Salt Lake Herald-Republican | 1913-04-12 | Page 8 | Owen to Recommend Bank Guarantee in Currency Reform

Owen to Recommend Bank anI Guarantee in Currency Reform Washington April 11 A 11 A modified 1 form torm of ot bank banle guarantee probably will willbe willbo be bo r recommended commended b by Senator Ow Owen n chairman of ot the Senate banking and currency committee when the tho committee commit I tee begins preparation of ot a 0 currency re reform reform re- re form bill I Senator Ow O Owens Owen's n n's ns s present plan IB is not for a direct guarantee of bank deposits depos depos- its but for the establishment of ot a fund to In Insure ur Immediate payment to creditors creditors cred cred- Hors and depositors depositor when a bank Is forced to close Its Us door doors doom Senator Owen said toda today he ho believed ed that such sucU a 0 fund out o of which tho the de depositors depositors depositors de- de could be paid Immediately Inthe inthe In the tho pro portion to the visible a assets of ot the defunct bank would be bo a a. a great factor In allaying panic and preventing financial distress The amounts thus expended would be returned as fast as ns the tho banks bank's assets could be converted con Into cash Senator Owen and Representative Glass Glas who Is preparing the House bill bUl had separate conferences again toda today with Secretary McAdoo doo at tho tim treasury d department Later Senator Owen said the Senate committee when hen It began work vork on a bill bBl would bo be In close harmon har bar mon mony with the House Committee Short h hearings are ard to be bo allowed In tho the Senate preliminary to the tho preparation preparation tion of an any currency reform legislation