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A COMPARISON

OF THE

HILL-FOWLER BILL, H. R. 10289,

WITH THE

WALKER BILL, H. R. 10333,

BY

SUBJECTS.

PREPARED BY THE CHAIRMAN OF THE COMMITTEE.

255

A comparison of the Hill-Fowler bill, H, R. 10289,

Page.

Lino.

NO PROVISION MADE FOR TRANSITION PERIOD.

No provision made for the assistance of men trained in the

business—in transacting the business of banking for

75,000,000 people, and soon to be 200,000,000. No provision made for an appeal from the decision of the

Comptroller in any case,

NON-INCORPORATED CLEARING HOUSES. 17 18 to 22 Country divided into clearing-house districts by the

Comptroller when clearing houses have no legal exist

ence. (How many.) 17 23 to 25 Clearing-house district printed on currency notes issued

in it. 18 1 to 4 Clearing house city! 18 2 to 4 Currency notes must be currently redeemed in some bank.

ing association in a clearing-house city in its clearing.

house district. 19 4 to 9 Banking associations must provide for the current

redemption" of its currency notes in every clearing-house district in which its notes are paid out over the counter

of banks. No issue of emergency “legal-tender notesor other

emergency “money” provided for.

with the Walker bill, H, R. 10333, by subjects.

Line.

DURING TRANSITION. Page. 3 8 to 11 Banks may take greenbacks to 50 per cent of capital. 3 22 to 25 The taking out of currency restricted to an amount equal 4 1 to 4 to the greenbacks taken. 6 2 to 8 Transition is completed (when $200,000,000 United States

notes are assumed by banks and] when the Treasurer sets aside certain gold in the Treasury to redeem and cancel the balance of the outstanding United States

notes (viz, $146,000,000). 9 21 to 24 After thirty days from the completion of the transition 10 1 to 3 the required “cash reserve” of banks to be kept, as near

as may be, one-third each, in gold coin, silver coin, and greenbacks.

COMPTROLLER OF THE CURRENCY THE EQUIVALENT OF THE PRESI

DENT, AND THE BOARD OF ADVISERS TO SEVEN DIRECTORS OF
THE GENERAL BANKING BUSINESS OF THE COUNTRY, AS ONE BANK.

BOARD OF SEVEN ADVISERS.

12 to 17 To Comptroller of the Currency. 11 18 to 22 Members are the president of the chief reserve bank in

New Orleans, president of chief reserve bank in San
Francisco, and the presidents of the chief reserve banks

in the other five chief reserve cities. 12 1 to 3 Are to meet annually or upon the call of the Comptroller

or upon its own motion. 12 4 to 8 To keep a record of its doings.

In case of doubt as to what persons are to act on the

board the Secretary of the Treasury is to decide. 12 9 to 14 Parties aggrieved at any action of the Comptroller may

appeal to the board of advisers. Unanimous decision final. In case a minority dissents the decision of the Secretary

of the Treasury final. 14 5 to 10 May annul by a majority vote any action of the Comp

troller proposing to change any by-law of a clearing house.

INCORPORATED CLEARING HOUSES.

FIVE OR MORE ASSOCIATIONS MAY FORM A CLEARING

HOUSE.

12 15 to 22 The act of "approving the by-laws" by the Comptroller

constitutes the banks associated to adopt them a “body

corporate." 12 23, 24 Any banking association may be admitted a member. 13

100 4 May exclude any association with approval of Comptroller. 13 5 to 9 Any association may withdraw with approval of Comp

troller. 13 10 to 17 Profits and loss to be shared by the associations making

up the clearing house, in the proportion that the capital

of each bank is to the total capital of all members. B & 0-17

Page.

Line.

ISSUE AND REDEMPTION DEPARTMENT.

2 23 to 25 To Issue and Redemption Department“is committed ALL 3 1 to 12 FUNOTIONS of the Treasury Department” (excepting

receiving moneys due the Treasury Department from debtors, and making to creditors the disbursements

provided for by law). SHALL HOLD all'“Guarantee" and "Redemption"

funds for circulating notes. Through it shall be conducted the operation of redeeming

the circulating notes” of all associations. Shall be transferred to it all gold coin and bullion, silver bullion, silver coin and United States notes held against

certificates," and the “FUNDS” for the redemption of “CIRCULATING NOTES” and the funds for the retirement of circulating notes.

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