The sun. [volume] (New York [N.Y.]) 1833-1916, 1913-05-03
SENATE WILL QUERY
BANKERS OF NATION
Currency Committee to Ask
Their Aid in Monetary
Reforms.
BY 4 CIRCULAR LETTER
Senator HirhcOck's List uf
Questions Will PrObabl,
BE- the Basis.
BY 4 CIRCULAR LETTER

wAsBiSuroN. May 2.---Democratlc
members of the new Committee on
Banking and Currency Of the Senate
Indicated clearly to-day that they were
in favor OF legislatins on banking and
currency matters at the extra session.
provided the tariff hill IL passed early
enough
As an evidence of their desire 20 en-
pedite legislation on these subjects
subcommittee was appointed to formu-
late list Of questions which are TO be
mailed To prominent bankers and hnan-
cial experts throughout the country
soliciting their views In regard to nearly
every phase of The currency question
This subcommittee is composed Of
the Chairman. Senator owen of Okla
homa anu Senators Hitchcock OF Me-
braska, Shafroth of Colorado. Demo-
Gratis, and Rristow Of Kansas and Weeks
Of Massachusetts. Republicans The
Subcommittee will report TO the full
committee at IL meeting early next
week
II is known that Some OF the leaders
on the Republican side have determined
not to permit the Democrats to hurry
the tariff bill through the Senate in
order to clear the ways for a currency
bill
Senator Hitchcock Of Nebraska. who
has introduced an elaborate currency
bill. submitted to-day list Of Ques-
tions which will proba bly, form the basis
OF the inquiries 10 be sent out by the
committee.
Senator Hitchcocks questions are.
What are the essential defects Of our
banking and currency system"
What II any, ar. us advantages over
those uf European countries'
What ARE the chief purposes to be at
tained in an improved banking and cur
rency system
should the Vreeland act be extended
after its expiration Ia 1914 II so should
II b. amended"
should new system Include Stat. as
well as national banks?
Should national hanks continue to is-
sue bond secured currency?
should the present requirement OF re-
serves for national banks be reduced or
otherwise changed
should additional currency b. perma-
nent ~ temporary"
Should individual banks or central AS
sociations issue the additional currency"
should th.r" b" ono central reserve
dSS"cI"uoN or hummer, ana II the latter
how many"
What should be the imi, in amour, Of
such additional currency"
should II be secured 10y deposit with
the Treasury. and II So what securities
should b" permitted"
should gold reserve b. required as
against an issue OF currency, and If so in
what amount or proportion?
What method of preserving An elastic
Cunti'iOn oh H.. Il
should II tax on an additional issue of
currency be level or graduated?
III graduated should il b. as to time
or quantity?
should central control of reserve
associations b" established either by them
or by the Government or both?
should res"rv" associations he CON
'rolled by member banks. ana IL so what
should h" the voting power NJ each bank
should reserve associations Oe stock
companies
should the liability OF each member
bank in reserve association be limited
or unlimited
should reserve associations accept any
deposits except those Of banks?
should Government deposits be placed
with reserv" associations II So at what
interest or any?
should nationa! banks he required to
keep their rrsrcv.s IN their own vaults
uNH Win tnrlr own reserve aaSOCl0f!onP
should rrs"rv" associations be per
mltted 10 pay banks interest on depositsr
should reserve associations be per
mittcd to discount commercial two name
paper FOR member banks
SHOULD they b" permitted to make d.
rect loans to member banks. ana II So
Should security y" required?
should IN. rate on discounts he the
same FOR all and should this rate b. pub
lished weekly?
should the rate on direct loans be
higher than the discount rate and should
II also be the same to all?
should reserve association have
transactions with banks not members
either In It's own territory or outside, and
II so. what character Of transactions
should be permissible
What. II any limit should be placed on
transactions between one reserve associa-
ton and another"
These questions called forth favorable
comment from members of the COM
mittec