| Show CHAIRMAN FOWLERS CURRENCY REFORM BILL Washington Jon Jan S Tho mutes of tho house committee on bank bankIng ban 1 Ing end currency to which was In trusted tho framing of ot a bill hili to In Increase Increase crease the tho elasticity of oC till tho currency reached a u conclusion today and will re report port to tile the full tull committee a II till drawn In the main by Chairman Fowler Towler ot of the committee The bill will bo Introduced by Mr and referred to his committee where It will form torm tho working basis for tor tho Iho framing of ot a n bill of oC possibly the same simo scope cope nd tenor The bill provides for COI the tho complete re retirement retirement of DC all present outstanding na national national bank currency and authorizes In lieu thereof a currency based upon general assets of ot the banks to 10 lm be worked out In this way wO The Tho comptroller o tho Iho currency will designate throughout tho Ule country oer tain redemption cities so that there thero I j hall be bo a 11 redemption city within ut least U 2 hours reach ot at each national Unk ank The national banks will date dale to 10 the tho comptroller of ot the currency to 0 what redemption city they wish to 10 hc Joined Tho rho comptroller will then thel a n time and place within each redemption district for tOl tho organizing of that district In the tho following mane man manner ner Each national hank in that district regardless ot its capital stock will meet h at lit a n pIneo designated luul elect a board of managers to ta consist of seven members Tho sOon seven wilt will elect electa t ta a chairman who will a l deputy comptroller comp of the currency and as OR assume sume control nt or his redemption district dl except that ho shall not have charge of tho enforcement of tho criminal statutes Each national bank Is III authorized to present to the tho ot tho treas treasury ury national bank notes noteD and lawful money In lieu of ot other national bank outstanding notes Then If the banks application It s In Indorsed by the board of oC managers of oC the redemption district to which it Il be belongs belongs longs the bank will receive recel guaranteed credit notes nat s to tho amount of ot Its It II stock notes will bo subject to toa a II tux tax of It 2 1 per vel cent per annum Each bank will bo required to deposit as n guaranty und fund with tho treasurer ot oC the United States 0 6 per cent of Its aver average age lIge deposits tor tho preceding 12 months month and 5 6 per POl cent of the credit notes which It takes out The revenue thus obtained Is to 10 create and support a national guaranty fund of for the guaranty of OC hoUr both tho deposits and the tho outstanding hank bank notes ot aC every bank Eighty Eight per pel lent of this fund Is Ista to be he Invested In United States Slates bonds drawing 2 per cent inter interest Interest est while the tho remaining 20 per pel cent Is Isto Isto to be deposited In I banks of ot the tho various redemption cities tar for tho purpose of ot re 10 deeming the guaranteed credit notes ot tho banks of the various vanous redemption districts When the tho national guaranty fund reaches which would be al 01 almost most simultaneous with the birth of tho new law the government Is required to return to tho banks the United States bonds which the tho government now holds security for tor federal deposits deposit the tho object being to enable the banks bank to get control or of the bonds so that tho government can Invest tho SO per cent of the tho guaranty fund In 2 per cent bonds regain control |
