ADMINISTRATION CURRENCY BILL A General Survey of the Pro- posed Plan, FEDERAL RESERVE BANKS. Its Main Purposes Are To Provide a Means For Com mercial Paper, Establish a Basis For Elastic Notes, Safeguarded, Create Machinery For Foreign Bank- ing Business—National Bank Notes Rediscounting and To Remain. Washington. ~— The currency bill was made public by Rep resentative Glass, chairman of House Committee on Banking Currency. It: was introduced the and in the House and Benate after President Wil eon delivered in person his address Congress. An outline of the measure prepared by Mr. Glass describes it as “a basis for legislative action,” states that fit will be gone over in detail for altera- to to accomplish three principal objects Provision of a means for rediscount- Ing commercial papers specified types. A basis for safeguarded Machinery for doing foreign banking business. The measure’'s essentials remain as they have been outlined from time to time since the President began a study of the subject with House and Senate leaders, Secretary McAdoo and other advisers, providing 12 or more federal reserve banks, which will rediscount paper, deal in government securities, exchange and conduct government fiscal operations. National banks and such state banks and trust companies a8 conform to standards be stockholders of the The government would hold no stock The government federal reserve banks entirely th a federal reserve board of seven mem brs, in which the banks would have no representation The board com p« of the Secretary Treasury, Secretary of Agric Comptroller of the Currency bers ex-officio other would be chosen by the President and confirmed by the Senate Nationa! The of elastic notes properly would reserve bank would control the pp rough w ould of be ed the uiture, the mem members as four Bank Circulation. National Bank would remain undisturbed posal made in the bill for retiring approximately $700,000, 000 per cent. bonds upon which that not issue DOW rests An or separ ate bill refund bonds into three I t. bonds may ntro duced lat In addition to the $700,000.00 ing National Bank than $£500.000.000 known as federal notes might be tion of tle for the purpose of making advances to the federal reserve do no only with th receive deposits only United States. While the would, on their faces, purport to be the obliga- tions of the United States, they would be required to be by a gold reserve of 33 1-3 per cent. provided by the federal reserve bank and would be a first and paramount lien on all the assets of these hanks a would be redeemable in gold on demand at the Treasury Department of the City o Washington or at federal bank. circulation no note and pro is two amendment to those per cen be i er. exiat. notes not more he treasury in what te resem e issue are d at the discre federal reserve board solely banks, which would the members’ business with deal and publie, banks from the eir notes secured i na any reserve Preventing Inflation. Stringent pre are made egalnst counting any of these notes as part of bank reserves and the system fs guarded against inflation by lodg ing power with the federal reserve board to exact an Interest charge upon treasury notes in order to Insure their promised redemption. The notes are not legal but would be receivable by government and every bank of the system at par with. out exchange. No change would be made in the protection of other exist ing notes The federal reserve board would re. Quire one federal reserve bank to re discount the paper of another and would establish a rate of dscount not necessarily uniform for all reserve banks, but made with a view to ace. commodating the commerce of the country and promoting a stable price level. For recasting the present bank re. Berve system the bill proposes to transfer the reserves from national banks in the present reserve and cen- tral reserve cities to federal reserve banks, carrying the process of trans. fer over 38 months to avoid shock to market conditions, TELEGRAPH TIGKS FPhiladelphia.—-Dr. Wingo Williams, of Fort Worth, Texas, died from scar. let fever contracted in the Muniecipa. Hospital here while serving das an in. terne, Flushing, N. Y.—Ministers here have arranged a vacation schedule, to pre vent a repetition of last year's irou tle, when there was none left to off. clate at weddings and funerals. wisions made tender, the The Reserve System. The bill proposes, according to Mr Glass’ statement, “ultimately the es | tablishment of a reserve system In { which country banks will have 15 per | cent. of reserve (i. 16 per of { total demand labilities), such 15 | cent. to be held 5 per cent. in the { bank's vaults, b per cent. with the na- tional bank reserve and per either home or with the i bank, fle reserve and central | serve city banks have reserves of per cent. of demand labilities, of {| which 10 per cent. wil be at home, 5 { per cent. with the reserve bank of the | district and 5 per cent. either at home | or with the bank.” “The presumed effect of this plan { will be to end the placing of reserves { with central reserve city banks for in stock market reserves in some measure at home and funds either Qe. cent. b cent, it wh re- 20 reserve use operations, to keep | to require speculators to get the | they need in their { by directly borrowing sons who hold them and that purpose or else rom the banks the operations are operations them from per want to len { the cash for i borrowing places where carried on the bel system f that the Is antiquated that massing York and other f which much |} vears, Is “in je pres Ierve i satisfactory; | funds in New | centers, of | said in recent resent banks, and benefit | of rediscount which has been proposed las @& remedy for many existing evils is necessary to base such system to the 80 the 1 reserve req national that i 3 get the real rom the sy an actual control of reserves, provisios { has been made for recasting the pres ent bank reserve system Members Of Board. The terms of office of the four federal re President mem board to provision that { bers of the worve ap 4 i pointed by the be eight } those first appointed four, six and eight years Up to few reserve are years, with the wiil two, serve res Dex tively the last days the federal was to have consisted o of board nine members instead the ve L& d Gc be of will those be atement, "the have absolute control “The cepting £10,000 the curre addition salary the © eive : The ¢ ba iief points reserve NK ars The number {s increase later he ownership is to b stockholding bank iy il whic As To Capitalization. capitalization is of agricultural or indus! run oT 5 days i transactions, Buying rit fe re ge a open-me “Government “In expressed in effect can Hille Vii ' order to that facilities,” continued bankin capital branches ir ® a establish for merce foreign countries rt the fur of ti ierance of United agents foreign States, of com 16 ate as fiscal States The to abroad.” fede pass reserve board requir upon all applications of na banks ! ral ed tional abroad to establish sueh banks Laws To Be Repealed. federal board clothed with such administrative pow examination, and designation of reserve banks, cipline of officials of banks and receiverships tions of the existing banking laws would be repealed, the Aldrich-Vree and emergency currency act would | be completely superseded, and In a separate bill a general revision of the administrative provisions of the na tional bank act is to be provided. The bill would provide that within 96 davs from the date of Its passage the Sec retary of the Treasury shall designate the federal reserve distriets, the organ | ization of the federal reserve banks shall begin and the “transition period” | during which the reserves shall be ad. ! justed to the new plan must be com | plete at the end of 38 months. The reserve would be ers as reclassification dis federal reserve Certain por nnn so lh ——— » - - An———— i - who had started to make a complaint because a pile of sand was left in the | roadway, changed his mind when he was thrown from his motoreycle and saved’ from injury by falling on the | sand, Washington.—The Navy Department hopes for the development of a valu able adjunct to the naval defensive system of the country from the organ ization by the Boston Yacht Club of a | "power squadron.” NAVY AVIATOR DROPS INTO BAY Companion Clings to Hydroaero- plane and Drops Slowly. From An- Caused Puff The Machine, While Flying napolis to Claiborne, Was To Lurch By a 8 Of Wind. udden Annapolis Billingsley, Corps, fel al neig plane h Kent Island and J. H } the the a Tow rs, avi hold rear {i an ai had mirac I! the puf! ude ulous i tie water his grip »y swim back framewor) Ceesperate Effor 1.600-MILE AERIAL TRIP. Of th Brindeione. Achievement ¢e French Aviator 'e rong Club gils er Brinde Pari Stock foulinais will Copenhagen HITS TARGET IN THE DARK. Astonishing Results In Target Practice On Pacific Coast. Francisco i from one of San Fra battery defen and half practice this San ‘ifteen of the 2 n glruck out at regard gehots fired cigsco's mortar a target five For night an unusual score ‘he which was picked up miles saa ed as powerful not from searchlights from the shore. was visible to the gunner: a pit behind a hill who fired PAGE NOMINATION, Virginia Author and Politician Chesen For Ambassador To Italy, Washington President nominated :* Te be Ambassador to Italy Nelson Page, of Virginia, To be Minister to Switzerland Pleasant A. Stovall, of Georgia. To be Register of Land Office at Montgomery, Ala.—Cato B Alabama, Wilson Thos A TARIFF ON BANANAS, Jamaican Growers Seriously Exer cised Over It. Kingston, Jamaica. has been caused among banana plant. ington of a cablegram that America will Jamaica bananas. The government was appealed to for help and a cable gram asking for details was sent to ‘he British Ambassador at ton, * announcing | STATE RATES UPHELD 1 # lh J! OM On in AN a ALLDES ARREST ME Ha, HA ® a J alld Lon MURDERS PHYSICIAN Young Savannah Woman Then Ends Her Own Life. APPEALS TO BRYAN. Father Of Porter Charlton Asks Inter But vention, is Gently Refused 7,076,517 IN STAMPS SOLD. Parcel Post Handled 150,000,000 Pack. ages First Three Months, nevenue received of parce] noet first 11 Mier washington the during the FT T el from sale stamps three months of a $7, wn the ation of the 017 the 07s according to at Postoffice Department that period approxima Parcel post packages postal ip Du iE] figures ing 150.4 000 were handled bs ago led all mber of par amount of the gorvice “hi both in handled and stamps soid, the 1.254, 460 New York sr the same period aggregated $818 139 the cities the n cels in the latter city's being sales f PUT POISON MN WELL, CHARGED. | Dog Catcher Had Been Criticised For | Shooting Animals. Somerville, N. J John Grose, offi cial dog catcher of Raritan, was jailed on the charge of placing poison in a well used by persons who condemned | his activity In shooting hundreds of { unmuzzied dogs. The police say that | Grose's wife warned intending users of water from the well just in time to | | prevent their poisoning. | POSTMASTER KINCAID MELD. | West Virginia Official Charged With | Rifling Registered Letters. Huntingtone W. Va Walter M. | Kincaid, postmaster at Hawk's Nest, | W. Va, was arrested by Postoffice In | spector Alien on the charge of rifling | registered mail. Kineald, it Is sald, | | confessed before United States Com. | missioner Champe, at Montgomery, | and was held under bond to await the actfon of the next Federal grand | | Jury, { rt Decides Cases in Four Commonwealths, | Supreme Cou Washington Without from the principles week in the Minnesota rate cases Supreme Court of the | Monday upheld state railroad in Missouri, Arkansa West Virginia. TT) two-cent pass varying a dot down last the Htates rale leg- Oregon tion laid nited isiation and iegisla included Enger uri, Arkansas s freight JUSTICE WHITES FORCIBLE APPEAL Frown Down the Attacks on the Government HAPPIEST MAN IN WORLD. What Carnegie Said He To Morgan When Unicaded On Him NO COUNTRY LIKE THIS. Attem "h “Frown Down p ANOTHER NEW PRECEDENT. Bryan's Appeal To the G er man Ambassador THE NEW HAVEN WRECK Witnesses Say Engineer Doherty Not Have Been Employed. GC stil 3 IN wh i itl x i Shoul in institotions, rt Bridge evervihing wr 3 . testifying al — wreck MOB BURNS 80 WOMEN the Angered Because They Are Put to Work, It Locks Them Up While Asleep And Fires Quarters. Eighty death by women villagers en od » ri in oe importation of cheap Ear nie p work on a su estate A DISASTROUS SPANKING. listrict of Piriatin. § rovin r Liami first sect tava, Southern Russia ing 1g 1 The fastened all the BCC » a he Klev newspaper Mother Upsets Lamp and 15 Houses Burn Down, MN. 3 Mrs. B Sullivan county, Young son and in stove. In the business houses including the destroyed. The build. excited villagers rely rom a were means of exit { barn in ich the girls They then fire to ling while the inmates were woooen wh Monticello Ferndale tried to doin Wolfe, of Here, housed set the ; near still burned to death ORCA pe : x spank her asleep and all were without a chance to $1 05d o 8&0 E fire that and t Wolfe loss ings upset an HHowed fc iree dwellings, TO SELL POTATOES CHEAP, house. were will reach $1066.000 were all “he Kansas City Wives May Pay Only Six Cents a Bushel To save gcores of cars of last year's potatoes from rot ting in the railroad yards here be cause of the glut in the market. the Housewives’ League of Kansas City, through its president, Mrs. WW. © Church, opened negotiations with the wooden stroctures Kansas City WATER IN GATUN DAM, Testing Of Great Cana! Locks Proves They Are Satisfactory. Panama. — ‘Water was admitted to the Gatun locks for the first time Sun. day. The water was let into the locks railroads to obtain 29 cars of the prod to test the valves, and the test was uct for gale to consumers at six cents ; considered entirely satisfactory by the a bushel (engineers. $250,000 FIRE AT EMPORIA. Lumber Plant and Seven Freight Cars Are Burned. Norfolk, Va.—Fire practically de stroyed the big box and lumber plant of the Emporia Manufacturing Com- pany, entailing a loss of approximate. CAN'T RESTRAIN MARRIAGE. Ida———— Would Be Against Public Policy Rules New Jersey Court. N. J~Taking the stand | against public policy to | Trenton, that it is rors and Appeals here has refused to] affirm a decision of the lower court, | ly $250,000. Seven freight cars own. setting aside a note for $3,000,000! ed by the Southern Rallway and load- given by the late Henry Van Riper, | ed with box shooks were destroyed. of Paterson, to Mrs. May Lowe. A | Because of limited facilities for fight been or | ing the flames the fire gained rapidly dered by the court. | and swept everything before it
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