New-York tribune., 1908-04-17
CURRENCY PROBLEMS
Mr. FOzrI6r Introduces Bill for a
Commission.
From The Tribune Bureau !


v-asffng+o7 April 16-Representative Fovl Ter and
his adherents the Bank and Currency Coh-
nlittee have practically abandoned nope Ior lnS
pa ssage OF the Fowler bill at this session OF Con
gress. and from now their efforts will be d.
rected toward the defeat Of the Aldrich bill which
will probably tabled by that committee at us
meeting tomorrow. The hearings on the Aidrlcn
bill we're closed to-day, and poll OF the members
showed that they are more bitterly opposed 10 tne
Aldrich measure now than when they began us
consideration if that ia possible II IS prooaole
that the bill will not obtain more than TWO votes
Tomorrow and that Immediately after the FoI9
arrangements will be made for CONSIDERATION u
the Vreeard bill. which will probably be disposed
NJ before the Republican caucus now postponed
until next week.
one Of the frst evidences ot Mr. Fowlers adnis-
sion OF temporary defeat was his Introduction 70
4ay NJ : hill providing for the establishment OF 4
cTIrrArcv commission 70 sit in the coming sum
777er This bill was referred TO the Banking ana
Currency Committee. and will be the Hrst measure
NJ that character be taken up Ihe Dill pro
vtdes that eleven members OF the House. appoint
al by the Sneaker; eleven members OF the Senate
arroi7ted by the Tice-Presidenr- and tWenry-one
citfzens appointed by the President, shaH consu-
tJte the commission which IS 70 1rVsSLsdte tI0
ananciaI methods and the banking system OF the
United States for the purpose OF framing OLl-
70 be presented az the next session OF congress
TIE bill gives the commission authority 70 elect us
officers tc sit various sectlons OF t-s codnt-S
and 10 examine any Witnesses II may ues-Ie- ING
of each ulSTnQSE i " S- sS'' ---o-----f
The commission is scheduled 70 s!t from july LS1
10 January. 1909
II IS regarded as probable that favoraoe report
nil he made on the Vreeland bill and that II VII
ba nassed bv the House and accepted ~ the
Senate . nj,
rba currency commission ot the American Bank
.-e, .esocfa1ton held conference with Representa-
-, y-raa1an1 to-day in relation 70 MS bill Ine
,.robArs indicated several amendments which tney
I'D u,orld make the FI satisfactory 10 them An
-aa,,sp+ was reached 70 reduce from 100000 70
= oo oo rbe aggregate amount OF capital required
- rar7,ir national banks 70 form voluntary cleo
fng house associations hold commercial paper TO
ba use5 in addition bonds as security I0i e4ueE-
sencv currency. The reason given BY the bankers
for desiring this reduction was the necessity OF
having such association cover small section OF
the country which they said would result IN greater
facility in the scrutiny OF security. The bankers
also desired 10 reduce from TO per cent the inl
-tal rate oT interest be charged and II is likely
thar 2 compromise VIII De made or per cent No
announcement wzs given to their proposition 70
a11ovg the assets Of the banks to be accepted for
naIf the issue of emergency currency.
Alfred O. CTozier OF Wilmington, Del, COM
pIained to the Committee on Banking and Currency
that there was a conspiracy in the currency com
mission OF the -Jankers' Association 10 amend the
Aldrich bill By reducing the rate OF interest from
6 per cent 10 per cent surplus circulation He
said in effect that the commission while pretending