The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1913-09-27
THE CURRENCY BILL.

The Hcrald-Dispatch has devoted
considerable space to discussion Of
the currency bill now pending in
Washington. This discussion has
taken three forms: Editorial com.
mcnt, the opinions of local bankers
in the form of interviews, and the
general news reports of the progress
Of the bill, consistently given.
The history of the Wilson currcn-
cy bill, as far as 1t has been written,
indicates that we already have be-
fore us, with but slight modifica,
tions, at best, the currency law
which will rule the finance of this
country during the next few months,
at least. President Wilson has
strong convictions on the subject OF
currency enactment. He has the
support and cooperation of Secre.
tary WILLIAM J. Bryan, and he has q
legislative organization the most
compact that has operated in Wash
ington during quarter of a cen
fury. With his convictions we'll de,
fined, and a with his organization a
veritable phalanX of solidarity, it
stands to reason that, with protest,
with opposition. or without, the Will
son program is destined to go
through in practically the same
shape as that in which passed the
House Of Representatives, which is,
essentially, as followB:,
Division OF the country into
twelve districts and organization of
a reserve bank in each district.
Those banks to rediscount exist
ing paper as the basis for the issu-
ance Of an elastic currency.
Reserve banks TO have total cap
italization of $15O,000, 900, the same
to be paid in by the national banks
of the respective districts and such
state banks as wish to enter the. or
ganization.
Creation OF general board of
control acting In behalf of the ma
tiOnal government, consisting of sew
en- members, including three regular
officers Of the national government
and four members chosen by the
president.
The federal reserve board may
compel one federal reserve bank to
rediscount prime paper OF other ma
tional banks.
Provision for u federal advisory
council of twelve members, each dis
trict clecting one through the dirGc-
tors of the federal reserve banks.
Paper admitted 10 rcdlScount en-
braces notes and bills maturing
within ninety days and drawn for
agricultural, Industrial or CONNER
cial purposes.
Transfer Of all moneys now held
in general fund In the treasury to
the reserve banks. disbursements to
bc thereafter made by check upon
such banks.
The note issWe provided for is
that of an issue of government treas
ury notes. obligations of the United
States and receivable for all taxes,
customs and other public duties, to
be redecmable at par on demand.
Provision for the retirement of the
present per cent bonds held by the
banks to secure bank note issues
within twenty years.
Change in the reserve requirement
for national banks so that ultimate.
~ s per cent of the outstanding de-
posltS of all banks will be required
to be carried in the new reserve
banks, 5 per cent of the deposits OF
present country banks to be carried
In cash in their own vaults, per
cent of the deposits of the country
banks to be carriede ither as cash in
their own vaults or as balance
with reserve banks, 9 per cent OF
he deposits of reserve city banks
and central reserve city banks to
% carried in cash in their own
aults, 4 per cent of the deposits Of
reserve city and central reserve city
banks to be carried either in cash in