AMERICAN CURRENCY

Dominion, Volume 1, Issue 176, 20 April 1908, Page 7

AMERICAN CURRENCY

■ ' ; ' MFOURTH DILI RESUMPTION OF COLD EXPORTS. B/tli/E RESERVES. BT TBDEGnAPn—PE rfes 'ASSOCIATION—COPTRIGHI. (ltec. Apfrif 1 ( J, 4.31 p.m.) York, April 18. A Committee,of 'thcj> House of Representatives will examine S'ttr; Vreeland, representative of New York, iwhitao Bill is -proposed as a substitute for Mr.. j'Wdrich's. Mr. Vrecland's Bill..permits the issue of an emergency currency;v luted oil high-gride commercial paper, 6q,u'allj'- with bonds. Wow 1 York, April 17. The National City Bauskio'f New York ; has resumed gold exports by consigning a million dollars, (is 00,000) to ii'nris. The reserves of the Now* -A'ork banks aro far above tho perccnt'ago Jtafiiired by law. AMALGAMATION OF' BANKS. (Roc. April ID, 4.3 V: p.m.) i ( , Lertiun, April 18. Tho " Standard's" Now Yirik correspondent States thit negotiations aivbj progressing for tho City Bank; to absorb tbe Bank of' Commerce. Tlicir united capital - will be 10 million sterling, and their depexsifcs 60 millions. ' ' . OTHER BILLS. -' Thero were already three cur'rentey -Bills on the scene before Mr. Vrecland's. '.Vlie Fowler Bill proviiles for the issue of feteiiranteed credit hotes by the National' Banks fcsi "place of the notes . secured, by bonds int'Jer -the existing system. Provision is made fori - -assuring the 6afety of notes nud deposits, fcy a guarantee fund of 500,000,000 dollars, or, .'lboht ,£100,000,000 sterling, the banksctf ntribittirig' an annual quota. Mr. Aldrich's Bill pro\ndes for tho issue of ah emergency currenfcy to 'the' amount, of : 500;000,0!)0 ■dollars, ill the form , of national bank . notes. These - notes are to taxable at 6 per cent., and may be witlidra-lm when the emergency lias passed. Tho Bill will enablo 500,000,000 dollars of new money to -tie placed in tho channels of trade .within, :■}& hours. On April 3 the Now York Chamber of Commerce passed a condom imp-; :V(\ Fowler and Aldricli Bills. It supported Sir. Lovei'ing's Bill, 1 which pi'bviilGs iui- tne appointment of a commission to investigate tho: currency.:" ■ ■