New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1908-05-09
VIEWS ON CURRENCY
Thought to Indicate Agreement ON
Financial Bill.

u
Washington, May S-Representative Knowland
secretary to the conference currency committee
mas received more than fifty answers TO his letter
OF yesterday asking the views OF the ma jority on
a financial bill He has not begun a careful ex-
animation of them. but will place them before
has, however. talked to many members, and is con-
WINGED. that the answers Will not be widely
different in substance as has been anticipated as
even those who voted against the resolution adopt
cd atsthe conference seem to entertain practically
the same views the others
MI. Hayes, OF the Banking and Currency Com
mittee and OF the so-called insurgents out
lined the views Of his colleagues in his letter 10
MI knowland. He said the feature of The Vree-
iano OH providing that the government guarantee
the notes OF bank should be eliminated. and that
me banks should be compelled TO maintain merely
a . per cent reserve against their currency issue
He advocated the retention by the Treasury or a
per cent redemption fund and that the clearing
house associations should be held severalIy liable
Tor notes issued He also expressed the opinion
mat the banks should be forced to redeem their
own notes, TO remove q possible burden
the gold reserve
a set OF resolutions which met the approval of
many members who them and were signed By
number as their personal views. In answer 10
the first question. Would you favor limiting the
authorized note issue under the bill TO amount
less than $4,000 eo? Mr. Moore said: If the Sc
cuTiry for emergency currency sufficient. I
no objection to such issue is proposed To
the second question Would you favor the require
ment that the members of the associations should
be located in contiguous territory" the answer
was, Yes, in contiguous territory in Of
population, because otherwise it would be posi-
Die 10 form association in various large cities,
TO the disadvantage OF smaller ones" The third
question Would you permit than
citation in any one city, was answered fol-
lows: II the voluntary association of banks when
organized can bar out other national banks in the
same territory, yes; if all national banks are ad-
Missile, no" The fourth question 70 the la
bility of the clearing houses for the notes issued
by their members. Mr. Moore answers a firTna-
lively for the reason that 1T would make each
particular bank careful in its business and
in the scrutiny of the transactions OF other MEM
bers OF the association"
Mr.. Bennett, Of New York answered in letter
which has the Endorsement OF several OF hts col
leagues and is radically different from that of
Mr.. Moore. He makes the suggestion that one
principle OF the Payne bill be incorporated in the
measure. namely, that providing that ma
tionaI bank. by depositing government ponds, may
circulation thereon regardless of The amount
Of its capital
Chairman Fowler Of the Banking and Currency
Committee to-day prepared letter TO the bankers
OF the country, asking them TO give their views
on the currency question and the present situation
in the House. This letter, which viii be mailed
tomorrow. is taken as an indication that Mi
Fowler intends to lead the Republican insurgents
the end. which will probably take the form Of
finish fight the floor Of the House.
The conference committee will meet tomorrow,
go over the replies 10 the letter of inquiry. and
probably make considerable Roadway in framing
the bill to be reported on Monday night