The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1908-02-14
MINORITY BILL
ON CURRENCY
DEMOCRATIC MEASURE IS PRE-
sENTED TO THE HOUSE or
REPRESENTATIVE.
RESULT OF PARTY CONFERENCE
Salient Features Of The Blll Are
Outlined, Subject TO
Amendment.

WASHINGTON, Feb. What will
be known as the minoriay currency
bill" was introduced today by Repre-
sentative John Sharp Williams, Of
Mississippi, the Democratic leader OF
the House, who drew the measure as
q result Of a conference of Democrats
behind closed doors today. Those be-
side Mr.. Williams who participated In
the conference were Representative
Lewis, of Georgia; Pujo. of Louisiana;
Glass, of Virginia; Gillespie, of Texas;
Ollie James. of Kentucky; Crawford,
OF North Carolina, and McHenry, Of
Pennsylvania, all members of the
Committee on Banking and Currency.
Entire harmony is said to have marked
the meeting.
1t is understood that the bill may be
subjected to slight amendment by its
supporters, but it will come before the
House in the shape of minority re-
port from the Banking and Currency
Committee in its present FORM
Among the provisions of the bill are
the following:
It repeats all laws permitting Ma
tionsl banks to keep three-hfths OF
their reserves in National banks of
reserve cities and similar laws per-
uniting such deposit of one-half of
the reserve amounts.
1t provides that not less than one
half of the reserves now required to
be kept in lawful money in central
reserve cities shall be hereafter held
in gold or gold certificates.
It does away with the payment of
National bank examiners by the fee ,
system and substitutes salaries of not .
less than $4,000 nor in excess Of $4,000 !,
yearly with actual expenses. :
It provides that the total liabilities
Of anv National bank, inclusive Of the
liabilities OF its members, shall not
exceed one-tenth of the banks paid-in :
md unimpaired capital stock and one
enth of its unimpaired surplus fund.-
Ind that In no event shall the liabili
les exceed 80 per cent of the capital :,
Itock. But the discount of bills of ).
Exchange drawn In good faith against :,
lctually existing values, and the dis !,
cunt of commercial or business paper
ctually ovned by the person nego- !
iatipg it, shall not be considered as
abilities. Violation of this section is
made a misdemeanor, punishable by n
ne or Imprisonment.
No National bank shall loan in the
ggregate more than seven times the
mount Of its paid-up capital, plus its
min" aired surplus. Violations is ;.
unstable as provided in the section "
receding.
An" National bank may keep so per
mt cf It's res rye in United States
onds or bones of States or In
lie bonds Of certain municipalities;
1t no more than one-fourth of the 10
tai reserve may be kept in State or I'd
boaGe and the bonds shall 70
, accef able onl Of such municipali- .i'
IS as have maintained their bonds Ao'
or above mar foY six years preced- VI
&, and have beer In corporate ex- pa
ence ten years, and have never de- aiu
ulted in their funded debt, and
lose net indebtedness does not ex- pa
ed IS per cent of t''cir taxable prop Tue
ty. The acceptabilty of such bonds lus
reserve securit'- sh",l be passed on ool
+bo At+ornev co,o,o, % tbo stoto cal
which the municipality is located; Una
d these bonds shall Re known as ren
lterconvertible bonds" ing
cor