The Birmingham age-herald., 1908-02-08
CURRENCY BILL
 0F TIE MINORITY
Congressman Williams Pre- sents Democratic Measure
LIMIT PUT ON BANK LOANS
Several Xii ds of Bonds May Be Ae- cepted as Deposits For Reserves, and Emergency Treasury
 Notes Provided For.

Washington, February 7.-What will be known as the minority currency bill' was introduced today by Representative John Sharp Williams of Mississippi, the democratic leader of the House. who drew the measure as a result of a conference of democrats behind closed doors today. Those beside MT. Williams who partc- pated in the conference were Representa- tive Lewis of Georgia, Pujo of Louisiana, Glass of Virginia, Gillespie of Texas, Ol- lie James of Kentucky, Crawford of North Carolina and McHenfy of Pennsyl- vania. all members of the committee on banking and currency. Entire harmony is said to have marked the meeting.
 It is understood that the bill as drawn by MT. Williams may be subjected to slight amendment by it's supporters, but it will come before the House in the shape of a minority report from the banking and currency committee in its present form. Among the provisions of the bill are the following
 Provisions of Bill.
 It repeals all laws permitting national banks to keep three-ffths of their re- serves In national banks of reserve cities and similar laws permitting such deposit of one-half of the reserve amounts.
 It provides that not less than one-half of the reserves now required to be kept in lawful money in central reserve cities shall be hereafter held in gold or gold certificates.
 It does away with the payment of na- 4. .-x L. A-- and substitutes salaries of not less than 5000 nor in excess of $5000 yearly with actual expenses.
 It provides that the total liabilities of any national bank, inclusive of the lla- bilities of it's members, shall not exceed one-tenth of the banks paid-in and unim- paired capital stock, and one-tenth of it's unimpaired surplus funds; and that in no event shall the liabilities exceed 30 per cent of the capital stock.
 But the discount of bills of exchange drawn in good faith against actually ex- isting values, and the discount of com mercial or business paper actually owned by the person negotiating it shall not be considered as liabilities.
 Violation of this section is made a mis- demeanor, punishable by fine or imprison- ment.
 No national bank shall loan in the ag- gregate more than seven times the amount of it's paid-up capital, plus it's unimpaired surplus.
 Violation is punishable as provided in the section preceding
 Amount of Reserve.
 Any national bank may keep 50 per cent of it's reserve in United States bonds or bonds of states, or in the bonds of certain municipalities; but no more than one-fourth of the total re- serve may be kept in state or munich pal bonds; and the bonds shall be ac- ceptable only of such municipalities a have maintained their bonds at par or above seven years preceding and have been In corporate existence 10 years. and have never defaulted in their fund ed debt, and whose net interest busi- ness does not exceed IS per cent of their taxable property. The accepta bility of such bonds as reserve securi- ty shall be passed on by the attorney general of the state in which the mu- nicipality is located; and these bonds shall be known as 'inter-convertible bonds.
 The comptroller of the currency inn mediately after passage of the bill shall furnish a copy of the new law to each bank in the country and inquire if 1t will accept the provisions. Con- sent shall be binding and the liabili- ties attaching to consent may be en- ----~-------~--~---~-~--