The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-02-29

sssrigh, TO oppose on the floor the clause
( providing FOR n Federal guaranty Of
national banls deposits is TIE decision $40
FRENZY Committee 10 It's support on tns
floor of the House.
Ten of the eleven members who
voted for the favorable report reserved
the individual right to oppose any
any amendment when the bill Is called
up. A majority of the committee felt
the necessity of getting the bill be-
fore the House without further delay.
so that its provisions AZ revised in
committee may become n subject of
open debate.
Changes by Committee.
The committee amended the bill in
six OF its salient textures. The CLAUSE
permitting national banks to do trust
ana savings bank business was amend
cd by striking out the savings bank
section. The clause making all of the
national banks within each of the pro-
posed reserve districts specifically liable
Tor 10 per cent. of she check and note
Liabilities OF failed national banks
within that district, was revised to
read % per cent.
The total amount of credit notes
issuable to any bank shall sot exceed
200 per cent. of the capital STOCK.
The bill originally provided that OF
the deposit guaranty fund TO be created
iJv n tax of per cent. on the credit
notes issued. so per cent. should be IN
vested in United states, per cent cent
bonds and 20 per cent. should be held
in reserve, This is gold fund. me
,bfll as revised stipulates the investment
of the entire fund In United States
rs and fixes their flat purchase price
Mt tO4 which was the average price
for the month of February last.
The revised bill, in order to carry out
the bonds currency retirement clause:
provides that after the guaranty fund
CT N Sub.UUU UUU. the
Secretary of the Treasury shall issue
gold certificates in amounts CORE
Spending with the annuEt per cent |
payments on the total outstandlns
credit note issue these gold certificates
to take the place of an equal amount
of outstanding greeubacks. AZ the rs.
tfmated annual tax on creuit notcs
would be s14000000 about fourteen
years would be retquired for the total
RETIREMENT of the countrNs present
bond Secured currency after the guar
anty fund reached the amount oil S-9'-
$1,000.
To Pay Through, Banks.
One of the most interesting proVi-
sions of the bill as revised In the COM
mittee is that requiring the govern,
ment1 to collect its claims and pay ITS
that IL. the government would continue
TO hold In the Treasury the grcenback
exemption found, amounting now TO
sl50,o3o.ooo and the gold csrtiheate re-,
about sS20,00O0o0, but its general fund
Tor the conduct OF the government ,
would be kept on deposit in various
natioua banks, subject to check. ana
instead of paying. out general moneys
by vouchers and Treasury checks, pay
lndnts would b" by bank checks.
Ten DAYS was granted by the COM
lnittec to the Democrat members in
which TO agree on substitute measure
for tho Fowler bill ard to submit q
report, but it would now APP
pear doubtful II they Will submit a
report.
Chairman Fowler tonight made
public q synopsis of the committee
report, which ne will submit to the
House The synopsis contains. among
others, the following paragraph:
Your committee is of the opinion
that there should be no further patch
work no temporary device, no politi-
cal eNpedient, but that there should
now be "a genuine and complete reform
of our financial and currency prac-
tees. The business interests of the
country and the danger to our national
credit unite in demanding that we now
adopt scientific sound and wise
financial and currency system. The bill 1
which your committee now has the /
honor 10 report to the House is COM |
prehensive In character scientific in
principle, practicable in application.