The Oskaloosa herald. (Oskaloosa, Mahaska County, Iowa) 1885-1919, 1908-01-30
BANKERS MONEY J.
BILL INTRODUCED
MEASURE DRAWN BY THEIR CUR
RENcY COMM ssioN.
PROVIDES FOR ELASTICITY
Automatic Expansion and Contraction
Of Bank Notes Devised--Senate
Discusses Alleged Slavery
in Philippines.

Washington, Jan. 2s.--A currency
bill was introduced in the senate
Monday by Senator Hopkins and in
the house by danes Mckinney of ILL
nois which bears the Endorsement Of
the currency commission appointed by
the American Bankers association
and of the executive council of the
Illinois Bankers association.
The bill is the result of the hear
ings and subsequent deliberations OF
the commission which was appointed
by the association two years ago. The
most prominent bankers of the United
States and they are from all sections
of the country.
Features of the Bill.
Explaining the bill, Mr. Mckinney
said that it has been sought to secure
absolute safety for the issues of cur
rency contemplated under it, so that
the character of the notes issued,
could not be questioned. s 1t provides
for guaranty fund to be placed in
the hands of the treasurer of the
United States resulting from the tax
imposed on said circulation In add.
ton it gives the note issues a prior
lien on the assets Of any national
bank that may fail.
1t gives greater elasticity in the
issue and redemption of national
bank guaranteed credit notes over
that granted to national banks at the
present time. 1t is claimed that If
the bill had been a law at the pres.
ent time it would have given to the
country $336,OOO000 to meet the re-
cent crisis.
For Emergency Currency.
Under this bill a bank which has
taken out notes secured by govern
ment bonds equaling 621a per cent.
of its capital, can take out additional
issues of 25 per cent. of it's capital,
bearing tax of 2h per cent. per an
nun, and 12h per cent. of emergency
notes bearing annual tax of five per
cent, the total issue provided for not
to be in excess of the paidup capital
stock of the bank. The currency is
sued over and above the bond Sc
cured notes shall be subject to retire
ment when the occasion of its issu-
ance has passed, thus. arranging for
an automatic expanstAa or contraction
Of the notes as the needs of the coun-
try may justify. .''"
1t is claimed that should this bill
become a law it will not depreciate
the value of government bonds nor
add to the rate of interest to be paid
by the government on future bond is
sues, as would inevitably result should
the Fowler bill be adopted.
Senate Discusses Slavery.
Greatly to the surprise of everyone
the subject of slavery was introduced
in the senate Monday. Secretary
Taft was directly charged with hay
ing a knowledge of slavery in the
Philippine islands. The debate was
made pertinent by the sections Of the
bill revising the criminal code of the
United States, which provide penal
ties for dealing in slaves.
Senator Hale asserted that such
provisions should be stricken out, as
he regarded slavery as obsolete in the
United States and he could see no
reason for referring to it. Senator
Hepburn. in charge of the bill, de-
clared that not only is there immoral
traffic in white slaves, but that coolie
labor in the form of practical slavery
does exist, and added that actual hui
man slavery is still maintained in the
Philippine islands. Mr. Lodge made
a statement to disprove the charges
of slavery in the Philippines. "