New-York tribune., 1908-05-12
AGREE ON CURRENCY
Continued from first page.

are printed the names 'of the members of the com
rency matters to the bankers of the United States
MIR Foulers letter was dated May = Al d ,sld' ,d
in appointing a committee to prepare ana prins pc
currency Bill Therefore Mr. Fowler urged ebjee.
tons against ms the of a Pi and he dmd Know
nothing about as the committee had not 'e" iiaoe
The parts of Mr.. Fowlers letter in which he ap,
praised the currency bin which he has introaucea m m a
oe to than Ts' ao soe garng and ssats
enss h nrts 9t aG @ the New vree1and currency bill Mr.
Fowler stated that under that bin it is proposed to
Rsse the 200 5eo Of and he
nt i6r R bes Is Known in he history Of the eanr
The statement is not only fnrsy nnsrps and o u
rency Committee make The notes OF BANKS an
have been ssr2need by The untd S states ea at s
has guaranteed these notes upon deposit of ample
sr berag Rng BUT had ad thu e eo hss made
esrg ne rsi5 500 6S the The law since s has
the Treasury of the United states to pay these
aures national banks to Keep money deposit in
the Treasury of the United states in advance for
Vreeand W H' bill # tbsTe shouia famine
either existing or threatened. such as We had last
October national banks with the consent Of the
banknotes TO amount not exceeding $500 % 900 ooo
ss2 doo 9oo Ths $500 900 600 Of note issue
the United States, and there is only remote pos
thirds Of this circulation would ever he needed
For tho security of these notes the United STATES
will require actual cash assets amounting 70 SIN
or seven times the amount Of the notes outstahd-
ing. These notes are intended to prevent a panic.
and to stop whom it starts. They wouId go
into circulation for not more than three OF tour
months the longest because the currency pane
has never lasted longer than three months For
the purpose of driving these notes out OF 'rcuia-
ton the moment the need for them is gone, We
provide tax against them which starts at = per
makes them cost the bank > per cent ana inns TAX
increases every month per cent until u reaches
tion can he raised as the security of the gov
ernnient in going behind these notes. Such SO
curtny is at leas. four five times larger than
under the notes issued at present
tory in 1876 upon the declaration that gold should
he our standard Of value and that the United
States should guarantee every dollar issued by
this government he good as every other
dollar and good gold dollar This was
Law by the financial legislation Of 1900
The Secretary Of the Treasury is directed to Use
in preserving all Of our moneys upon a parity with
each other and upon parity with gold. We are
following. then in this conference bill along the
lines laid down by a verdict of the people in great
national elections.
Every provision for the safety of the government
is guarded in every possible manner III this legis-
United in loss of money ten times the cost
OF the Spanish war and in suffering it cost ten
thousand times that which resulted from the Span
ish
ing system of currency. 1t is a provision intended
to prevent such n terrible calamity befeI the
people of the United States in 1907. 1t in no way
prevents taking up the currency question and max
ing such reforms in our system as may commend
themselves to the people. In fact the bill carries
with it the provision that currency commission
session of Congress their recommendations OF
changes in currency and banking laws.