Daily press. [volume] (Newport News, Va.) 1896-current, 1908-02-29
Banking Committee Recommends
lis Passage Win Strings A.
taChed to Report.
CAN OPPOSE ANY SECTION OF II
membe. of the Banking Committee
Reserve the RICH, 10 Contest on the
Floor the Right ,e Any section of
the Bill Which n Up for Dis.
cussion.
(ny Associnlll press.l

tHy AssocintNl Press)
WASHINGTON. ID. G., Feb. 2S.-By
vote of II to 3. thlca members be-
ing present and not Voting. tho House
committee on banking ana currency
today authorized It's chairman, Ron
rescntaiive Fowler. OF New Jersey
To report to the House the Fowler
currency bin with the recommended
ton tina, il pass.
The decision does not commit th,
nahRlng and currency committee to
us support on tho floor of tho House.
ZEN oil The eleven memlnrs who voted
Tor the favorable report, reserved the
riSht 10 oppose any section OF IL. and
10 offer ana urge any amendment
when the bill Is called Mn.
a minority OF tho committee felt tho
necessity of getting Tie bill before
inc House without farther delay. so
that It's provisions. "a revised in com
inilteo may become a subject of open
debate.
The committee eaiuoiicd the biz u
six of Its salient fcatnYss. The clh =
permitting national 6aiiks 20 al n
trust and savings bank businesB was
amended by striking ont the savings
nank section. The clause making all
The national banks within cach of tho
proposed reserve districts specifically
liable Tor ten per cent. OF the check
and note liabilities OF failed national
banks within that district. was revis-
cd to read twenty-five per cent.
Inc bill as originally framed allow
ed each national bank to take ont
national credit notes to the extent of
100 per cent. of its capital stock with
inc approval Of the comptroller of Tho
treasury and an unlimited additional
amount with the approval of the board
OF managers OF tho reserve district
to which the bank belongs.
RMS provision Was revised 50 ihnt
the total amount OF credit notes issu-
aDle To any bank shall not exceed two
hundred per cent Of its capital stock.
Important Change Made.
me bin originally provided that if
the deposit Guaranty fund to be cred.
lied by n tax of two per cent. on the
credit notes issued. eighty per cent
should be invested in United States
two per cent bonds and twenty per
cent. should be held in reserve. This
is sold fund
The bill as revised stipnlatcs tho
Investment of the entire fund in
united states tw0s and fixes their
nat purchase price Mt 1O4. which was
mo average price for the month OF
February last.
Tho revised bill. in order to carry
out the bond currency retirement
clause, provides tina, after The guaran-
~ fund has reached the sum of s25.
oOO,o00 the secretary of the treasury
Shall issue gold certificates in amount ?,
corresponding with the annual two
per cent. payment on the total out
standing credit note Issue. these gold
certificates to take the place Of an
amount of outstanding grcenbacks.
AS the estimated annual tax on
credit notes would he $4,000. OOO
about fourteen years would be rc-
quired for the total returnemeni of
the country's present bond secured
currency. after the guaranty fund
reached the amount of 225 O00. 600
one OF the most interesting pro-
visions of The bill as revised in The
committee. is ono requiring the GOV
eminent To collect It's claims and nav
'S current expenses through the
banks. That is, the government:
would continue Ia hold in the treas
'iry the Grecnhack redemption fund.
amounting now 10 sls0.O00.O 200. AMI
The gold certificate reclamation funl,
amounting TO about $4,000. 600. but
lis general fund for the conduct Of
tho government would he kept on DO
posi- in various national banks, sub
j"ct to checks and instead OF paying
out general monies by vouchers and
treasury checks payments would he
by bank checks,
Ten days was granted by the COM
mittee 10 devise means in which Ia
agree on a substitute measure for the
Fowler bill. and TO submit minority
report, but 1t now appears doubtful
if they Will submit report.
Nc Quorum.
Tho nn-,,,.ttaA