Valdez daily prospector., 1913-08-29
CURRENCY ] !: ! BILL. B}'|!!t| -. .-
 PASSES CAUCUS
Democrats of Lower House Will Push Administration. Meas
 >ure Through. :. --.

" dSHIllS tOII, fAoc' > House caucus of the majority party met last night and finished the administration currency bill, which will now be turned over to the currency committee, who will report it to the House and it will receive the majority party's sup port in the lower House.
 The effort of many representa- tivcs to. amend the bill and strike out the more drastic portions, against which the bankers of the country have protested, were in vain and the large majority of the administration forces ill the House of Representatives makes fight in the lower House futile.
 The bankers are hopeful that when the bill reaches the Senate it will be amended.
 The plan of the administrator bill which was introduced by Representative Glass is to have not less than 40 federal reserve cities. A federal reserve district shall be formed surrounding each reserve city. Each federal re- serve district shall contain not less than 10 National banks. Each National bank withing each district shall be required to Subscribe an amount not less than 20 per cent of it's own cap ital towards the capital of the federal reserve bank of it's dis trict. No federal reserve bank shall be organized with less than $5,O00,000 paid up capital. Each federal reserve bank shall have 3 classes of directors--classes A, B and c. Class X shall Consist of 3 members wilo shalI be chos- en by and repre- ct. the stuck hrI1 ng banks Glass B shal: c, nslst of 3 Ill. tbcrs who snail bc representatives of the general public. Class c shall consist of 3 members who shall be dcsig- mated by the federal rcsrve board.
 All earnings of a federal re- serve bank, above 5 per cent per annum, after surplus of 20 per cent of it's capital stock has been accumulated shall revert to he United States. =
 All National banks now exist ing must within one year com ply with the provisions of this act or be, dissolved.
 Any bank or trust 7; company may become members of a fed cral resrve bank by purchasing stock of reserve bank in district which it is located. The federal reserve board who shall desig- nate reserve cities and have cen trol of reserve banks shall con- 'sist of the Secretary of the Treas ury, Secreary of Agriculture, Comptroller of the Currency and four members chosen by the president of the United States.
 All money now held in the U. $. Treasury shall be deposited in the federal reserve banks and hereafter all revenues of the U. S. shall be so deposited. The Secretary Of the Treasury shall fix the interest rate to be paid the IL. S., and he may change'this rate from month to month, at Ris own discretiOn'.S q ''';,} ',' No reserve bank shall pay m- terest on any deposit not belong ing to the U. S. Y
 Federal reserve treasury notes, not exceed $500, 1000, 900 shall be- issued, and in addition to this, tar ]. amount not 'ekcessediHg the diff !. ference between this amount iodft> and the outstanding notes. of exiAt-s ing National banks. These notes sif8fr pass as currency andmlsall be redeemed ir, aold coin bg aiiy' federal reserve bank upon de9. mand. [. :.s.5s l
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