Show NEW HEW CURRENCY NGY LEGISLATION TION First Purpose is to Mako Banks Protect Necessary Gold NO LIABILITY of or In of If IS NoleN Iu 1 U March 8 Chairman Fowler of iho tho house on hanking and tomorrow will 11 1111 nn In measure framed by ly th of ut the tho committee after uon JOI le IlI extending the last two It 1 together Into one I el 11 11 a n number of ot quo which have boen 1111 h retO toro foit Mi t l explains the purposes 11 of at the th bill an follows The fhe of ot tho bill bi are To fo the tho government to the tho hanks the hl of ot the n l aly gold reserve thu tho lurden n of o furnishing gold for tor exportation tion tul 1 V II Ir our the out nut of ot raids upon the tho gold gohl In Inthe II the to provide a n currency and ld equal to 10 the de 10 of at to and lower the rate of Interest In all ni parts of tho United Mutest to for tOI American en enterprise ll and American capital the and Uld option In II engaging In banking under national law and IIII so 80 lay lu n a foundation upon which to tu build bulJ an on American merchant marine to 10 tho last vestige of ot the doubt with wih to our 0 standard of value The provides for tor International In ton tonI al I and a 1 division for banking nr currency established under a n board of f control Instead of a 1 single Individual In the person of oC the of or the tho currency us lS heretofore The rhe board will wi consist of at UIe whose terms of If ofee are for fol twelve tolo years lars If 1 the tho measure now Introduced should become a I law It I Is confidently believed that the national hanks would assume the tho current redemption In gold olt cola roll of 30 of o United notes In con consideration of ot tho obligation by h the national banks they will I have havethe hn the tho right rl ht during the succeeding five 11 to Issue gradually us may be he re 11 of oC bunk notes equal to toCO toC CO C per cent celi of their paid up and 1111 laired capital provision bolus made also IRO for tor nn 11 circulation An Al the nn taken out for tor cir circulation ell tho Iw banks will wil deposit With wih the tho government nt a n guarantee fund of ot t G per cent of ot the Iho amount of or tho notes to o Issued The national here hereafter after Iter will wi be hI required to pay 11 Interest upon the government nt at tho rate of 1 t per cent per annum This fi r per pe cent Int guarantee fund ami the Ihl tax upon the banking notes will wi be hI tn d to 10 protect the bank notes not s the excess of ot such taxes with the on government deposits will wi bo hI used to 10 off the tl States notes nl which the banks bank I III to 10 currently redeem It It fa ns that the tho whole o United States notes which banks have hn o assumed to 10 currently redeem wll wl be Iw paid poll off nf In 30 years out of ot the Iho taxes collected upon uon circulation and Interest paid by the banks upon Uon de deposits posits The United States will wi be he divided Into Inlo clearing house district to 10 facilitate the thC redemption of the bank notes ro 10 that tha trie tle amount of ot notes iK ng nt at any always alln will wi bo ho co eo coordinated with wih tho amount of at trading to be done dona precisely as I checks anil drafts Mara relied the amount of ot commer commercial cial work being carried on only ly B and with the consent con ent of at the tho board of control banks may have more than ono place for tor doing doln business being nu 11 to establish them eles In II the various s cities of ot the tle country No hank note of a denomination less 10 s than 0 will wi he I IUNI the secre secretary tary of ot the treasury Rhul not Issue a n silver certificate of oC a n denomination than n and thereafter upon the Ihl presentation to him of sliver or any an multiple thereof In n a demand for their hal ex cx exchange change gold com for or tho too In II Pol 1 1 leu Tenn March 9 Charges es have been be n United Plates D tt Wright ht United States Marshal Austin Postmaster tel ter SI ms and three or four minor of at officials for tOI violation of ot rule 1111 Z 2 of ot the tl civil service commission Tho charges It In Is pull resulted from he race for tor Congress In thU district the accused being heln friends of Congressman Gibson Ohlon who Is opposed by nomination to N A AllIe 22 Hale llIe In an nn election t tn he I held hell March tarch |