The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1908-01-22
lBs 81 iil And
BUSINESS MEN, BANKERS AND
OTHERS INTERESTED ~ I'M
PoRTANT QUESTION
az 5. W. Press AsgoeIation.l

(By s. w. Press Association.)
WASHINGTON, Jan. Business
men, bankers. financiers and others
interested in the subject OF currency
legislation are here to take part in
the discussion inaugurated to-day by
the House committee on banking and
currency. These public hearings will
precede the report to be made by the
committee on any of the several cur
rency expansion bills that have been
introduced into the House.
Before the hearings have been com.
pleted. it is expected that the COM
mittee will have heard the opinions
of leading representatives of CONNER
cial, agricultural, Industrial and la
Dor organizations, as wei as the rec
concentrations OF bankers and fnan-
ciers.
"our object in having public hear.
ings." said Representative ollie James,
of Kentucky, one of the House lead
ers in the currency reform movement.
sis to insure the fullest consideration
before recommending for passage any
bill designed to better the currency
system and improve the financial con-
dition OF the country. We have heard
a great deal from the bankers and fl
nancial interests. now we want to hear
from the business and professional
men, the farmers, the laborers AMI
others who are vitality interested in
having sound and sufficient curreu-
cy"
All OF the various measures offered
as a solution of the currency question
will come under fire OF criticism and
1t is likely that before the public hear
ings have been completed the mem
bers 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 sug-
gested in addition to those already
before the committee.
A measure which has received much
favorable mention among business
men, but which is opposed by the
banking interests, is that contained
in the bill introduced by Representa-
tive Fornes, of New York, providing
for the establishment of central
bank to be located here and to be
known as the United States National
Bank of America.
The suggestion of central bank Is
not an original one. as such an insti-
tuition has had adherents ever since
the government was founded. Repre-
sentative Fornes' bill provides that
the bank shall have a capital of $780,
100000, OF which the government is
to purchase three-firths OF the capt.
tai stock, the money for which is to
be derived from the sale of $G0000.-
600 gold bonds. The remainder, $4o,-
100000 of the stock, is to be sold to
national banks at not less than par,
the premium, II any, to go to the cen
trail bank.
The directorate of the central bank,
10 be composed of % men, is to be
headed by the secretary Of the treas
rry, the comptroller of the currency
and the treasurer of the United States
and the other 90 to be elected by the
stockholders. each share of stock to
have one vote. They are to be chos-
en- for two, four and eight years ana
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 a year each
The bank is to participate in no syn
dicare nor underwriting schemes. and
no director is to be permitted to boz
row from the bank.
The bill provides for the issue Of
$1C0,CCa,O00Iof demand notes payable
in gold coin, to be allotted among
chartered con:ac.c!&! banks under
certain conditions. BY a vote of 20
of the directors, the AMOUNT Of notes
issued by the central sbank may be
increased to $lOO.OOO.OOO. The bill
also specifics that the bank shall pay
dividend of per cent. to the stock
holders.
what happened when you passed
a law AGAINST gambling In your Stnte?''