Still

another plan, drawn up by the Banking and Currency committee of the Fifty-seventh Congre , and known as the Fowler bill because it was introduced by Charles N. Fowler, chairman of the committee, provided for a gradual emi ion of bank notes without bond security, beginning in the first _ year with 10 per cent of the paid-up capital and increasing 10 per cent a year until a maximum of 60 per cent should be reached. Permi ion so to i ue notes was to be conditioned upon the a umption by the bank emitting the notes of the current redemption of an amount of United States notes equal to 20 per cent of its capital. A tax of 1-8 of 1 per cent, semiannually, was to be imposed on the first 20 per cent of notes taken out and 5-8 of 1 per cent, semi-annually, on the succeeding 40 per cent. In addition, after six years, an extra “emergency circulation” of 20 per cent might be taken out, subject to a tax of I 1-2 per cent, semi-annually, and after seven years still another 20 per cent, subject to a tax of 2 1-2 per cent, semi-annually. The Fowler bill also provided for the creation of a guarantee fund of 5 per cent for the redemption of notes of failed banks. Other provisions involved concurrent cancellation of a certain amount of United States notes and provided for other changes in the currency and banking laws, but the foregoing synopsis covers the main features as far as a et currency is concerned.