Show CURRENCY ENCY BILL BILLIS BILLIS IS AGREED UPON Chairman Fowler Reports Measure Favored by Corn Com Committee C m to the House BANKS TO ISSUE MONEY ALLEGED ADVANTAGES AS SET FORTH Washington Va hIngton Dec 20 Chairman Fowler of the house committee on OIl bank banking banking ing and currency submitted to the th house today toda his report on the credit currency bill bUl agreed upon by the committee The Tho report reiterates the committees as assertions a assertions that bank book credits are ar Identical with banknote credits ana and that it should be at the option of tIle the depositor of a bank banie to say whether he shall have current credit of the bank or a book subject to his check The re report report report port continues Your committee asserts that It is immaterial whether the obligations of a bank are arc in the form of deposits sub to check or of ot credit bank notes providing that the reserves are ample ampie and the same amount is required for f r the protection of each With the same free dom ibm on the part of the th bank to issue Its credit notes n tes that it has to accept deposits depo subject to check the habits of or ofa ora ofa a people will determine whether the Oe cc of a bank or its credit notes are the larger I ger Alleged Advantages The advantages of a credit currency are set forth by thE report as follows It will wUl lower lewer and equalize rates rotes of interest throughout the United States Stat s sIt It will make rates practically uni form throughout the year It will give to the country districts as economical credit as the cities en ea enjoy enjoy joy where checks are chiefly used m It twill will give to people who use cur currency currency currency rency in their smaller purchases as eco economical credit as enjoyed enjo ed by those who use checks cheeks In their larger Jarger transactions It will make it possible for the banks generally to serve such of their custom customers ers or cr as may nuCy m y Want currency without dis disturbing disturbing disturbing their reserves to the great In Injury Injury Injury jury of other customers who have hae loans which must Before fore the currency can be advanced for it is immaterial to a bank whether it owes a depositor or ora ora ora a note holder Will Prevent Panic It will almost invariably prevent panic and nd will Till always avert a ruinous crisis If at any an time contraction of credits becomes necessary because too much of the commercial fund has haa been diverted and transformed Into the Investment fund a credit currency will wm facilitate liquidation without that destruction of or values Incident to a fixed quantity or of currency such as we now nov have GRAND JURY AT WORK Inquiry Into Methods of New York Life Insurance Company Nw York Dec Dec 20 George D Per Perkins Perkins kins was the first witness before beCore the grand jury today when the th Investigation tion Hon into the concerns of the New York Life LU Insurance company was resumed Darwin H Kingsley vice president 1 of the New York Life Insurance company was examined at length regarding the tile Prussian deal The company as ts thE price Of continuing c to do br b bin Jas Jasin in Prussia was compelled to charge off of three blocks of stock which were wre not acceptable to the Prussian Pruss Ian officials The Tile report sheet for the year ear filed with the insurance department of this state showed that this stock had bad beer beep sold to the New York Security Trust com corn company company pany a subsidiary concern of the in insurance Insurance insurance company for It is alleged that there was not a bona fide fi te sale the tile insurance company taking notes for the stock George W V Perkins was called this afternoon and remained with the grand grana jury two hours and a half His exam examination examination had not been completed when the jury adjourned for the day |