The Montgomery advertiser., 1908-03-15
ATTACKS THE
 FOWLER BILL MT. Burton Submits Minority Report AND GIVES HIS REASONS Does Not Regard Fowler Measure
 as Practicable. Say. It T. Most Reveiutsonary In Char scter and The Changes in Cur
 reney Are Very Radical
 Indeed.
AND GIVES HIS REASONS

Washington. March 14--Mr. Burton. Of Ohio, lRepublican, today subfuitfed to the House his minority report as 4. member of the Banking and Currency Committee. dissenting from the major fly report which recommended the pas sage of the Fowler currency blli.
 Mr. Burton's report concerns itself wholly with the Fowler bill, and his reasons for opposing 1t and makes no reference to either the Aidrich bill or the Williams bill. but the latter meas. ure, having been recommended by xhe Democratic members of the commitkaa in minority report.
 Tn his report. Mir. Burton says that he does not regard the passage of the Fowler bill as either practicable or de- kirable at this time.
 "The bill." he says. makes elabor- ate provision for the changed condi- tions which would exist by reason of the adoption of its provisions. It han many features which win never meet with very general commentaries and no doubt. if legislation should be framv cd for the creation of . banking system. many of them would be adopt ed. It contemplates' the tHsuanco of bank notes against assets tn accord ance with the demand of businesa, thereby giving elasticity to currency and adjusting it's volume in the re- quirements of trade. It may be con oaded that this is the most correct principle for the issuance of currency.r
 After citing further provision for tho bill and admitting the soundnass Of their theory. Mir. Burton says:
 Is FGeveluafemmwy.
 'At the same time. the measure is most revolutionary in it's Character, The changes contemplated ars qutta az radical as have ever been attempted in any advanced country save under the stress of highly exceptional circuna- stances. such as are created by war ey a change in the form of government.
 fFor more than forty years. tisaxa has been a currency. which, however unsatisfactory 1t may be in important particulars. has possessed the quality If undonhtad security The pMoni@ VIII net readily consent to 60 marked departure as would be involved In the substitdEion of guarsnty fund which is expected to secure not oriE prohable one billion Of bank nntea hlsi thirteen billions of deposlts
 @Whiie the voluntary agreement of hanks t0 guRrantee common annesffa is worthy of univeFsal mprovml < com puIsory guaranty is dangerous and uu preesdentcd.~ says the report eSnch provision places you on siia ean8a lave; esty and one who is careless and ready to resort to questionable Fnafhcda Il there fs any line of business in wllef care and conservation ia essential T is banking. This proposed reguiai1ur places those very qualities at a dinad vantage and gives premium 60 thoss who are guilty of reckless and diAhnu' est management. Under a guaranty es deposits. the money of depositors would inevitably Eravitate to banks or nnan* cial institutions in speculative centara. because higher rates of interest could be obtained there. The result would bg that capital would be invested in a manner which would be sure to lad to speculation and to unsuccessful under takings In the long run. the public as in the case of ali oppressive or un- natural legislation. would be compelled To bear the loss. either in the form ok higher rates of interest or of a lower return upon deposits"