Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1908-01-16

vision is that all
bank notes under this bill are to state
upon their face that they will be re-
deemed by the United States in law
full money upon presentation at the
treasury instead of bearing the pres
ent legend that they are secured by the
guarantee of United States bonds de-
posted with the treasurer Another Is
that banks must carry 10 per cent of
their reserves in their own vaults.
The bill provides for an additional is
sue of bank circulation, which shall
not exceed in the aggregate $3.50, 000,-
600, subject to tax of per cent and
which may be secured by state, county
and municipal bonds. An important
provision is that giving the secretary
of the treasury and the comptroller
discretion as to the necessity of this
additional issue and the amount to be
put out The bill is understood to
have the vigorous opposition of Charles
N. Fowler, chairman of the house COM
mittee on banking and currency, and
its fate in the lower branch of congress
is problematical.
Wants Government Newspaper.
Congressman Hobson of Alabama,
famous as the hero of Santiago and
later of several kissing campaigns, is
said to favor the establishment by the
government of an official weekly news
paper for free distribution, for which
he wishes congress to appropriate
$350,000. This periodical would con-
tain summary of the work of con-
gress and all departments of the gov
eminent so far as it might interest the
public. He says the journal is intend
ed to form a connecting link between
the government and the people and
that the project grew out of his hav-
Ing ascertained that a vast amount of
valuable material did not reach the
people for whom it was intended. He
thinks the publication of such a paper
will remove distrust and suspicion and
create a renewed interest and conf
dence among the masses in govern
mental affairs.
Knox Fathers Labor Bill.
The first bill to overcome the objec-
tionable features of the employers
liability act which was recently null
lifted by a decision of the supreme
court, has been introduced in the Unit
ed States senate by Knox of Pennsyl-
vania. 1t is drawn in such a way as
to make 1t applicable only to corpora
tons engaged in such commerce as
congress has the undoubted right to
control and to employees of such cor
porations as are engaged exclusively
in interstate commerce.
Financial Bill In House.
Following close upon the action of
Senator Aldrich in introducing cur
rency bill in the senate, Representative
Fowler introduced bill on the same
subject In the lower house. This bill
provides for a uniform banking sys-
tenn, uniform bank reserves consisting
Of gold coin or its equivalent, a simple
monetary system consisting of only
three forms of currency-goId for the
bank reserves, bank credit notes re-
ieemable In gold for the larger bills
and silver for he smaller bills and sub
sidiary coins. It also provides for alb
solute protection TO all depositors in
national banks by placing in the Unit
ed States treasury guarantee fund
which by January, 1909, should approx
mate $50.0o0,000. and finally the estab-
lishment of certain rules and regula-
lions whereby the financial operations
Of the treasury shall be SO conducted
that the government will cease to be a
disturbing factor in trade and com
meree.
Hale Backs Brownson.
Senator Hale, chairman Of the com
mittee on naval affairs in the United
States senate, has introduced a bill
which viii, it Is thought, open the way
for an investigation of the controversy
between President Roosevelt and Rear
Admiral Brownson as well as some