The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1908-01-17
UNIFORM BANKING
JERSEY CONGRESSMAN'S
PLEA IN HUB.
Fowler Believes Measure Will Aid in
Wrestling Worlds Power from
England Exchanges.

BOSTON, Jan. 1.-THE Currency prob
was the subject of an address b
Representative Charles N. Fowler, of Nel
Jersey, chairman OF the House commit
tee on banking and currency, dellvere
before the Commercial Club, of Boston, a
the New Algonquin Club last night.
In his address Congressman Fowler sal
In part:
There is no consistency or uniformity
in American banking as a whole. The
situation has already become appalling,
and eman a uniform banking SyS-
tenn with uniform reserves in gold
coin. This result will be secured by
the bill now under consideration by the
committee on banking and currency.
TO economically n adequately pro-
VIDE for the production, transportation
and sale OF such a vast amount of mer-
chandise as we are producing annually,
we should have q simple and scientific
monetary system, consisting of gold for
our bark demonstrating converted
our United States notes into gold GER
tl"f1cates-bank credit currency, redeemed
in gold, or our larger bills, providing
the true medium of cash exchange, and
silver for our smaller bills and subsi-
diary coins. There is more thar enough
or both gold and silver In this coun-
try, IL placed where they properly
belong, 20 meet the requirements of
I'VE should have a system Of cur-
rent bank credits that will always, with
unerrlng certainty, come into existence
With business transactions precisely as
checks and drafts do and disappear
when they are no longer needed.
The structure of the bill now before
us Is based upon that Of our general
government. The autonomy of the in
dividual bank is preserved absolutely,
mercial zones of the United States; for,
IN organizing the system, the country
Will be divided into note-redemption
districts, and each bank will have a
single vote In electing a board of man
ayers, and each board Of managers
will exercise governmental control over
Its respective district.
The 3 per cent. guarantee fund es-
tlablshed by the cooperation OF the
banks in placing an amount equal to
issues. In the United States Treasury,
may be regarded as part of the re-
CURED reserves, and, therefore, there
is no additional burden thrown upon
the banks.
IAN the annual income going into
the guarantee fund except the Is per
cent. tax upon the present note Is
sue, is new revenue. and, therefore,
results in no burden to the govern
year, beginning with January /, 1909,
ought to exceed SOS, 00O,0 900, and the
fixed charges. ought not to be more
THAI $40, 600, 900.
rs 1t too much to say that IL we
have q guarantee fund of approximate
ly $500, coo. 1000 In the treasury of the
United States. with all the individual
ity Of American banking preserved and
local self-government secured to our
commercial zones, with all our required
reserves in gold coin or its equivalent,
a currency always responding to the
varying demands of trade and the gov
eminent absolutely divorced from our
trade and commerce. our banking sys-
tenn will, like our commerce and pres
tige In all other respects, lead ali the
world2
"Will it be long in that event before
this country and not England controls
the worlds exchanges7"