Evening journal., 1908-04-15
SEEKS REFORM
IN FINANCES
Senator Dupont Introduces
Bill to Pave the Way to
Needed Legislation
COMMISSION TO REPORT

To pave the way to financial reform
legislation, Senator Henry A. Dupont
Of Delaware has introduced IN the
Senate at Washington bill providing
for the creation OF a Financial Com
mission. This measure is attracting
the attention OF fnanciers in all parts
Of the country, inasmuch as the pres
ent Aldrich and other bills providing
for financial reform are being opposed
so bitterly tnat there is not much like
lihood Of them being enacted by the
present Congress
The object OF Senator DuPont's bill
is 70 try TO bring about a unanimirY
on the salient features Of currency leg
islation to work a real reform in the
financial and banking system Of the
country and meet all reasonable de-
mands FOR an elastic currency
Senator DuPonts bill provides for
the appointment by the President OF
a commission Of seven members at a
salary of $500 each TO prepare a COM
prehensive statement OF all Federal
legislation affecting the finances OF
the country since the Republic was
established, and to gather information
as to the financial systems in use n
other countries. The Commission is to
report what IL considers defects in the
present currency and banking laws
Of this country, and to recommend
features Of the systems of other coun-
tries that could be applied 10 advan-
tage to conditions existing in this
country. The Commission is to re-
port before the end OF the present year.
as basis for legislation: Senator
DuPont's bill reads:
Text Of the Bill.
BE It enacted by the Senate and
House Of Representatives Of the United
States of America in Congress as
sembled, That there is hereby created
a commission which shall be known
as the Financial Commission.
Sec. 2. That said commission shall
consist Of seven members, to be ap-
pointed by the President of the United
States, by and with the advice and
consent Of the Senate. the members Of
said commission 10 be appointed solely
with a view TO their qualifications and
without regard to political affiliations
and who shall hold office until the first
day Of January. nineteen hundred and
nine. The commissioner first named
shall be chairman Of the commission.
Each commissioner Shall receive a
salary OF three thousand FIVE hundred
dollars. The commission shall appoint
a secretary to hold office until January
first. nineteen hundred and nine, who
shall receive a salary cf two thousand
FIVE hundred dollars. an6 the commits
sion shall have power to employ and
fix the compensation OF such other enl-
ployes as It NAV find necessary to the
proper performance Of its duties
Sec. 3. That for the use in informa-
ton OF Congress and to facilitate the
framing Of future legislation It shall
be the duty Of the commission to pre-
pare a comprehensive statement of all
Federal legislation in regard TO the
finances since the formation Of the
Government and 70 mako a full report
as TO the existing financial systems Of
the principal foreign countries. To the
same end the commission shall report
the defects and deficiencies which, in
its judgment, experience has shown TO
exist IN the pesent currency and
banking laws Of the United States, and
shall indicate also such other features
in the financial systems OF other coun-
tries which. in its opinion, could be ad-
vantageously applied, wholly or in
part. TO existing conditions in this
country. The general report Of the
commission as above set forth shall be
submitted to Congress not later than
December thirty-hrst. nineteen hum
dred and eight.
"Sec. 4. That said commission shall
have the power 70 sit and hold hear
ings IN any part Of the country, and
it shall be the duty Of said commission,
through one or more members thereof,
TO personally visit every section Of the
country and personally investigate the
financial conditions in each section; It
shall also have the power TO visit.
through one or more Of its members
or employees. such foreign countries as
may be found necessary in the prosecu-
ton of its work. The said commission
may rent a suitable Office for its use
and procure all necessary Office sup
plies
sec. 5. That all Of the expenses Of
the commission including all necessary
expenses for transportation incurred by
its members. OF by their employees
under their orders. in making anv in
vestigauons. shall be paid on the pre-
sentation Of itemized vouchers ap-
proved by the chairman Of the COM
mission. The sum Of fifty thousand
dollars. or so much thereof as may be
necessary, is hereby appropriated for
the salaries and expenses Of the COM
mission authorized BY this act"