Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1906-12-20

washington, Dec. l9-Ihe mousse
committee on banking and currency
decided yesterday to make a favor
able report on the credit currency
bill, which is but. slightly different
from the measure advocated by the
American Bankers association.
In the bill advocated by the bank
ers it was provided that a tax of 21a
per centum should be paid by ma
tional banks on credit currency equal
TO % per cent of their capital. The
committee increased the tax on such
bank notes to per cent. No change
was made in the provision that ma
tiOnal banks may also take out fur
ther amount of national bank guaran-
Tee credit notes equal to l21a per cent
of its capital with interest at the rate
of per cent.
Another change of Importance made
by the committee is one providing
that national banking associations de-
string to take out credit notes and
having notes outstanding in excess OF
621a per cent of their paid Up capital
may redeem such except with refer
ence to the limitation of $4,000, 900
each month prescribed by the act OF
July u, 1882.
The bill as reported extends the
privilege OF issuing credit currency
only to national banking institutions
which have been In the business one
year and have surplus equal to 20
per cent of their capital National
bank guaranteed credit notes author
lied by the bill may be taken out for
issue without deposit of United
States bonds as now required by law.
If the measure be passed as re-
ported by the house committee every
national bank meeting the require
ments of the bill will be permitted to
Issue emergency or credit currency
in the sum of $37,500 for every $780,
900 OF it's capital. 1t is maintained by
the supporters of the bill that it Will
afford sufficient elasticity in the cur
rency to relieve the pressure for
money which occurs at crop-moving
time and in great emergencies. The
bankers estimate the amount of ad-
dtional currency which the measure
would afford at $2O0OOOOOO
More Anti.Chid Labor.
Senator Gallinger introduced an
amendment to the pending bill to pro
hibit child labor. He would prevent
the employment Of children under IA
from engaging in carrying messages.
running errands. shining shoes or
any so-called street employments as
well as working in stores and facto-
ries. He exempts pages in the sen
ate and in the house between the
ages of IL and 16, or those between
these ages who are actually learning
trades
Wants no Empty Desks.
Representative Gaines of Tennes-
see introduced a bill providing that
senators and representatives shall
have $13.75, a days pay, deducted
from their salaries for each day they
fail to attend sessions. Sickness of
members or illness in their families
are to be the only valid excuses.
Would Multiply Farm Schools.
Representative Livingston of Geor-
gia introduced bill appropriating
$4,000 a year for the support of an
agricultural college in each congress
sional district of the United States.
The money Is to be paid the states
and territories and disbursed as the
state laws provide
Another Salary Bill.
Senator Dick introduced a bill pro.
viding for the equalization of salar-
les of army and navy officers. 1t be-
gins with cadets in the army and
navy academies and equalization of
allowances for clothing and continues
after graduation of officers and
through the service.
viii Investigate Labor.
The senate devoted nearly four
hours to the consideration Of unob-
jected bills on its calendar. The re
suit was the passage Of a number of
measures OF minor Importance. Among
those passed was one authorizing a
government loan OF 100000 TO the
jamestown ter-centennial exposition.
and another providing for investiga-
ton Of industrial, social, moral. edu-
caJional and physical condition Of
woman and child workers in the Unit
ed States by the department OF con
merce and labor
Indian Bill Passes.
During the session Of ne house
the Indian annrorrfatfou hin u-as