Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-01-22
PUBLIC HEARINGS OWEN
BY CURRENCY COMMITTEE
HOUSE CoNNTTEE WILL GIVE PUBLIC FULLEST SCOPE IN PRE-
PAIRING BILL FOR PURPOSE AIDING IN CURRENCY RE-
FoRNS-ALL PRESENT PLANS OPEN TO CRITICISM AND
BEST RESULTS OBTAINED BAREFUL CONSIDERATION

WASHINGTON, Jan. 22.-Busi-
ness men, bankers, financiers and
others interested in the subject of
currency legislation are here to take
part in the discussion inaugurated
today by the house committee on
banking and currency These pub
| lie hearings will precede the report
to be made by the committee on any
of the several currency expansion
bills that have been introduced into
the house.
Before the hearings have been
completed it Is expected that the
committee will have heard the opin-
ions of leading representatives Of
commercial, agricultural industrial
and labor organizations, as well as
the recommendations of bankers and
| financiers.
Object of Public Hearings
"Our object in having public
hearings" said Representative Ollie
James of Kentucky, one of the house
leaders in the currency reform
movement, "is to insure the fullest
consideration before recommending
for passage any bill designed to bet
ter the currency system and improve
the financial condition of the coun-
try. We have heard a great deal
from the bankers and financial in
terests, now we want to hear from
the business and professional men,
the farmers and laborers and others
who are vitality interested in hav-
ing sound and sufficient curren-
cy."
All of the various measures Of
fered as solution of the currency
question will come under a fire of
criticisc, and 1t is | likely that 10.
fore the public hearings have been
! completed the members of the house
committee will be even less sure of
the right road out of the financial
wilderness than they now are. Many
panaceas will be suggested in addi-
ton to those already before the
committee.
A measure which has received
much favorable mention among bus
mess men, but which is opposed by
the banking interests, is that con-
tanned in the bill introduced by
Representative Fornes of New
York, providing for the establish
ment of central bank to be To-
Gated here and to be known as. the
United States National Bank of
| America
Central Bank Old Idea
The suggestion of a central bank
is not an original one. as such an
institution has had adherents ever
since the government was founded.
Representative Fornes' bill provides
that the bank shall have a capital
of 100000, 900, of which the gov
eminent is to purchase three-fifths
OF the capital stock, the money for
which is to be derived from the sale
OF 500, 900 900 gold bonds. The re-
mainder, $4,000, 900 of the stock,
! is to be sold to national banks at
not less than par. the premium, If
anv. to 20 to the central bank.
The directorate of the central
bank. to be composed of % men. is
to be headed by the secretary of the
treasury. the controller of the cur
rencv and the treasurer of the Unit
ed States, and the other % to be
elected by the stockholders, each
share of stock to have one vote.
They are to be chosen for two, four
and eight years, and thereafter for
six years, and are to meet at least
once in 80 days. Those other than
government officials are to receive
salaries of $4,000 year each. The
bank is to participate in no syndi-
cate nor underwriting schemes, and
no director is to be permitted to bor-
row from the bank.
The bill provides for the issue of
500, 600, 900 of demand notes. pay
able in gold coin, to be allotted
among chartered commercial banks
under certain conditions. BY vote
of 90 of the directors the amount OF
notes issued by the central bank
may be Increased to $500, 100000.
The bill also specifies that the bank
shall pay dividend of 4 per cent
to the stockholders.