The daily sentinel., 1908-01-22
The People
/ ARE HEARD
NOT ONLY the BANKERS
b. .F.nas anl Pfs6sssisnl Men Give
1hei 0phisas = Cmesey ResIhdss
: Beisre Hssse Cennittee Some Of he
Ssssss6sas.
HEARINGS on oURREsoY.

WASHINGTON Jan. 22.-Busi-
ness men, bankers, financiers and
others Interested in the subject of
currency legislation are here to take
part In the discussion inaugurated
today by the House committee on
banking and currency. These public
bearings will precede the report to
be made by the committee on any of
the several currency expansion bills
that have been introduced into the
House.
Before the hearings have been
completed, 1t is expected that the
committee will have heard the opin-
ions of leading representatives of
commercial. agricultural. industrial
and labor organizations. as well as
the recommendations Of bankers and
financiers.
"Our object in having public hear
fngs." said Representative Ollie
James of Kentucky, one of the
House leaders in the currency re-
form movement. 'is to insure the
fullest consideration before recon-
mending for passage any bill design
ed to better the currency system and
improve the financial condition OF
the country. We have heard great
deal from the bankers and financial
interests. now we want to hear from
the business and professional men.
| the farmers. the laborers and others
who are vitally interested in having
| a sound and sufficient currency"
All of the various measures offer
ed as a solution of the currency ques-
ton will come under fire of criti-
cism and 1t is likely that before the
public hearings have been completed
the members of the House commit
tee will be even less sure of the right
road out OF the financial wilderness
than they are. Many panaceas will
be suggested in addition to those
already before the committee.
i A measure which has received
4 much favorable mention among busi-
| ness men. but which is opposed by
the banking interests. Is that con
tanned in the bill introduced by Rep
resentative Fornes of New York, pro-
viding for the establishment of CEN
tral bank to be located here and to
be known as the United States Nat
ional Bank OF America.
The suggestion of a central bank
is not an original one, as such an
institution has had adherents ever
since the government was founded
Representative Fornes' bill provides
that the bank shall have capital
stock of $1OO.000.000, of which the
government is to purchase three
fifths of the capital stock. the money
for which is to be derived from the
sale of $60,0O0,000 bold bonds. The
remainder, $4O,00O,000 of stock, Is
to be sold to national banks at not
less than par, the premium. II any
to go to the central bank.
The directorate of the centra
bank. to be composed of 25 men. Is tC
be headed by the secretary of the
treasury, the comptroller of the cur
rency and the treasurer of the United
States. and the other 22 to be elected
by the stockholders, each share o.
stock to have one vote. These are
to be chosen for two, four and eigh
years and thereafter for six year
and are to meet at least once in 81
days. Those other than government
officials are to receive salaries o
SIS 900 a year each. The bank Is t,
participate in no syndicate nor un
derwriting schemes. and no directo
is to be permitted to borrow from th
bank.
The bill provides for the issue O
II 500. 900 of demand notes pay
able In gold coin, to be allotte
II among chartered commercial bank
lunder certain conditions. BY vot
OF 20 of the directors, the amour
| of notes issued by the central ban
| may be increased to 100000, ,00(
| The bill also specifies that the ban
shall pay a dividend of per CEN
~