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, NO PROVISION MADE FOR TRANSITION PERIOD. No provision made for the assistance of men trained in the No provision made for an appeal from the decision of the NON-INCORPORATED CLEARING HOUSES. 17 18 to 22 Country divided into clearing-house districts by the Comptroller when clearing houses have no legal existence. (How many.) 17 23 to 25 Clearing-house district printed on currency notes issued 18 18 19 in it. 1 to 4 Clearing house city? 2 to 4 Currency notes must be currently redeemed in some banking association in a clearing-house city in its clearinghouse district. 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 notes" or other emergency "money" provided for. with the Walker bill, H. R. 10333, by subjects. Page. 3 3 4 6 10 Line. DURING TRANSITION. 8 to 11 Banks may take greenbacks to 50 per cent of capital. 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 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. 11 12 to 17 11 18 to 22 12 1 to 3 12 4 to 8 12 14 COMPTROLLER OF THE CURRENCY THE EQUIVALENT OF THE PRESI- BOARD OF SEVEN ADVISERS. To Comptroller of the Currency. Are to meet annually or upon the call of the Comptroller 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. 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. 5 to 10 May annul by a majority vote any action of the Comptroller 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." Any banking association may be admitted a member. Profits and loss to be shared by the associations making B & C-17 Page. Line. 3 1 to 12 ISSUE AND REDEMPTION DEPARTMENT. 2 23 to 25 To Issue and Redemption Department "is committed ALL FUNCTIONS 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. |