| Show FOB THE BUS congressman fowler of new jersey would increase the powers of national institutions makes declarant arat orf that permanent rel ef from the present monetary stringency can only be had through a system of cred t currency new york that permanent relief from the present monetary stringency can only be had through a system ol 01 credit currency adequate to meet the requirements of trade and redeemable in gold coin is the opinion expressed by representative charles fowler ot new jersey chairman of the banking and currency committee which will at the coming session of congress en deavor to have a law passed providing lor credit currency issued by the na banks until such p relief is made possible by legislative enactment mr fowlen asserted the situation must be met by the issuance of clearing house cash lers checks and due bills of business houses and manufacturers the underling business condi alons he declares are essentially sound as evidenced by the increased earnings of railroads and the tact that the value of our agricultural products are more than last year which was the highest year in our history and are bringing to our peo pie about 7 but public confidence has been greatly shaken and credit seriously affected chere ore every patriotic citizen from the president down should do all in his power to restore that confidence which Is essential to national prosperity the cause 0 the currency sann gency Is that there ia scattered broad cast throughout the country at the mints in the wheat corn and cotton fields in the pockets otaie people or locked up about 1 of the reserve money of the united baates most of which under a proper condl tion would be in the banks serving as reserve temporary relief will be through the borcea use of current credit in the form of clearing house certificates cashiers checks and due bills of business houses and jurers during the ninety days the permanent cure must come through a i system of credit currency expanding and contracting with tha ordinary de mands of the smaller trade precisely as checks and drafts do in the broader field of commerce |
