Waterbury evening Democrat., 1907-12-05
ID DRAFT MONEY BILL
Congressman Fowler Will Name
 Subcommittee For Purpose.
WON'T HURRY LEGISLATION.
Majority Leaders In Both Branches of Congress Take First Step In Direc. tion of Currency Reform Law, but Progress Bids Fair to Be Slow.

Washington Dec. 5.-A step has been taken in the direction of currency re. form legislation. Senators Aldrich, AL lison and Hale. the three men who will approve and make possible any rene dial enactment by this congress assem- bled at the residence of Senator Hale, took dinner together and discussed ex- isting conditions until late hour.
 No definite conclusion was reached except to proceed carefully and post pone any exhibition of activity until after the holiday recess.
 The entire scheme of currency reform was considered, all possibilities were weighed, and a decision was reached that some measure of rectitica- tion must be adopted at this session.
 But that there will be no currency legislation until late in the session, if at all, was shown in the action of the house committee on banking and cur rency. After spending two hours in discussion of the present financial con- ditions and the various methods of re- lief offered in the thirty or more bills introduced in the first two days of the session it was decided to authorize Chairman Fowler to appoint a sub committee of five. including himself. to inspect the measures already pre- scented and referred to the committee and draw up currency bill for pres tof fo tho houca
 The names of inc members of the subcommittee are Fowler of New Jersey, Prince of Iillonois, Calder head of Kansas, Lewis of Georgia and Gillespie of Texas. The last two are democrats.
 After this bill is drafted public hear ings are to be held, and experts and others with suggestions to offer are to be summoned from all parts of the country. Of course these hearings are They are only part of the plan of the speaker and Mir Dal- zell to prevent any primary action on this important subject in the house. The notice given by the majority Of the committee on rules to the senate leaders that it is up to them to take the initiative is still in force.
 - Democratic senators evinced dis position to bring the financial situa- tion up for discussion without any ref erence to the Republican agreement to make haste slowly. The foundation was laid for debate, and speeches vii doubtless be made on this subject un- less the Republican leaders permit res olutions requesting all kinds of in formation to be adopted by unanimous consent.
 Senator Clay took the initiative by offering a resolution calling on the secretary of the treasury to inform the senate of the name of each and every bank designated as a govern. ment depository, with the amount of money deposited during the year 1907 and the total amount of money de posted in each bank by states during the same time" The resolution also calls for the surplus in the treasury, the working balance, the present amount of the national debt and the rate of interest being paid on it.
 Later in the afternoon Senator Gull person offered two resolutions. The first calls on the secretary of the treas ury to advise the senate of the total number of national banks in operation in each state and territories, with the aggregate capital stock and of the to- tai amount of government money on deposit Tn each bank on Oct. and secretary of the treasury to inform the senate what amount of the S50.OOO.OOO in Panama bonds and S100.000.OO0 cer- tificates of indebtedness have been is. sued and to whom awarded. Both res olutions went over.
 It devolved that the president is ex- tremely anxious to approve any meas ure which Republican senators may devise. He wants to be in with the solution of the problem. whatever 1t may be. and it was for this that he requested Senators AldriCh and Crane to confer with him at the White House.
 Senator Hansbrough introduced his bill to create a central bank of issue. The bill provides for the establishment of the Central National Bank of the United States" to be located at Chi cagO. with q capital of not to exceed 10 per cent of the aggregate stock of all the national banks. the stock tO he held by national hanks and to be non transferable and nOnassignable.
 The hank iS to bp under the direc- ton of general council of twenty one members. sixteen of them 10 he selected by districts organized in pro portion to population. one to be chosen at Iargp and four OffirerS of the treas ury department to br eK OficiO mem berS. The general council each week Is tO fix thC rate Of discOunt for the hank and it's branches National hanks subscribing tO the stock may deposit the stock sS a part Of their legal re- serve Sha7Id fhP maximum zmO1nr Of stock lss subscribed there will Te liberated anI put into circulation hy this provision sSuejhilg Ike S90Gfs1- OOl National haEks may keep one half Of tEssfr Eswfui reserve in the cen trsI hank vhich iS fOTbidden to pay interest except uP1H sovernIeEt de posits-