Show r PROPOSES CREDIT FOR TOE BANKS Congressman Fowler of New Jersey Would Increase the Powers of National Institutions Makes Declaration That Permanent Relief From the Present Monetary Stringency Can Only De Had Through a System of Credit Currency New York That permanent relief from tho present monetary stringency can only bo had through a system oi credit currency adequate to meet thor tho-r of trade and redeemable in gold coin Is tho opinion expressed by Hopresentattvo Charles Fowler ot New Jersey chairman of the banking and currency committee which will at tho coming session of congrtSs endeavor en-deavor to have a law passed providing for credlt urrcnc Issued by tho national na-tional banks Until such permanent relief Id mado possible by legislative enactment Mr Fowler asserted tho situation must bo met by the Issuance of clearing house certificates cash tars chocks and due bills of business houses and manufacturers Tho underlying business conditions condi-tions ho declares are essentially Sound as evidenced by tho increased earning of railroads and tho fact that tho value of our agricultural products are 500000000 more than last year which was tho highest year in our history and nrd bringing to our people peo-ple about 7000000000 but pubjlc confluence has been greatly shaken and credit seriously nffected Therefore There-fore every patriotic citizen from tho president down should do nil in his power to restore that confidence which Is essential to national prosperity Tho cause of the currency stringency strin-gency Is flat there la scattered broadcast broad-cast throughout the country at tho mints in tho wheat corn and cotton fields in the pockets of tho people or locked up about 1300000000 of the resorvo money of tho United States I most of which under a proper condition condi-tion would bo In tho banks serving as reserve Temporary relief will be through the forced use of current credit In tho form of clearing house certificates cashiers checks and duo bills of business houses and manufacturers manufac-turers during tho ninety days Tho permanent euro must come through a system of credit currency expanding and contracting with the ordinary demands de-mands of tho smaller trade precisely ns checks and drafts do in tho broader field of commerce |