The Prescott daily news., 1911-01-18
FINDINGS OF NATIONAL COMMIS. SION MADE PUBLIC FOR
 FIRST TIME.
MANY DISTRICTS PLANNED
Central Association With Reserve of $3oo,ooo,ooo Would Be In Wash
 Ington-Much of Profits for Government.

Washington, Jan. 1S.-An organiza- ton of national banks--in effect a cen. tral bank-to be called the Reserve Association of America, governed by 45 directors, which will gradually ab- sorb the privilege of issuing currency until it becomes the exclusive agency for that purpose, and having other large powers, is the plan of currency reform devised by Senator Nelson w. Aldrich, chairman of the national mon- etary commission, as made public now for the first time
 Aldrich, having been forced to go South for his health, was not present at the meeting of the national none tary commission at which his plan was announced. Representative Vreeland (R., N. Y.) presided
 Features of the Aldrich plan follow:
 The authorized capital of tho Re- serve association shall be aprroxi- mately s3OOOOO,OOO.
 Proposes 5o-Year Charter.
 The length of its charter shall be 50 years, and the head office in Washing ton, D. c.
 The country shall be divided into 15 districts, and branch of the Re- serve association shall be in each dis trict.
 Il.3 Reserve association and it's branches shall be exempt from state and local taxation except in respect to taxes upon real estate owned by it.
 A national bank having a minimum capital of at least $25O0O may sub scribe to an amount of the stock of the Reserve association equal to 20 per cent of it's stock and not less.
 Fifty per cent of the subscriptions to the stock of the association shall be paid in cash the balance will remain 8 liability of the stockholders subject to call. Shares of the capital stock of the association will not be transfer able.
 Distribution of Earnings.
 The earnings of the Reserve asso- citation shall be distributed as follows:
 After the payment of all expenses and taxes, the stockholders shall re- ceive 1 per cent. Further earnings shall be divided one-half to the sur plus fund until that surplus shall amount to 20 per cent of the paid-in capital; one-fourth to the government of the United States and onefourth to the stockholders, but the dividends CP ha 11 -ha - cent When they get per cen5. Cne- half of the surplus will go to the gov ernment and one-half 10 the associa- tion.
 When the surplus fund of the asso- citation reaches 20 per cent Of the paid in capital, all excess earnings snail go 10 the government.
 Subscribing banks shall be formed into local associations, each composed of not less than 10 banks, with a con- bined capital and surplus of $5,0o0 1000. All the local associations shall be grouped into 15 divisions, to be called districts
 In each district shall be located 8 branch of the Reserve association gov erned by a board of directors.
 Three important Features.
 Three important features are:
 First The government of the United States and national banks owning stock in the Reserve association shall be the sole depositors in the Reserve association.
 Second The government of the United States shall deposit it's cash balance with the Reserve association.
 Third The Reserve association shall pay no interest on deposits.
 In a letter to the commission, Ald- rich said he did not expect the .mme- diate approval by the commission, but said his plan would furnish to the commercial organization of the coun- try, now considering the subject a basis for criticism and discussion