate 10 per cen
/ n1re and so on each year. until a
g an mn has been issued equal to sixt
per "A of the paid up capital AT tn
0 end p& his time, by the consent Of tn
: boat 6 0omptrollers. an amount ca
. be equal to the remaining
+ per d Yhia ii the privilege granite