New-York tribune., 1913-06-27

issue. and exempt from federal. stat. a..
municipal taxation, both as TO income ana
principal.
'Whes and in proportion as the o,,,
standing per centum bonds depo,i,.a
with the Treasurer shall be thus
changed or refunded the power O, =.
tional banks to issue circulating no,ss :.
cured by United States bonds shall ce.s.
and terminate. Every national bank ~
continue TO apply for and receive ,ro-
the Controller of the Currency circu,..
ing notes. under the conditions prov,,.,
by this act but no national bank sL.,,
be permitted 10 issue circulating no,es :.
any description or to issue or to m.Ls
use of any substitute for such circula,i.-
notes, in the form Of clearing house o.E
tificates, cashiers checks or other 81,
cations not specifically provided for -,
der this act, and no national bank .h,r
without consent Of the Secretary n, 49,
Treasury, In any one year present NJ,
centum bonds for exchange in the r.s
ner hereinbefore provided to an ano,.,
exceeding ) per centum Of the to,.,
amount of bonds on deposit with -.
Treasurer by said bank at the time n, -.
passage OF this act. At the expirat,o, :,
twenty years from the passage OF ~,
act every holder of United States ~.
centum bonds then outstanding shall :.
ceive in exchange per centum bombs =,
like denomination. payable twenty var,
from date of issue, and without the cI,.
culation privilege.
After twenty years from the ds,s a,
the passage Of this act national ha,L
notes still remaining outstanding shall hs
recalled and redeemed by the natior,,
banking associations issuing the cam,
within a period and under regulations :,
be prescribed by the federal reserv.
board. and notes still remaining IN c,r.
culation at the end OF such period shall
be secured by an equal amount Of Lawful
money deposited in the Treasury OF ,hs
United States by the banking association
originally issuing such notes"
Chairman Glass made preparations n,
the speedy consideration OF the bill BY TIA
House committee. He secured ths na,-
sage through the House OF two resolu.
tions to facilitate the work One. pro.
vided for the printing and distribution OF
$500 copies Of the new bill The Other
which was passed after a partisan dts.
cusson. provided 5000 for the payment 0.
experts 10 be employed by the committee
Mr.. Mann. the Republican leader. de-.
clared the latter resolution probably
would lead 10 more Democratic waste"
He pointed out that the money trust
committee in the last Congress began Ia
probe on a $4,000 appropriation. but that
before the committee ended its work
$1,000 had been expended.
Mr.. Mann attacked the methods used I,
preparing the bill introduced to-day. He
objected TO the statement Of President
Wilson that the members OF the Banking
and Currency Committee had been con-
suited in framing the bill
The President" he said, was a little
loose as TO his facts or n little careless az
TO his language. The members OF the
committee were not consulted. The Dem.
ocratic members were"
At to-morrows meeting the House com.
mittee will take up the question OF hold
ing public hearings on the bill and Will
consider a resolution proposed by a sub
committee providing that all sessions Of
the committee during the consideration Of
the bill should be open to the public.